Automotive Steering Wheel Switch Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Vehicle Type, by Sales Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032

Key Market Dynamics 

The automotive steering wheel switch market growth is driven by surge in demand for driver assistance and other safety features, rise in vehicle sales and production, and technological advancements in the automotive industry. However, the increased use of touchscreen displays and high costs restrain the development of the market. On the contrary, growing aftermarket demand and advancement in electric vehicle technology are expected to provide ample of automotive steering wheel switch market opportunity during the forecast period. 

As modern vehicles are equipped with advanced vehicle features such as adaptive cruise control, lane departure warning, cell phone integration, audio control, and infotainment system, the demand for automotive steering switches increases to operate these functions. Steering wheel switches are increasingly being used in these vehicles to provide convenience and easy access to these features without taking their hand off from steering, thus increasing the safety of automobiles. Similarly, with the growing consumer preferences and increasing customer demand for high-end luxury features, OEMs are integrating steering wheel switches as a standard feature in most passenger cars. 

However, with the advancements in automobile technology and growing preferences toward touchscreen-based interfaces, there is increasing demand for touchscreen displays in automotive steering wheels. Touchscreen displays offer sleek and user-friendly way to interact with automotive infotainment and control systems. Due to this, OEMs?are integrating?larger touchscreen-based switches?in their new vehicle models, which eliminates the need for physical buttons and switches on the steering wheel, thus hindering the growth of the automotive steering wheel switch market trends.  

Market Segmentation 

The global automotive steering wheel switch industry is segmented into type, vehicle type, sales channel, and region. Depending on type the market is fragmented into push and seesaw. On the basis of vehicle type the automotive steering wheel switch market analysis is segmented into passenger car and commercial vehicles. Based on sales channel, the global market is segregated into OEM and aftermarket. Region wise, the market is analyzed in North America, Europe, Asia-Pacific, and LAMEA.  

Regional/Country Market Outlook 

In Asia-Pacific, rising economic activity, growth in the automotive industry, changing consumer preference, and rise in high-net-worth individuals have resulted in growing sales of luxury vehicles. The countries such as India, China, Indonesia, and Vietnam have seen an increase in purchasing power and rise in the upper middle-class which has resulted in increased sales of luxury vehicles. Furthermore, growth in economic prosperity has resulted in global luxury vehicle manufacturers investing heavily in the region to expand their dealership network and increase their vehicle sales. Thus, increase in sales of luxury automobiles resulted in a growing preference toward luxury and high-end vehicle features such as steering wheel switches among consumers.  

• On May 25, 2022, as per data published by the India Ministry of External Affairs it was reported India’s luxury cars have witnessed records in bookings with local bookings reaching about half a billion dollars, accounting for 10, 000 units. According to the reports, Lamborghini, owned by Volkswagen Group, has almost sold out this year's allocated units in the country. Likewise, German manufacturer Mercedez Benz sold over 4, 000 cars during the first quarter of FY22.?The growing sales of luxury automobiles present lucrative opportunities for the growth of the automotive steering wheel switches market.  

• In 2024, Indonesia announced new tax incentives schemes to encourage EV sales in the country. The country announced it had remove the luxury tag from electric vehicles, which will lower the value-added tax from 11% to just 1% for EV buyers. The incentives are aimed at help in the growth of domestic demand for EVs. Additionally, the country is focusing on developing its EV production due to the vast reserves of nickel, an important material for EV batteries in the region, the growth in sales and production of EV are anticipated to act as a strong driving factor for the growth Of the automotive steering wheels market in the country.  

Competitive Landscape 

The major players operating in the automotive steering wheel switch market forecast include  Valeo SA, Preh GmbH, ZF Friedrichshafen, ALPS Alpine Co Ltd, Tokai Rika, Standard Motor Products, Inc., Panasonic Corporation, Delphi Technologies, C&K Components, Inc., and KOSTAL Automobil Elektrik GmbH & Co. KG.  

Other players in automotive steering wheel switch market include Marquardt GmbH, NIDEC CORPORATION, Wenzhou Changjiang Automobile Electronic System Co.Ltd., Vimercati SpA, Omron Corporation, Stoneridge, and Minda Industries Limited Eaton Corporation. 

Industry Trends 

• In August 2023, the National Highway Traffic Safety Administration (NHTSA) issued a warrant against Tesla Inc. due to steering control problems and loss of power steering control in its 2023 Model 3 sedan and Model Y crossover utility vehicle. The investigation probe can affect 280, 000 vehicles in the U.S. 

• In May 2023, Tata Motors Limited announced the illuminating logo and two-spoke steering of the new Nexon in India. The steering wheels offer a flat-bottom 2-spoke design and backlit buttons for various controls on each end of the spoke for scrolling through the menus or for audio controls. 

Patent Analysis of Global Automotive Steering Wheel Switch Market 

Although the growth of the automotive steering wheel switch market has been more rapid in recent years. The integration of sophisticated features, such touch-sensitive surfaces, and gesture control?recognition, into steering wheel switches is growing?increasingly, as seen by recent patent filings. These improvements provide seamless management of infotainment systems, driving assistance features, and vehicle settings while also improving user engagement inside a vehicle.  

Key Sources Referred 

1. International Organization of Motor Vehicle Manufacturers (OICA) ? 

2. European Automobile Manufacturers Association (ACEA) ? 

3. Automotive Component Manufacturers Association of India (ACMA) ? 

4. Motor & Equipment Manufacturers Association (MEMA) ? 

5. Truck and Engine Manufacturers Association (EMA) ? 

6. Society of Automotive Engineers (SAE) ? 

7. American Trucking Associations (ATA) ? 

8. International Road Transport Union (IRU) ? 

Key Benefits For Stakeholders 

• This report provides a quantitative analysis of the automotive steering wheel switch market size, segments, current trends, estimations, and dynamics of the market analysis from 2022 to 2032 to identify the prevailing market opportunities. 

• The market research is offered along with information related to key drivers, restraints, and opportunities. 

• The Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 

• In-depth analysis of the automotive steering wheel switch market segmentation assists to determine the prevailing market opportunities. 

• Major countries in each region are mapped according to their revenue contribution to the global market statistics. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 

• The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.