Allied Market Research recently published a report, titled, “Rocker Switch Market by Switching Configuration (Single-Break, Double Break), by End Use Verticals (Automotive, Aerospace, HVAC, Instrumentation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the global rocker switch industry was estimated at $6.3 billion in 2021, and is set to reach $9.2 billion by 2031, growing at a CAGR of 3.86% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, restraints, and opportunities
Favorable laws and a rise in the number of SMEs drives the growth of the global rocker switch market. Furthermore, compact size and wide range of ampere, voltage ratings, and constant research are set to boost the global market trends. The wide use of rocker switch devices in electric operations will boost the expansion of the market across the globe. In addition, the rise in penetration of rocker switches in the automotive, healthcare, aerospace, instrumentation, and heating, ventilation, and air conditioning (HVAC) sectors will open new growth opportunities for the global market.
- The COVID-19 pandemic severely impacted the expansion of the global rocker switch market due to the temporary shutdown of manufacturing units.
- Disruption in raw material supply and restricted supply of finished goods, spare parts, and components during the COVID-19 pandemic outbreak hindered the market growth globally.
The double break segment to dominate the global market in terms of revenue by 2031
Based on the switching configuration, the double break segment contributed to the highest market share in 2021, accounting for more than three-fifths of the global rocker switch market share. This segment is predicted to contribute majorly toward overall market share by 2031. Furthermore, the same segment is predicted to record the highest CAGR of 4.77% over the forecast period. The segmental growth can be credited to the large-scale use of double pole switches for appliances requiring high power supply such as showers and ovens. The report also includes other segments such as single-break.
The automotive segment to hold the major market share over 2022-2031
On basis of the end use verticals, the automotive segment accounted for the highest share of the global market in 2021, contributing nearly one-third of the global rocker switch market share. The same segment is set to contribute majorly toward overall market share by 2031. Furthermore, the segment is expected to record the highest CAGR of 4.56% from 2022 to 2031. The segmental growth can be attributed to the use of rocker switches as power door lock switches, heated seat switches, rear window defoggers, power window controls, and others in the automotive industry. In addition, smart rocker switches, which are currently used in the global automotive industry come with a timer embedded in the microcontroller, which can automatically turn off the associated system after a period. These switches do not require much attention as toggle switches. This will further boost the use of rocker switches in the automotive industry, thereby driving a segmental surge. The report also analysis other segments including aerospace, hvac, instrumentation, and others.
Asia-Pacific to maintain global market domination in 2022-2031
Based on the region, the Asia-Pacific contributed notably toward the global rocker switch market share in 2021, and is projected to continue its dominance during the forecast timespan. The region accounted for nearly two-fifths of the global market share in 2021 and is set to continue its domination of the market in the next ten years. In addition, the market across Asia-Pacific is anticipated to register the fastest CAGR of 4.63% during the forecast period. The growth of the market in the region can be attributed to the availability of high-end enhanced technologies, an increase in demand for smart electronics, and growth in manufacturing industries in the region. Countries such as China, Japan, India, and South Korea are anticipated to be the key regional revenue pockets in the years ahead. The report also includes other regions such as LAMEA, North America, and Europe.
Major market players
- ABB Ltd.
- Carling Technologies
- Eaton Corporation
- Emerson Electric Co.
- E-switch, Inc.
- Everel Group S.p.A.
- Honeywell International Inc.
- Leviton Manufacturing Co. Inc.
- NKK SWITCHES Co., Ltd.
- Omron Corporation
- OTTO Engineering, Inc.
- Panasonic Corporation
- Schruter Holding AG
- Sensata Technologies, Inc.
- TE Connectivity
- ZF Electronic Systems Pleasant Prairie, LLC
The report analyzes these key players in the global rocker switch market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market growth.
Key benefits for stakeholders
- This study comprises analytical depiction of the rocker switch market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall rocker switch market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current rocker switch market forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the market share of key vendors and rocker switch market trends.