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3 major trends fueling automotive steering wheel switch market outlook

Publisher : Fractovia | Latest Update: 2019-12-20 | Published Date : 2018-01-25Request Sample

Mack’s Granite trucks model is indeed a classic instance that has sent out waves of anticipation in automotive steering wheel switch market. The U.S. based automotive giant unveiled its all new Granite model a couple of years back, 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 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 automotive steering wheel switch market share.

Rising number of road crashes to augment automotive steering wheel switch market trends

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 automotive steering wheel switch industry trends.

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 automotive steering wheel switch industry size.

Efforts undertaken by industry players to drive automotive steering wheel switch market outlook

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 quickened the pace of advancements in automotive steering wheel switch market.

Speaking along the similar lines, experts predict, push buttons would procure an appreciable portion of automotive steering wheel switch industry share in terms of volume in the coming years, subject to its increasing demand across various automotive applications. 

Increasing production of automobiles to fuel automotive steering wheel switch market forecast

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 market growth as well. In fact, as per estimates, APAC is likely to account for 40% of the overall automotive steering wheel switch 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 by OICA, in 2018, China had a total automobile production of nearly 2,78,09,196 units. The country manufactured 2,35,29,423 cars and 42,79,773 commercial vehicles in the year and is currently pegged as one of the largest producers of passenger cars. It leaves no doubt therefore that China would prove remunerative for the expansion of APAC market.

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 automotive steering wheel switch 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 automotive steering wheel switch market. In a bid to cope with the crunch, automotive steering wheel switch industry participants have been working 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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