Rocker Switch Market Expected to Reach $9.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Rocker Switch Market," The rocker switch market size was at $6.3 billion in 2021, and is estimated to reach $9.2 billion by 2031, growing at a CAGR of 3.86% from 2022 to 2031.

The growth of the global Rocker Switch market is majorly driven by advent of technology in automotive, and aerospace globally paired with increase in number of consumer goods production around the globe. Moreover, various government schemes such as PLI Scheme of India and standard such as EIA-520D000 and MIL-S-22885/92 is expected to propel the Rocker Switch market growth during the forecast period.

According to Rocker Switch market research, the double break segment was the highest contributor to the market in 2021. The double break segment is expected to reach for around 4.7% CAGR from 2022-2031. Surge in deployment of Rocker Switch solutions across commercial and industrial sector has led the growth of the double break segment; thereby, enhancing the Rocker Switch market growth.

COVID-19 has impacted both consumers and the economy. Electronics manufacturing hubs have been temporarily shut down to limit the COVID-19 spread among individuals. This has majorly affected the supply chain of the rocker switch market by creating shortage of materials, components, and finished goods. Major players operating in the rocker switch market are expected to make low R&D cuts, which will allow them to sustain a rich and evolving product portfolio. However, automobile manufacturers are favoring rocker switches over traditional gear sticks, resulting in increased market growth.

Region-wise, Asia-Pacific and Europe holds a significant share in the global Rocker Switch market, owing to the presence of prime players in this region. The adoption of double break rocker swicthes is expected to propel the growth of the Rocker Switch industry in this region. Moreover, rise in launch of commercial and industrial rocker switches in North America and LAMEA is anticipated to drive the Rocker Switch market trends in this region.

KEY FINDINGS OF THE STUDY

• In 2021, the double break segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 4.7% during the forecast period.
• The automotive and others segments collectively accounted for around 50% market share in 2021.
• The automotive and instrumentation segments are expected to witness considerable CAGRs, during the forecast period.
• Asia-Pacific and Europe collectively accounted for majority share of rocker switch market share in 2021.
• The report provides a detailed rocker switch market analysis based on competitive intensity and the competition that will take shape in coming years

The key players profiled in the report include ABB Ltd., APEM, Carling Technologies (Carling Switches), Eaton Corporation, Emerson Electric Co., E-switch, Everel Group S.p.A., Honeywell International Inc., Leviton Manufacturing Co. Inc., NKK Switches, Omron Corporation., OTTO Engineering, Panasonic, Schruter, Sensata Technologies, Inc., TE Connectivity and ZF Electronics. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the Rocker light Switch market.