Automotive Ignition Switch Market Forecast and CAGR
According to latest research, Automotive Ignition Switch market is set to witness stable growth during 2021-2031. Demand for automotive ignition switch will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry will create lucrative opportunities in near future.
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What is Driving Demand for Automotive Ignition Switch?
An ignition switch is a switch in a vehicle’s control system that activates the vehicle’s main electrical system, such as the radio and power windows. The switch supplies power to the starter solenoid and ignition system components in vehicles with IC engines, and it is commonly coupled with the starting switch, which activates the starter motor.
Hence, the growth of the automotive industry, as well as the fact that major players around the world are increasing their production capacity, are the primary drivers of the automotive ignition switch market. Moreover, during the forecast period, rising demand for passenger vehicle and commercial vehicle is expected to help the growth of the automotive industry.
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Automotive Recovery Likely to Augment Automotive Ignition Switch Sales
COVID-19 forced most countries to go into a complete lockdown for more than two months, which hampered car manufacture. Manufacturing units around the world have been shut down, resulting in a decline in car sales and, as a result, a global impact on output.
Despite the fact that several OEMs have started manufacturing, the automotive switches market is expected to fall significantly in 2021. The ignition switch is a critical emphasis area for automotive OEMs in the passenger and commercial vehicle segments. As a result, automobile ignition switch makers are projected to see steady growth in the future.
One of the primary reasons driving market expansion is the expanding automotive sector around the world. As people are becoming more environmentally sensitive, there is a growing need for ignition systems that increase operating efficiency and fuel economy.
Various technological breakthroughs, such as the rising electrification of the automotive sector and the development of ignition switches with sensors and transistors, are also driving expansion.
Asia Pacific Automotive Ignition Switch Market Outlook
The Asia Pacific is projected to be the largest transmission system market. Due to the increasing adoption of automotive transmission. Hence the ignition switch market is projected to grow significantly.
The demand for passenger vehicle and commercial vehicle is directly related to the growth of the automotive ignition switch industry. The sale of ignition switch will be driven by the fact that China and Japan have large production capacity and fleet size within their countries. Furthermore, electric vehicle and self-driving vehicle will change the definition of mobility in the ignition switch marketplace.
The Ignition switch manufacturing companies in Asia Pacific trying to target North America and APAC region to capture the market of ignition switch in near future to increase their market presence.
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Europe Automotive Ignition Switch Market Outlook
In Europe, demand for ignition switches has increased dramatically in recent years, and this trend is expected to continue in the future. These are due to market players’ strategic development in order to improve their market presence in the region.
Furthermore, because vehicle production is expanding, rising countries such as Germany, France, and Italy have become key markets. These factors are projected to boost the market’s growth prospects in the area.
Who are the Key Manufacturers and Suppliers of Automotive Ignition Switch?
Some of the leading manufacturers and supplier of automotive ignition switch includes
- Bosch
- Hitachi
- Honeywell
- Asahi Denso
- BorgWarner
- Standard Motor Products
- Strattec
- Ford
- Hudian
- Chaoda
- Omron
- Delphi
- ACDelco
- Yangming
- Others
Many leading manufacturers and supplier have longstanding contracts with end-users to supply automotive ignition switch. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
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