The global navigation switches market holds a forecasted share of USD 560 million in 2022 and is likely to surpass USD 1250 million by 2032, moving ahead with a CAGR of 8.4% during the forecast period (2022 to 2032).
| Report Attribute | Details |
|---|---|
| Navigation Switches Market Value (2022) | USD 560 million |
| Navigation Switches Market Anticipated Forecast Value (2032) | USD 1250 million |
| Navigation Switches Market Projected Growth Rate (2022 to 2032) | 8.4% |
Several factors are expected to drive the growth of the global navigation switches market. One of the major growth factors for the navigation switch market is the increase in demand for automotive safety systems. As vehicles become safer and more secure, manufacturers are increasingly integrating advanced technologies to enhance safety.
A growing inclination among vendors towards safety is expected to boost revenue growth in the navigation switches market in the coming years. The shift in vehicle manufacturers' focus toward safety and the increasing popularity of multi-functional gaming consoles are the main factors driving the market for navigation switches.
The safety of customers is of primary importance, so vendors are integrating systems designed to prevent potentially dangerous situations for passengers and their vehicles. The most common safety systems embedded in automobiles include anti-pinch windows and driver assistance systems such as radar systems, cameras, and communication devices.
There is also an increasing demand for fly-by-wire technology. As a result of fly-by-wire technology, aircraft weight is reduced, costs are reduced, communication is simplified, and maintenance is simplified, and so on. As the adoption of fly-by-wire aircraft increases, the market for navigation switches is expected to grow exponentially in the coming year.
The growing demand for navigation switches in the consumer electronics industry is another factor driving the growth of this market. Increasing the use of navigation switches in smart homes and smart cities will also drive this market's growth.
As smart wearable devices such as smartwatches continue to make technological advances, such as increasing the use of navigation switches in wearable devices will be driven by rising technology.
Consequently, navigation switches are having a significant contribution to the popularity in different sectors and thus drive the global navigation switches market growth for them.
The economic growth of the navigation switches market is being slowed by the increasing use of smartphones and tablets for gaming. Due to its cost-effectiveness, gamers are turning to smartphones. Mobile gaming may stifle the growth of navigation switches as the trend of gaming on smartphones increases.
North America is the largest contributor to navigation switches and is expected to capture the largest market share based on the current market scenario.
North America is estimated to hold a significant share of 26.2% in the navigation switches market. In North America, the high focus is on safety, with a high inclination toward innovations obtained from Research and Development (R&D).
Additionally, North America's high concentration of market players and easy access to technical expertise contribute to the high demand for navigation switches.
The European navigation switches market has a global market share accounting for 18.9%. The region is expected to increase its share during the forecast period owing to exposure to the aerospace industry and mobile & internet technology in higher usage of navigation switches.
APAC has the highest number of smartphone shipments due to the emergence of these mobile devices as a gaming platform. The growing demand for LED TVs and PS-based games will significantly contribute to the growth of the navigation ;switch market in the APAC region.
For the last two years, the region has dominated the navigation switches market. As to increase their cost-effectiveness, the vendors are focusing on setting up their manufacturing facilities in APAC.
Due to the presence of a limited number of established players, the navigation switch market is moderately concentrated. Several vendors compete fiercely based on availability, price, quality, and size in the market.
The key vendors in the global navigation switch market are Adafruit Industries, GPS, Marine Navigation System, Inertial Navigation System, Surgical Navigation System, Robotic Navigation, APEM, C&K Components, E-Switch, Grayhill and others. Collaborating with other players in the navigation switches market is the key strategy followed by major market vendors to gain a competitive edge.
As navigation switches are operating in multiple product lines and catering to multiple industries, some niche players serve a limited segment of consumers and the defense industry.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.4 % from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | By Type, By Application, By Sales Channel, Region Forecast till 2032 |
| Countries Covered | North America; Europe; APEJ; The Latin America; MEA |
| Key Companies Profiled | Adafruit Industries; GPS; Marine Navigation System; Inertial Navigation System; Surgical Navigation System; Robotic Navigation; APEM; C&K Components; E-Switch; Grayhill |
| Customization | Available Upon Request |
The navigation switches market is expected to grow at a CAGR of 8.4% through 2032.
The growth potential of the navigation switches market can value at USD 1250 Million by 2032.
The navigation switches market is projected to grow by USD 560 million in 2022.
The Asia Pacific region dominates the Navigation switches market.
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Navigation Switches Market
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