Market Trends of APAC Push Buttons and Signaling Devices Industry
This section covers the major market trends shaping the APAC Push Buttons & Signaling Devices Market according to our research experts:
Automotive Expected to Witness Significant Market Share
- The Asia Pacific automotive market is going through a huge transformation to curb its Carbon footprint. EV market has seen huge investment along with it the implementation of push buttons and has also increased for auto-start functions and other automated mechanisms in vehicles.
- Push buttons have been used for implementing keyless access in vehicles. Push-button ignition is widely being adopted by many automobile companies, owing to its comfort and reliability.
- With the increasing number of road accidents and internal damages to vehicles, automotive manufacturers focus on improving vehicular safety. For instance, pushbuttons are being used to power the indicators in case the vehicle is required to pass through a cross-section. This majorly provides ease of use while improving passenger safety.
- The panel lights and horns are the most commonly used signaling devices in vehicles. Automotive manufacturers are also focusing on providing some additional features, such as video surveillance and strobes. Emergency lighting is also included in all the newly manufactured vehicles. This is also anticipated to drive the market's growth during the forecast period.
- Across the region, the repercussions of the COVID-19 crisis are immense and unprecedented, as many auto-retail stores have remained closed for a month or more, resulting in a decline in profit by the automotive manufacturer compared to the last two years. It may take years to recover from this plunge in profitability.
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India Expected to Witness Significant Market Share
- Push buttons have been used for implementing keyless access in vehicles. Many automobile companies widely adopt Push-button ignition due to its comfort and reliability in the country.
- The panel lights and horns are the most commonly used signaling devices in vehicles. Automotive manufacturers also focus on providing additional features, such as video surveillance and strobes. Emergency lighting is also included in all the newly manufactured vehicles. This is also anticipated to drive the market's growth during the forecast period in the country.
- Large-scale industries prefer and opt for automation of push-button and signaling devices, primarily to avoid the human error factor. The emergence of industrial control systems, such as SCADA, PLC, and IT control, aided the market growth. The primary factor that drives the demand in the country is the flexibility in control and functionality that devices offer in the industrial space and the enhancement in the safe work environment on the industry floors.
- In the long run, the demand for renewable energy across India, accelerated by the pandemic, is also expected to boost the market's growth. However, the uncertainty in the supply chain and demand brought by the short-term repercussions is expected to stall the market's growth as the pandemic impacted all end-user industries.
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