Automotive Micro Switch Market: Snapshot
Micro switches are a category of electric switches that are actuated through the use of a tipping-point mechanism (also called as “over-center mechanism”) with very little force. The main advantage of a micro switch is its reliability. Switching occurs at specific positions reliably, which is a feature not present in other switches.
Consumer Electronics to Exhibit Rapid Growth; Automotive Industry to Retain Dominance
The global micro switch market has been segmented on the basis of end user and region. On the basis of end user, the market is segmented into consumer electronics, industrial, automotive, retail and others. In 2016, the automotive industry accounted for the largest market share, followed by the industrial segment. Consumer electronics are expected to grow at a higher rate during the forecast period due to rising penetration of smartphones, tablets, laptops etc. in the 20th century.
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Several established players in the market are trying to innovate novel micro switch technology, which is expected to create a strong opportunity for growth of the micro switch market over the forecast period. The global market for automotive micro switches is anticipated to expand at a CAGR of 5.1% during the forecast period from 2017 to 2025. The global automotive micro switch market is expected to reach US$4,282.2 mn by 2025.
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Asia Pacific to Dominate Automotive Micro Switch Market
Geographically, Asia Pacific is the largest market for automotive micro switches, followed by North America and Europe. The Asia Pacific automotive micro switch market was valued at US$927.1 mn in 2016 and is expected to rise to US$1,525.3 mn by 2025. The Middle East and Africa is expected to witness the fastest growth during the forecast period as the number of automotive factories is expected to rise significantly in the region in the coming years. The Middle East and Africa market for automotive micro switches is likely to exhibit a CAGR of 5.9% in the 2017-2025 forecast period, rising to a revenue valuation of US$346.9 mn by 2025.
The automotive micro switch market is highly fragmented with a number of companies operating in the segment. Companies such as Honeywell Sensing and Productivity Solutions, Panasonic Corporation, etc. have been able to establish themselves as leaders. Leading players are currently focusing on providing cost competitive products to customers. Moreover, as part of this strategy, many companies are engaging in various strategic partnerships and acquisitions, focusing on expanding their business through new service additions and geographical presence.
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