With automakers steadily recognizing the hazards of distracted driving, automotive steering wheel switch market has been gaining renewed attention since the last few years. Applications such ADAS, telephone, infotainment, and music volume control are being incorporated on steering wheels that are being made highly compact to accommodate more switches. Indeed, as many as 10 switches have been incorporated on the steering wheels for some of the luxury and sports cars manufactured in Germany, UK, France and US. It is rather overt that customer preferences and the latest style trends will have a major role to play in driving automotive steering wheel switch industry size.
As the requirement for steering wheel switches among consumers increases at a humongous scale, the demand for passenger cars is also expected to go up a notch higher. This would undeniably augment steering wheel switches market size from passenger car applications, slated to register a CAGR of 4% over 2017-2024. LCVs however, go a step further when it comes to the popularity of incorporating steering wheel switches. Driven by online shopping, the expanding logistics industry, and increased passenger transportation, the light commercial vehicles segment of automotive steering wheel switches industry has indeed received tremendous momentum. With improved driver experience and safety regulations, the deployment of steering wheel switches in LCVs is only expected to depict an upsurge. This growth is certain to impel steering wheel switches market size from LCVs, slated to generate $300 million by 2024.
Having identified the potential benefits of switches on steering wheels, OEMs have quickly picked up on the trend and have included a substantially higher number of switches on their vehicles. Abound by technological advancements and the disposition of OEMs to conduct periodic research and development programs, automotive steering wheel switch market is expected to chart out a highly lucrative path over 2017-2024. Indeed, estimates claim that steering wheel switches market share from OEMs will register a CAGR of 3% over the next six years, fueled by the proactiveness of OEMs incorporate switches on the steering wheel for speed control, vehicle information, climate control, etc.
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However, OEMs come with a slight disadvantage – vehicles with a substantially high price. In this regard, a section of consumers are likely to help boost automotive steering wheel switch industry outlook from the aftermarket. With online portals and other distribution channels gaining traction, the aftermarket sales of steering wheel switches is certain to soar high. Consumers who would opt for retrofitting their vehicles with steering wheel switches or those who want to improve the driving comfort in their vehicles would immensely contribute toward the expansion of automotive steering wheel switch market size from the aftermarket segment. Indeed, steering wheel switches industry from aftermarket applications is estimated to generate a revenue of around $600 million by 2024.
Some of the leading names of the steering wheel switches industry include Tokai Rika, Valeo, Delphi, ZF, and Panasonic Automotive. A number of automotive steering wheel switch industry players, it is observed, are expanding their business reach by collaborating with automobile manufacturers. E-commerce platforms like eBay and Amazon have also enhanced the aftermarket segment for the automotive steering wheel switch market.
In the near future, autonomous and self-driving cars are likely to gain mass popularity. These cars typically exclude the steering wheel that may cause a certain change of dynamics in automotive steering wheel switches market trends. However, despite the potential drawbacks, steering wheel switch market size is estimated to surpass $4 billion by 2024.