Automotive Power Window Switch
The automotive power window switch market share is expected to increase to USD 1.46 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.34%.Get more news about power window switch supplier,you can vist our website!
Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The high demand for automotive switches is notably driving the automotive power window switch market growth, although factors such as the increasing cost pressure on automotive part manufacturers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive power window switch industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Power Window Switch Market Driver
One of the key factors driving the global automotive power window switch industry growth is the high demand for automotive switches owing to the growing demand for passenger cars and CVs. The increasing electrification of vehicles has boosted the demand for automotive switches as automotive switches are used in the steering wheels, power window buttons, and HVAC controls. The growing automotive market in North America, Europe, and APAC is driving the automotive switch market in these regions. Many global automakers are partnering with local automakers of emerging markets to gain access to the potential markets. Such factors will drive market growth during the forecast period.
Key Automotive Power Window Switch Market Trend
The rising popularity of gesture recognition systems is one of the key industrial market trends that is expected to impact the industry positively in the forecast period. The advent of electrical and electronic engineering in automobiles has led to an increase in the use of mechatronics in automotive manufacturing and offered growth opportunities to semiconductors, ICT, telematics service, telecom, and mobile devices. Sensor-based systems such as automotive gesture recognition systems have entered the automotive industry to enhance passenger comfort as well as to allow drivers better control of the in-vehicle system functions. Hyundai has announced the incorporation of gesture recognition systems in its high-end cars, which will allow users to activate the infotainment system and open the doors by just waving their hands. The integration of gesture recognition with the power window system will allow easier and faster control than is possible with a switch-operated system. Such factors will further support the market growth in the coming years.
Key Automotive Power Window Switch Market Challenge
One of the key challenges to the global industrial industry growth is the increasing cost pressure on automotive part manufacturers. To maintain profitability, component manufacturers are adopting cost optimization methods such as outsourcing manufacturing activities to low-cost countries such as China and India. However, the labor costs in these countries are on the rise. For instance, in China, the cost of employment increased over the last few years as the population became more affluent and moved up the learning curve. Many automotive part manufacturers, especially in China and Taiwan, face high rates of attrition as workers prefer moving to other manufacturers that offer them better pays. In addition, the enforcement of stringent government regulations in China and other countries may further affect the market growth during the forecast period.
This automotive power window switch market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
