Rocker Switch Market Is Set to Garner Staggering Revenues By 2031

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

WILMINGTON, DELAWARE, UNITED STATES, July 4, 2024 /EINPresswire.com/ -- A rocker-style switch is significantly wider and flatter than a traditional toggle switch. It functions in the same way to turn power on and off, but it requires less hand pressure to operate. Rocker Switches are used across various end-use verticals such as automotive, aerospace, heating ventilation air conditioning (HVAC), instrumentation, and others. Illuminated rocker switch is more potential and is beneficial over traditional rocker switch in terms of reliability and accuracy.

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.

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The growth of the global Rocker Switch market is majorly driven by the advent of technology in automotive, and aerospace globally paired with an increase in several 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 around 4.7% CAGR from 2022-2031. The surge in the deployment of Rocker Switch solutions across commercial and industrial sectors has led to 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 a 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.

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Region-wise, Asia-Pacific and Europe hold a significant share of the global Rocker Switch market, owing to the presence of prime players in this region. The adoption of double-break rocker switches is expected to propel the growth of the Rocker Switch industry in this region. Moreover, the rise in the 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 other 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 the majority share of the 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 the 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.

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Allied Market Research
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