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Steering Wheel Switches Market Statistics 2019-2025: Share Forecasts, Trends & Growth drivers

Selbyville, Delaware Market Study Report adds 2019-2025 Global Steering Wheel Switches report that offers an exhaustive coverage of the industry with brief analysis, data charts, figures, statistics that help take business decisions, company profiles and more.

Automakers are integrating adaptive cruise control systems into their vehicles to offer enhanced fuel economy, better driving comfort, and avoid speeding augmenting steering wheel switches market. These technologies are aimed at providing increased safety to passengers by automatically optimizing the vehicle acceleration speed. The switches to shift to the cruise control mode are generally integrated with steering wheels of vehicles. These aid drivers to shift driving modes easily and quickly. Cruise control systems are majorly used in luxurious & premium passenger cars to improve vehicle performance. With the rise in sales of premium class vehicles across the globe, the demand for cruise control steering switches will elevate significantly.

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Steering Wheel Switches Market will exceed USD 2.5 billion by 2025.The increasing production & consumption of passenger carrying vehicles (PCVs) across the globe is generating demand for steering wheel switches. Optimization in the ergonomic design of switches is aiding to reduce the size of buttons. Companies are offering several features, such as haptic feedback and illumination, to confirm the touch. Increasing advancements in sensor technologies are leading to the development of more precise automotive switches, offering enhanced safety and functionalities. The integration of cruise control, infotainment, and telematics features into steering wheel switches is further attributing to industry expansion. Drivers can easily shift to the auto-driving mode by pressing buttons equipped on the steering wheel.

The push switches segment in the steering wheel switches market of the industry is expected to witness modest growth over the forecast timeline owing to the increasing requirement in vehicles to perform several applications. OEMs are majorly deploying push switches in steering wheels due to their easy operability and enhanced functionality. The seesaw type switches are gaining traction in the industry to perform cruise functions and audio controlling operations. The increasing demand for luxury & sports vehicles in the U.S., the UK, and Germany will elevate the product demand in the region. The rising consumer disposable income in Asia Pacific is expected to create a huge demand for steering wheel switches in the aftermarket. Leading commercial vehicle manufacturers, such as Volvo, Mercedes, and MAN, are making large investments to improve driver safety. These companies are focusing on deploying advanced steering wheel systems in vehicles to offer enhanced driving flexibility. This will create a huge demand for steering wheel switches in the light & heavy-duty commercial vehicle segment.

However, the increasing implementation of automotive displays is posing challenges to the steering wheel switches market growth. These panels are equipped with several functions such as air-conditioning control, multimedia control, and telecommunication control. The implementation of these screens is leading to reduction in the number of switches on the steering wheel. Companies are developing panels with advanced technologies, such as LED, OLED, and AMOLED, to enhance the performance of the system. The introduction of large touchscreen displays is further posing a challenge to industry growth. Additionally, these panels are integrated with android or iOS operating systems to enhance user performance. Touchscreen displays offer more features & controls compared to steering wheel switches, hampering steering wheel switches market expansion.

Some of the prominent players in the steering wheel switches market include Valeo, Marquardt, Leopold Kostal, Tokai Rika, and Preh GmbH. These companies are launching multi-functional switches in the market to offer distinct products. In addition, these companies are focusing on strengthening their distribution channels to market their products more effectively and increase the visibility of their products.

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