The Rocker Switch by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Rocker Switch, The rocker switch market size has grown steadily in recent years. It will grow from $7.41 billion in 2023 to $7.73 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to standardization and design evolution, advancements in material sciences, evolving consumer preferences, industrial and commercial demand, integration in consumer electronics.
The rocker switch market size is expected to see steady growth in the next few years. It will grow to $9.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to advancements in manufacturing techniques, market expansion in emerging economies, safety and compliance, sustainability and green technologies, customization and modular solutions.. Major trends in the forecast period include design innovations, smart home integration, energy efficiency, modularity and customization, sustainable materials.
Increasing electric vehicle adoption is expected to drive the growth of the rocker switch market going forward. An electric vehicle (EV) refers to a vehicle that is propelled by an electric motor, which runs on electricity powered by the battery installed in the cabinet and can be charged from an outside power source. Rocker switches are used in electric vehicles and other automotive applications as power door lock switches and heated seat switches and are also used as rear window defogger grids and power window controls. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the market share of electric vehicles was nearly 10% of global car sales in 2021. Around 6.6 million electric vehicles (EVs) were sold worldwide in 2021, which was two times that of the previous year. Therefore, increasing electric vehicle adoption is driving the demand in the rocker switch market.
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The rocker switch market covered in this report is segmented –
1) By Type: Single-Pole Rocker Switch, Multi-Pole Rocker Switch
2) By Installation Type: Panel Installation, Chip Installation, Embedded, Other Installation Types
3) By Application: Automotive (Commercial Vehicles and Passenger Vehicles), Aerospace, Heating, Ventilation, and Air conditioning (HVAC), Instrumentation, Printers, Vending Machines, Other Applications
Major companies operating in the rocker switch market are focused on developing innovative solutions to strengthen their position in the market. For instance, in September 2022, Lutron Electronics Company, a US-based electrical manufacturing company, launched its newly designed rocker and dimmer switches called the Wemo Dimmer Switch. The new rocker switch has a slider control on the side for dimming functions and doesn’t require a neutral wire. Installations with a conventional, non-smart switch can be employed in three-way configurations.
The rocker switch market report table of contents includes:
1. Executive Summary
2. Rocker Switch Market Characteristics
3. Rocker Switch Market Trends And Strategies
4. Rocker Switch Market – Macro Economic Scenario
5. Global Rocker Switch Market Size and Growth
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26. South America Rocker Switch Market
27. Brazil Rocker Switch Market
28. Middle East Rocker Switch Market
29. Africa Rocker Switch Market
30. Rocker Switch Market Competitive Landscape And Company Profiles
Top Major Players:
- ABB Ltd
- OTTO Engineering Inc
- Omron Corporation
- Eaton Corporation PLC
- Emerson Electric Co
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