Global Automotive Micro Switch Market Is Estimated To Reach US$ 5 Billion By 2033: Fact.MR Analysis

Rockville, March 28, 2023 (GLOBE NEWSWIRE) -- The global automotive micro switch market is anticipated to reach a valuation of US$ 5 billion by the end of 2033, according to data provided by Fact.MR, a provider of market research and competitive intelligence. Worldwide sales of automotive micro switches are forecasted to rise at a CAGR of 3.9% from 2023 to 2033. Growing demand for door interlocks, reset switches, and various other micro switches is contributing to market revenue growth.

Micro switches are a popular category of electric switches, which are actuated through the utilization of a tipping point mechanism with very minimal force. The noticeable advantage of micro switches includes their reliability. Generally, switching occurs at some particular positions reliably and this feature is not found in other types of switches.

A smaller movement of the actuator is capable to produce larger movements at different electrical contacts. In recent years, micro switches have been gaining popularity around the world owing to their economical prices and high durability. The automotive industry is one of the key end-use sectors of micro switches. They are used in operation systems, seat detection, electronic parking brakes, electronic steering column lock, door interlocks, and others. A steady fall in the prices of micro switches over the period can drive lucrative opportunities.

Significant growth in the automotive industry is predicted to lead to lucrative opportunities for industry players. Emerging economies, including India and others, are some of the prominent markets for manufacturers of automotive micro switches because of the flourishing automotive industry. Micro switches are also preferred for their long life, which is another factor driving their demand.

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Industrial, retail, consumer electronics, automotive, and others are some of the key end-use industries predicted to contribute to increased demand for automotive micro switches over the decade. Among these, the automotive sector is estimated to hold a substantial share of the global market revenue, followed by the industrial sector. Noteworthy penetration of tablets, smartphones, laptops, etc., is predicted to generate substantial growth opportunities in the industrial sector over the next 10 years.
The Asia Pacific region is estimated to hold a noteworthy market share of the total revenue. North America and Europe are also projected to account for substantial shares of the global market revenue.

Key Takeaways from Market Study

• The global automotive micro switch market stands at US$ 3.4 billion in 2023.
• Worldwide demand for automotive micro switches is set to rise at a CAGR of 3.9% from 2023 to 2033.
• Demand for automotive micro switches in Canada is forecasted to advance at a CAGR of 3%.
• Sales of automotive micro switches in Germany are expected to progress at a CAGR of 2.1%.
• Demand growth for standard micro switches is estimated at 5% CAGR from 2023 to 2033.
• The global market is expected to reach a valuation of US$ 5 billion by the end of 2033.
• The automotive sector is predicted to hold around 54% share of the market by the end of 2033.
  

"Rising electronic content in vehicles along with increasing concentration and enactment of stringent emission as well as fuel economy norms are predicted to stimulate the demand for automotive micro switches," says a Fact.MR analyst.

Segmentation of Automotive Industry Research

• By Type :
  • Standard Micro Switches
  • General Purpose Micro Switches
  • Single Pole Standard Precision 
  • Double Pole Double Throw 
  • Subminiature Micro Switches
  • Others
• By End Use :
  • Consumer Electronics
  • Industrial
  • Automotive
    • Passenger Cars
    • Commercial Vehicles
  • Retail
  • Others
• By Region :
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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Report Attributes	Details
Market Size in 2023	US$ 3.4 Billion
Forecasted Market Value (2033)	US$ 5 Billion
Global Market Growth Rate (2023 to 2033)	3.9% CAGR
Canada Market Growth Rate (2023 to 2033)	3% CAGR
Germany Market Growth Rate (2023 to 2033)	2.1% CAGR
No. of Pages	170 Pages
No. of Tables	25 Tables
No. of Figures	132 Figures

Competitive Landscape
Prominent providers of automotive micro switches are increasing their expenditures to strengthen supply chain management systems to deliver end products at global and local platforms. These channels ensure safe and quick delivery of products to end users. Further, certain guidelines are implemented by regulatory bodies to reduce environmental impacts.

Key Companies Profiled

• ALPS Electric Co., Ltd.
• Camsco Electric Co., Ltd.
• Honeywell Sensing and Internet of Things
• Knitter-Switch
• Omron Corporation
• Microprecision Electronics SA
• TE Connectivity Ltd.
• Panasonic Corporation

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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive micro switch market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights into the market based on type (single pole standard precision micro switches, standard micro switches, double pole double throw micro switches, general purpose micro switches, subminiature micro switches, others) and end use (consumer electronics, industrial, retail, automotive, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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