Steering Wheel Switches Market Size

Steering Wheel Switches Market Size

Steering Wheel Switches Market size valued at USD 2 billion in 2018 and will grow at a CAGR of over 1.4% from 2019 to 2025. The global industry unit shipments are estimated to reach 500 million units by 2025.

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With the increasing concerns regarding driver safety, new advanced reconfigurable controls are being integrated into steering wheels to reduce drivers’ distraction. To operate different functions from different buttons and to prevent accidents, manufacturers are integrating multi-function steering wheel buttons, offering increased safety through the integration of a limited number of buttons. The automotive industry is going through a rapid transformation with developments in vehicle design and the emergence of electric vehicles, which will create the demand for electromechanical systems and components, augmenting the steering wheel switches market growth.

Road safety has become an important area of focus, particularly in developed nations including the U.S. and European countries owing to a large number of fatalities and injuries due to road accidents. According to the National Safety Council, in February 2017, traffic deaths in the U.S. increased by 14.6% in 2015 and 2016, accounting for around 40,200 deaths in 2016. Owing to these concerns, vehicle safety features have become an important area of focus by automotive manufacturers as well as customers, driving steering wheel switches market revenue. The buyers in the U.S. and Canada have high purchasing power and are inclined toward a greater number of safety functions in vehicles, leading manufacturers to implement advanced safety features and driver assistance systems in cars.