Asia Pacific has been one of the major hubs for automotive business since the last few years, a factor that parallelly makes the belt lucrative for steering wheel switches market growth as well. In fact, as per estimates, APAC is likely to account for almost 40% of the overall steering wheel switches industry share by 2024. The extensive growth of the regional market is primarily hinged on China where automobile production has witnessed a marked rise over the recent years.
As per figures claimed by Statista, in the year before last, China had a total production of nearly 24.4 million passenger vehicles and 3.7 million commercial cars. Not so long before, in 2015, with a humungous production volume of approximately 21 million passenger vehicles, the country pegged the title of largest producer of passenger cars. It leaves no doubt therefore that China would prove remunerative for the expansion of APAC steering wheel switches market.
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Mack’s Granite trucks model is indeed a classic instance that has sent out waves of anticipation in steering wheel switches market. The U.S. based automotive giant, has recently unveiled its all new Granite model that boasts of a completely new interior design with flat bottom steering wheel. In fact, this absolutely fresh off the boat technology is proclaimed to be the first of its kind in trucking industry, ensuring more spacious entry and exit of the cab, as well as proper belly room. According to some of the trusted reports, the underlining aim that lurks behind the development of this ergonomic layout is driver’s comfort, setting it as a precedence for other players participating in steering wheel switches market. What’s even more noteworthy in the designing, is that the new steering wheel is claimed to offer the driver an enhanced view of the dash and are well equipped with advanced automated switches such as audio system buttons, illuminated cruise control, and Bluetooth. Flaunted with such an amazing intrinsic design that not only ensures extensive cab room but also have enough substantiations regarding improved visibility and readability for vocational drivers, Mack’s Granite model is certain to stimulate steering wheel switches market share which is slated to cross USD 4 billion by 2024.
Citing a distinctive instance depicting the proactiveness among the automakers to combat these challenges, Honda’s premium division, Acura has recently unveiled its RLX sedan model which is reported to shift from normal mode to self-driving mode with just the help of a push button on the vehicle’s steering wheel. Reportedly, Acura’s flagship RLX sedan endorsed with hi-tech features is all inclusive of power moonroof, Acura Navigation System with 3D view, Real-Time Traffic analysis, and color multi-info display. This innovative product by the Japanese automotive behemoth has not only posed several challenges for other carmakers but has also quicken the pace of advancements in steering wheel switches market. Speaking along the similar lines, experts predict, push buttons would procure an appreciable portion of steering wheel switches industry share in terms of volume in the coming years, subject to its increasing demand across various automotive applications.
In recent times, statistics claim that there has been a global upsurge in road crashes, plausibly on account of the drivers’ distraction while operating the various functionalities of the vehicle. Given the grim scenario, analysts have come down to a conclusion that controlling the steering wheel with automated switches could ensure driver as well as passenger’s safety, a factor that has favored steering wheel switches industry. As per an estimation put forth by ASIRT (Association for Safe International Road Travel)- approximately 1.3 million folks die with road accidents every year, with an average of 3,287 casualties per day. The astoundingly mammoth prevalence is prompting automakers to integrate advanced automated switches in their car designing, which in consequence, is propelling steering wheel switches industry size.
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However, it is prudent to mention that in recent times the prevalence of high-grade technological advancements in vehicle including the likes of optical sensors has increased exponentially, a factor that has acted as a stumbling block in steering wheel switches industry growth path. Deployment of these sensors in automobiles allow drivers to operate various functionalities with motions and gestures, thereby shrinking the need of switches in steering wheel. In addition, increasing inclination of renowned automakers toward launching automated cars is further narrowing the application scope of steering wheel switches market. In a bid to cope with the crunch, steering wheel switches industry participants have been bending over backwards on strategic alliances with automakers to enhance the product portfolio and ensure an extended customer base, which would overtly create a slew of opportunities for this fraternity over the ensuing years.
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