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are the players involved in the steering wheel switches market growth. These companies have strong relations with OEMs to sell their products directly to them as well as to aftermarket through the network of dealers & distributors. Companies are launching newer products in the market to maintain its customer base. For instance, in June 2019, C& K components announced the launch of its new KSC XA tactile switch, designed for automotive interior and opening applications. These switches are suitable for the steering wheel or gear shift paddle applications.
Companies such as Panasonic are focusing on enhancing its vertical integration operation, i.e., performing in-house painting, molding, and production operations. The company offers push type switches in a variety of sizes and push travel, as well as both self-locking and non-locking styles. Panasonic also focuses on delivering reliable customer performance by providing customized automotive interior designs.
The industry share of steering wheel switches will grow at a CAGR of over 1.4% from 2019 to 2025.
According to the analysts at GMI, the global industry unit shipments are estimated to reach 500 million units by 2025.
The market size of steering wheel switches was valued at USD 2 billion in 2018.
Steering wheel switches demand is high in U.S. and Europe owing to significant automotive production in the regions as well as a growing number of vehicle crashes and fatalities.
Development of PCVs with enhanced features and the growing demand for controls to manage new infotainment units and ADAS systems will bolster the demand for steering wheel switch products.
Aftermarket consumption of push switches will rise owing to its use in radio, volume, channel and vehicle more control, along with higher consumer expenditure on the maintenance of vehicles.
A growing number of government initiatives and policies to strengthen the manufacturing sector in countries like India and China will fuel the deployment of steering wheel switches.