Transparency Market Research delivers key insights on the global rocker switch market. In terms of revenue, the global rocker switch market is estimated to expand at a CAGR of 3.4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global rocker switch market.
The global rocker switch market is broadly affected by several factors, including usage of rocker switch in automobile components and increase in applications of consumer electronics. Thus, expanding applications of rocker switch in different sectors is propelling the global market.
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Rocker Switch Market: Dynamics
The adoption of electric vehicles has been increasing the across the globe for the past few years, due to its eco-friendly characteristic. Innovative products are being launched in the global rocker switch market, owing to an increase in demand. Lightweight feature of rocker switch and exceptional range of style are boosting the rate of adoption of electric vehicles. Additionally, governments across the globe are focusing on the electric vehicle segment, which is estimated to boost the demand for rocker switch. These factors, along with its advantages are fueling the market.
The use of dust proof rocker switch is rising in commercial vehicles, as these vehicles travel for long distance, and sometimes off road, which leads to issues in components. The rocker switch comes with protective casing that is connected without screws, which prevents the dust from entering the switch. Additionally, the dust proof rocker switch comes with two-pin switch, which is easy to use. These switches are broader and wider than traditional switches. These advantages contribute to the popularity of this device among end users. These factors are propelling the rocker switch market.
However, several on-off switches, such as push button switches, selector switches, and joystick switches are widely available in the market. These switches are available at a lower price as compared to rocker switches. Moreover, maintenance costs are associated with the rocker switch and hence, consumers hesitate to choose the rocker switch as opposed to other type of switches. This is estimated to hamper the rocker switch market.
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Rocker Switch Market: Prominent Regions
The rocker switch market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and rising usage of rocker switch in various applications in the region. The rocker switch market in Europe is projected to expand considerably during the forecast period, due to a rise in investments by governments in electric vehicle infrastructure in the region. The rocker switch market in Asia Pacific is likely to expand during the forecast period, owing to the increasing usage of rocker switch in automotive application and the presence of a large number of players designing and producing rocker switches in the region.
Rocker Switch Market: Key Players
Key players operating in the global rocker switch market are ABB, Ltd., Omron Corporation., TE Connectivity, Eaton Corporation, Honeywell International Inc., Emerson Electric Co., Carling Technologies, Sensata Technologies, Inc., Leviton Manufacturing Co. Inc., Everel Group S.p.A., and OTTO Engineering Inc.
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