Electric Switch Global Market Report 2024

The electric switch market size has grown strongly in recent years. It will grow from $13.76 billion in 2023 to $14.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to urbanization and infrastructure development, building and construction activities, industrialization trends, energy efficiency initiatives, and replacement and upgrades.

The electric switch market size is expected to see strong growth in the next few years. It will grow to $18.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to smart building solutions, renewable energy integration, a focus on energy management, demand from emerging markets, and safety and compliance standards. Major trends in the forecast period include customizable and aesthetically pleasing switch designs, the integration of biometric authentication, modular and expandable switch systems, a focus on durability and longevity, and integration with building automation systems.

The anticipated increase in construction activities is poised to drive the growth of the electric switch market. Construction activities encompass various tasks related to building structures, including houses, workplaces, roads, bridges, and more. Electric switches play a crucial role on construction sites, providing control and management of electric appliances used in residences, enhancing comfort, and facilitating daily activities. For example, as of June 2021, the 2022 U.S. Construction Cost Trends report highlighted a surge in residential construction. This upward trend is expected to fuel demand for materials and labor, leading to heightened competition and cost pressures in the construction industry. In the U.S., total construction spending has witnessed a 16% increase since the onset of the pandemic. This data reflects the significant impact of rising construction activities on the electric switch market's growth trajectory.

The increasing adoption of the Internet of Things (IoT) is anticipated to fuel the growth of the electric switch market. IoT involves a network of physical objects, such as cars, appliances, and home devices, embedded with electronics, software, sensors, actuators, and networking capabilities to collect and exchange data. Electric switches play a vital role in the IoT ecosystem, facilitating the connectivity of devices and transforming them into smart, interactive elements. For instance, as of September 2022, according to a report from Ericsson, a Sweden-based telecommunications company, global IoT connections reached 13.2 billion and are projected to grow by 18%, reaching 34.7 billion connections by 2028. This substantial increase in IoT connections underscores the pervasive integration of smart technologies, contributing to the rising demand for electric switches in the market.

The integration of technologically advanced electrical switch systems has become a prominent trend in the electric switch market. Major companies within the sector are actively incorporating and introducing new technologies to enhance their market position. As an example, in August 2022, Superior Sensor Technology, a US-based electric components manufacturing company, unveiled a built-in pressure switch function featuring three threshold pressure modes as part of their NimbleSense architecture. This innovation is designed for applications in HVAC, medical, and industrial devices. The flexibility of the new pressure switch's design not only reduces PCB board space but also contributes to lowering manufacturing costs, showcasing a commitment to technological advancements in the electric switch market.

Major players in the electric switch market are actively engaged in developing innovative products, such as modular switches, to cater to a broader customer base, boost sales, and increase revenue. A modular switch is an electrical switch design that offers customization and flexibility in configuring switch panels. For instance, in November 2022, Panasonic Life Solutions, an India-based provider of home electrical equipment, introduced the Tiona switch range. The Tiona switch range stands out with its diverse fits and finishes, tailored to the preferences of modern consumers. Designed to align with contemporary living needs, this comprehensive range includes vibrant switches, sockets, support accessories, and modular plates. Tiona is adaptable for installation on various surfaces, including furniture, textured walls, or tiles. The modular plates provide flexibility, allowing both vertical and horizontal installation based on customer preferences. Notably, the easy loading and unloading of accessories from the front make installation, changes, or renovations seamless, demonstrating a commitment to innovation and customer satisfaction in the electric switch market.

In January 2022, Stove Kraft Limited, an India-based cooking appliance company, made a strategic acquisition by purchasing the business of SKAVA Electric for $0.54 million. Through this acquisition, Stove Kraft aimed to acquire both the business operations and intellectual property rights from SKAVA Electric, strengthening its position in the manufacturing of low-voltage switchgear solutions. These solutions include electrical switches, sockets, and switchboards, leveraging SKAVA Electric's expertise in design, operation, and manufacturing. SKAVA Electric Private Limited is an India-based electrical manufacturing company with a specific focus on the electric switches and accessories segment.

Major companies operating in the electric switch market report are Siemens AG, General Electric Company (GE), Panasonic Corp., Arrow Electronics Inc., Mitsubishi Electric Corporation, Honeywell International Inc., ABB Limited, Schneider Electric SE, Eaton Corporation PLC, TE Connectivity Ltd., BorgWarner Inc., Amphenol Corporation, Rockwell Automation Inc., Zhejiang Chint Electrics Co. Ltd., Hubbell Incorporated, Molex LLC, Havells India Limited, Carling Technologies Inc., Opple Lighting Co. Ltd., C&S Electric Ltd., Leviton Manufacturing Company Inc., Delixi Electric Ltd., Legrand SA, LG Corp., Salzer Electronics Limited, Simon S.A.U., NKK Switches Co. Ltd., Select Switches, SHALLCO Inc., Fuji Electric Co. Ltd.

Asia-Pacific was the largest region in the electric switch market in 2023. The regions covered in the electric switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric switch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of electric switches can be categorized into traditional and smart electrical switches. Traditional electrical switches, commonly known as wall switches, encompass various switch types such as toggle, rocker, slider, and push-button. These switches are connected through electrical wiring to regulate the supply of electrical current to various loads. The configuration of poles and throws includes SPST (single pole single throw), DPDT (double pole double throw), and SPDT (single pole double throw), featuring diverse construction models such as push-button switches, toggle switches, rotary switches, joystick switches, level switches, rocker switches, membrane switches, spiral switches, and stick switches. These switches are available in momentary and locked states, catering to a range of applications across commercial, residential, and other settings.

The electric switches market research report is one of a series of new reports that provides electric switches market statistics, including electric switches industry global market size, regional shares, competitors with an electric switches market share, detailed electric switches market segments, market trends, and opportunities, and any further data you may need to thrive in the electric switches industry. This electric switches 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 electric switch market consists of sales of electrical switching components, such as circuit breakers, distribution boxes, switchboards, MCBs, and bulb holders. 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.


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