PUBLISHER: The Business Research Company | PRODUCT CODE: 1619526
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619526
A commercial vehicle electromechanical switch is a switch used in commercial vehicles that integrates both electrical and mechanical components to operate various functions. These switches manage different electrical systems in the vehicle, including lighting, wipers, and other critical features.
The primary types of commercial vehicle electromechanical switches include tactile, rocker, toggle, push, and detect switches, among others. In this context, "tactile" refers to the physical feedback or sensation experienced by the user when operating the switch. These switches are available through various sales channels, including original equipment manufacturers (OEM) and the aftermarket. They are used in a wide range of applications, such as trucks, buses, material handling equipment, construction machinery, agricultural vehicles, boats, recreational vehicles, two- or three-wheelers, and rail systems.
The commercial vehicle electromagnetic switch market research report is one of a series of new reports from The Business Research Company that provides commercial vehicle electromagnetic switch market statistics, including commercial vehicle electromagnetic switch industry global market size, regional shares, competitors with a commercial vehicle electromagnetic switch market share, detailed commercial vehicle electromagnetic switch market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial vehicle electromagnetic switch industry. This commercial vehicle electromagnetic switch market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The commercial vehicle electromechanical switch market size has grown steadily in recent years. It will grow from $1.44 billion in 2023 to $1.49 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth during the historic period can be attributed to increased vehicle production, a greater emphasis on safety features, rising fuel prices, the proliferation of connected vehicles, and growing demand for fleet management.
The commercial vehicle electromechanical switch market size is expected to see steady growth in the next few years. It will grow to $1.7 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth during the forecast period can be attributed to rising urbanization, increasing vehicle electrification, growth in commercial vehicles, the emergence of autonomous vehicles, the rise in e-commerce, and higher disposable incomes. Major trends expected include advancements in automotive technology, innovations in switch technology, the Internet of Things, connected vehicle technologies, and integration with advanced driver assistance systems (ADAS).
The increasing demand for electric vehicles (EVs) is projected to drive the growth of the commercial vehicle electromechanical switch market in the future. An electric vehicle (EV) is defined as a vehicle powered by one or more electric motors for propulsion. The rising demand for EVs is fueled by various factors, including environmental benefits, energy independence, economic advantages, and climate goals. Electromechanical switches play a crucial role in controlling the flow of electricity from the battery to various vehicle systems, regulating power distribution to prevent overloads and efficiently managing charging and discharging cycles. For instance, a report from the International Energy Agency, a France-based intergovernmental organization, indicated that global electric car sales reached nearly 14 million in 2023, making up 18% of total car sales, up from 14% in 2022. This represents an increase of 3.5 million units compared to the previous year, reflecting a 35% year-on-year growth. Therefore, the rising demand for electric vehicles is driving the expansion of the commercial vehicle electromechanical switch market.
Major companies in the commercial vehicle electromechanical switch market are focusing on developing innovative smart high-side power switches to enhance driver experience, improve safety, and address the increasing demand for reliable and durable components in modern vehicles. Smart high-side power switches are electronic devices that control and safeguard power distribution by managing the current flow to connected loads. They come equipped with features such as overcurrent protection, fault detection, and diagnostics for both automotive and industrial applications. For example, in April 2023, Infineon Technologies AG, a semiconductor company based in Germany, introduced the PROFET Load Guard 12V, a new portfolio of automotive smart high-side power switches designed to enhance safety-critical systems like advanced driver-assistance systems (ADAS). These devices feature adjustable overcurrent limitations and capacitive load switching (CLS) mode, providing robust protection and quick fault isolation for modern power distribution architectures.
In July 2022, Littelfuse Inc., a US-based electronics manufacturer, acquired C&K Switches for approximately $540 million. This acquisition will strengthen Littelfuse's capabilities and market presence across various sectors, including industrial, transportation, aerospace, and datacom. C&K Switches is a US-based company known for its high-performance commercial electromechanical switches and interconnect solutions.
Major companies operating in the commercial vehicle electromechanical switch market are Panasonic Corporation, ZF Friedrichshafen AG, Honeywell International Inc., Valeo SA, Eaton Corporation PLC, TE Connectivity Ltd., Hella GmbH & Co. KGaA, Alps Alpine Co. Ltd., Omron Corporation, Sensata Technologies Inc., Kostal Group, Littelfuse Inc., Preh GmbH, Furukawa Group, Marquardt GmbH, Uno Minda Group, Stoneridge Inc., APEM Inc., OTTO Engineering Inc., NKK Switches Co. Ltd
Asia-Pacific was the largest region in the commercial vehicle electromechanical switch market in 2023. The regions covered in the commercial vehicle electromechanical switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the commercial vehicle electromechanical switch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The commercial vehicle electromechanical switch market consists of sales of switch housing, actuators, spring mechanisms, diodes or resistors, seals, and gaskets. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Commercial Vehicle Electromechanical Switch Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on commercial vehicle electromechanical switch market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for commercial vehicle electromechanical switch ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The commercial vehicle electromechanical switch market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.