The automotive steering wheel switch market was valued at $1.8 billion in 2022, and is projected to reach $2.2 billion by 2032, growing at a CAGR of 2.3% from 2023 to 2032.
Automotive steering wheel switch is an integral component in modern vehicles that is designed to enhance driver convenience and safety by allowing easy access to various controls without the need to take hands off the wheel. The steering wheel is equipped with these switches, enabling driver to manage functions such as audio settings, cruise control, phone calls, and navigation systems, all while maintaining focus on the road.
The growth of the global automotive steering wheel switch market is driven by increase in vehicle production and surge in penetration of electric vehicles. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. These vehicles feature advanced control systems, boosting the demand for innovative steering wheel switches. In addition, implementation of stringent safety regulations are encouraging automakers to incorporate control systems, including steering wheel switches. This is attributed to the fact that steering wheel switches help minimize driver distractions by allowing control of various functions without taking hands off the wheel, contributing to safer driving conditions. According to the estimates of the National Highway Traffic Safety Administration (NHTSA), driver distraction is a factor in approximately 10% of fatal crashes, highlighting the importance of in-vehicle controls that enhance safety. Furthermore, increase in integration of advanced driver assistance systems (ADAS), infotainment, and connectivity features boosts the demand for automotive steering wheel switches. According to a study published in 2024 by the National Safety Council - a 501 nonprofit, public service organization promoting health and safety in the U.S. - the Highway Loss Data Institute stated that three ADAS systems will be integrated in more than 50% of the registered vehicles by 2027. The estimates further suggest that 73% of registered vehicles will have rear cameras, 63% will feature rear parking sensors, and 51% will be equipped with front crash prevention systems. In contrast, only 14% are expected to have curve-adaptive headlights, and 19% will have adaptive cruise control with lane centering. Thus, the increasing incorporation of ADAS necessitates the integration of multifunctional steering wheel switches to facilitate easy access to various controls. As per a recent study conducted by the American Automobile Association (AAA) Foundation for Traffic Safety and the University of North Carolina, ADAS is likely to prevent approximately 37 million crashes and 14 million injuries in the coming 30 years, from 2021 to 2050. However, high cost associated with designing and manufacturing advanced steering wheel switches acts as a key deterrent factor of the global market. In addition, integrating steering wheel switches with existing vehicle systems can be complex, requiring significant technical expertise and resources, thus hampering the market growth. On the contrary, advances in technology have led to the development of touch-sensitive controls and ergonomic designs, which are expected to offer lucrative opportunities for the growth of the global market during the forecast period. As vehicles become more integrated with digital ecosystems, steering wheel switches play a crucial role in providing seamless connectivity and control. This integration supports features such as voice command activation and smartphone connectivity. Such developments are further anticipated to open new avenues for the market growth.
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, it is segregated into passenger car and commercial vehicles. By sales channel, it is fragmented into OEM and aftermarket. Region wise, the market is analyzed in North America, Europe, Asia-Pacific, and LAMEA.
Depending on vehicle type, the passenger vehicle segment was the major shareholder in 2022.
By sales channel, aftermarket emerged as the leading segment, in terms of share, in 2022.
Region wise, Asia-Pacific is expected to exhibit the highest growth by 2032.
Automotive steering wheel switch is an integral component in modern vehicles that is designed to enhance driver convenience and safety by allowing easy access to various controls without the need to take hands off the wheel. The steering wheel is equipped with these switches, enabling driver to manage functions such as audio settings, cruise control, phone calls, and navigation systems, all while maintaining focus on the road.
