Commercial Vehicle Switches & Relays Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Commercial Vehicle Switches & Relays Market Analysis
The Commercial Vehicle Switches and Relays Market is projected to grow with a CAGR of more than 7 % during the forecast period.
- The market is primarily driven by the factors such as increase in electric and hybrid vehicle demands.
- The trend for reduction of overall weight of the vehicle is also enhancing the demand for switches and relays for commercial vehicles and this also enhances the fuel efficiency of the vehicle.
- However, there are many small local players present in the market which are providing switches and relays for commercial vehicles and are becoming an increasing concern for the major players and the industry.
Commercial Vehicle Switches & Relays Market Trends
This section covers the major market trends shaping the Commercial Vehicle Switches & Relays Market according to our research experts:
Button Segment is Expected to Dominate the Market
By Switch type, Button segment is expected to dominate the market during the forecast period. The electric buttons have several applications in a commercial vehicle from operating aperture lighting to doors. These buttons are being used innovatively for newer operation as well. Furthermore, the regional transport office, in Pune India, has made compulsory for commercial vehicles to include a panic button during vehicle registration process. With the advancement in technology and electrification in vehicles, use of button in commercial vehicles are growing with a high rate, advancement in infotainment systems, push button for ignition on and off and others.
Asia-Pacific Expected to be the Largest Market
The Asia-Pacific region is expected to be the largest market for commercial vehicle switches and relays. The demand in the market is supported by the presence of big emerging economies in the region like China and India, where the activities like transportation of goods, construction activities etc. are on the rise which requires large numbers of commercial vehicles. The government in the region are spending heavily in construction of various bridges, malls and other public facilities which is enhancing the demand for commercial vehicles in the region. The government in the regions are also promoting the use of electric and hybrid vehicles and green fuel due to the increasing pollution levels in the region. China and India are introducing electric buses as part of public transportation. The enhances the demand for switches and relays in the region. The high demand from e-commerce sector in the region is also responsible for increase in demand for commercial vehicle in the region. Many big players like Amazon, Walmart and Alibaba are spending heavily in expanding their reach to rural parts of the country, which will again drive the demand for commercial vehicles. This will subsequently help the market for switches and relays.
Commercial Vehicle Switches & Relays Industry Overview
The Commercial Vehicle Switches and Relays Market is highly fragmented, with several players accounting for a smaller portion of market share. Some of the prominent companies in the commercial vehicle switches and relays market are Panasonic, Robert Bosch, TE Connectivity, Omron and others. These players are investing heavily in research and development of switches and relays for the commercial vehicles. For instance, in December 2018, Littlefuse Inc. has introduced heavy duty time delay relay which is ideal for construction, transit and heavy-duty trucks.
Commercial Vehicle Switches & Relays Market Leaders
Panasonic Corporation
Robert Bosch GmbH
TE Connectivity
Omron Corporation
Fujitsu Ltd.
*Disclaimer: Major Players sorted in no particular order
Commercial Vehicle Switches & Relays Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Switch Type
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5.1.1 Knob
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5.1.2 Button
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5.1.3 Touchpad
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5.1.4 Lever
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5.2 Relay Type
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5.2.1 PCB
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5.2.2 High Voltage
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5.2.3 Others
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5.3 Geography
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5.3.1 North America
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5.3.1.1 United States
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5.3.1.2 Canada
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5.3.1.3 Rest of North America
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5.3.2 Europe
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5.3.2.1 Germany
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5.3.2.2 United Kingdom
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5.3.2.3 France
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5.3.2.4 Italy
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5.3.2.5 Spain
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5.3.2.6 Rest of Europe
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5.3.3 Asia-Pacific
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5.3.3.1 India
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5.3.3.2 China
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5.3.3.3 Japan
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5.3.3.4 South Korea
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5.3.3.5 Rest of Asia-Pacific
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5.3.4 Rest of the World
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5.3.4.1 Brazil
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5.3.4.2 South Africa
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5.3.4.3 United Arab Emirates
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5.3.4.4 Other Countries
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles*
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6.2.1 Panasonic Corporation
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6.2.2 Fujitsu
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6.2.3 Robert Bosch GmbH
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6.2.4 TE Connectivity
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6.2.5 Omron Corporation
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6.2.6 Littlefuse Inc.
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6.2.7 Denso Corporation
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6.2.8 Hella KgaA Hueck & Co.
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6.2.9 Delphi Automotive plc
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6.2.10 TRW Automotive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Commercial Vehicle Switches & Relays Industry Segmentation
The Commercial Vehicle Switches and Relay Market covers the latest trends and technological developments, demand by the switch type, relay type, geography and market share of major players.
| Switch Type | |
| Knob | |
| Button | |
| Touchpad | |
| Lever |
| Relay Type | |
| PCB | |
| High Voltage | |
| Others |
| Geography | ||||||||
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Commercial Vehicle Switches & Relays Market Research FAQs
What is the current Commercial Vehicle Switches and Relays Market size?
The Commercial Vehicle Switches and Relays Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Commercial Vehicle Switches and Relays Market?
Panasonic Corporation, Robert Bosch GmbH, TE Connectivity, Omron Corporation and Fujitsu Ltd. are the major companies operating in the Commercial Vehicle Switches and Relays Market.
Which is the fastest growing region in Commercial Vehicle Switches and Relays Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Vehicle Switches and Relays Market?
In 2024, the Asia Pacific accounts for the largest market share in Commercial Vehicle Switches and Relays Market.
What years does this Commercial Vehicle Switches and Relays Market cover?
The report covers the Commercial Vehicle Switches and Relays Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Vehicle Switches and Relays Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Commercial Vehicle Switches and Relays Industry Report
Statistics for the 2024 Commercial Vehicle Switches and Relays market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Vehicle Switches and Relays analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
