Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at one per cent and 2.6 per cent respectively over the 2020-2027 period
Amid the COVID-19 crisis, the global market for Automotive Switches was estimated at $28 Billion in the year 2020. The same as per a report by Research and Markets is projected to reach a revised size of $35.4 Billion by 2027, growing at a CAGR of 3.4 per ceny over the analysis period 2020-2027.
“Knob, one of the segments analyzed in the report, is projected to record a 3% CAGR and reach $8.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lever segment is readjusted to a revised 2.9 per cent CAGR for the next seven year period,” read the report.
The U.S. Market is Estimated at $7.6 Billion
The Automotive Switches market in the U.S. is estimated at $7.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size ofS$7.3 Billion by the year 2027 trailing a CAGR of 6.1 per cent over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at one per cent and 2.6 per cent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.7 per cent CAGR.
In the global Button segment, USA, Canada, Japan, China and Europe will drive the 3.2 per cent CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4 Billion in the year 2020 will reach a projected size of $5 Billion by the close of the analysis period.
“China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $5 Billion by the year 2027, while Latin America will expand at a 4.6 per cent CAGR through the analysis period,” read the report.