The growth of the global automotive steering wheel switch market is driven by increase in vehicle production and surge in penetration of electric vehicles. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. These vehicles feature advanced control systems, boosting the demand for innovative steering wheel switches. In addition, implementation of stringent safety regulations are encouraging automakers to incorporate control systems, including steering wheel switches. This is attributed to the fact that steering wheel switches help minimize driver distractions by allowing control of various functions without taking hands off the wheel, contributing to safer driving conditions. According to the estimates of the National Highway Traffic Safety Administration (NHTSA), driver distraction is a factor in approximately 10% of fatal crashes, highlighting the importance of in-vehicle controls that enhance safety. Furthermore, increase in integration of advanced driver assistance systems (ADAS), infotainment, and connectivity features boosts the demand for automotive steering wheel switches. According to a study published in 2024 by the National Safety Council - a 501 nonprofit, public service organization promoting health and safety in the U.S. - the Highway Loss Data Institute stated that three ADAS systems will be integrated in more than 50% of the registered vehicles by 2027. The estimates further suggest that 73% of registered vehicles will have rear cameras, 63% will feature rear parking sensors, and 51% will be equipped with front crash prevention systems. In contrast, only 14% are expected to have curve-adaptive headlights, and 19% will have adaptive cruise control with lane centering. Thus, the increasing incorporation of ADAS necessitates the integration of multifunctional steering wheel switches to facilitate easy access to various controls. As per a recent study conducted by the American Automobile Association (AAA) Foundation for Traffic Safety and the University of North Carolina, ADAS is likely to prevent approximately 37 million crashes and 14 million injuries in the coming 30 years, from 2021 to 2050. However, high cost associated with designing and manufacturing advanced steering wheel switches acts as a key deterrent factor of the global market. In addition, integrating steering wheel switches with existing vehicle systems can be complex, requiring significant technical expertise and resources, thus hampering the market growth. On the contrary, advances in technology have led to the development of touch-sensitive controls and ergonomic designs, which are expected to offer lucrative opportunities for the growth of the global market during the forecast period. As vehicles become more integrated with digital ecosystems, steering wheel switches play a crucial role in providing seamless connectivity and control. This integration supports features such as voice command activation and smartphone connectivity. Such developments are further anticipated to open new avenues for the market growth.
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, it is segregated into passenger car and commercial vehicles. By sales channel, it is fragmented into OEM and aftermarket. Region wise, the market is analyzed in North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the push segment dominated the market, in terms of share, in 2022.Depending on vehicle type, the passenger vehicle segment was the major shareholder in 2022.
By sales channel, aftermarket emerged as the leading segment, in terms of share, in 2022.
Region wise, Asia-Pacific is expected to exhibit the highest growth by 2032.
Competition Analysis
Competitive analysis and profiles of the major players in the global automotive steering wheel switch market 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. These major players have adopted various key development strategies such as business expansion, new product launches to strengthen their foothold in the competitive market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Type
- Push
- Seesaw
By Vehicle Type
- Passenger vehicle
- Commercial vehicle
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
Key Market Players
- Valeo SA
- Preh GmbH
- ZF Friedrichshafen
- ALPS Alpine Co Ltd
- Tokai Rika
- Standard Motor Products, Inc.
- Panasonic Corporation
- Delphi Technologies
- C&K Components, Inc.
- KOSTAL Automobil Elektrik GmbH & Co. KG
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: AUTOMOTIVE STEERING WHEEL SWITCH MARKET, BY TYPE
CHAPTER 5: AUTOMOTIVE STEERING WHEEL SWITCH MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE STEERING WHEEL SWITCH MARKET, BY SALES CHANNEL
CHAPTER 7: AUTOMOTIVE STEERING WHEEL SWITCH MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Valeo SA
- Preh GmbH
- ZF Friedrichshafen
- ALPS Alpine Co Ltd
- Tokai Rika
- Standard Motor Products, Inc.
- Panasonic Corporation
- Delphi Technologies
- C&K Components, Inc.
- KOSTAL Automobil Elektrik GmbH & Co. KG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | July 2024 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 1.8 billion |
| Forecasted Market Value ( USD | $ 2.2 billion |
| Compound Annual Growth Rate | 2.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
