Two Wheeler Switches Market: Global Share, Size, Growth, Trends & Outlook ( 2022 – 2032 )
The global two wheeler switches market size was estimated at USD 3.2 billion in 2021 and is expected grow with a CAGR of 8.5% over the forecasted period of 2022 to 2027. The worldwide market is significantly determined by the increasing number of two wheelers. There are some factors that may fuel the innovation and connectors market.
The global two wheeler switches market is mainly driven by several factors such as increase in demand for two wheelers with the high mileage due to traffic congestion; and upsurge in a sales of two wheelers in various Asian countries such as China and India. In addition to this, governments of several countries are actively introducing emission norms to reduce global warming as well as pollution. Also, there is an emergence of stringent emission regulation for motorcycles. This factor has led to the growth in demand for electric two wheelers, further driving two wheeler switches market. However, high disposable incomes of the population across the developed regions such as North America and Western Europe led to the high preference of passenger cars over motorcycles. This hampers growth of the market to some extent. On the other hand, emerging popularity of electric two wheeler creates lucrative opportunities for the two wheeler switches market during forecast period.
Two wheeler switches are the electro-mechanical components or electronic circuits. These switches helps to control several applications including lighting, engine ignition, indication, and horn in a two wheeler.
The market is seeing extensive consolidations and acquisitions. These are embraced by the two wheeler manufacturers to accomplish upgraded portfolios and generate new revenue streams. For instance, in April 2019, Standard Motor Products, Inc., a manufacturer and distributor of automotive parts the acquired Pollak business of Stoneridge, Inc., an automotive part manufacturer. The company is aiming to expand its business facilities in Canton, TX, Juarez, MA, El Paso, and Mexico while distributing a range of products such as automotive sensors, switches, and connectors.
The significant growth of the motorcycles market is fortifying the Asia Pacific two wheeler switches market. The Asia Pacific area may surface as a main district over the estimated time frame. The provincial market development may be due to the surge in demand of motorcycle across the countries such as China, India, and ASEAN countries. In addition, this region offers lucrative growth opportunities for the market owing to dominance of China and India for manufacturing of motorcycles.
The Latin America and Eastern Europe region is anticipated to observe significant growth rates. This is due to stringent emission norms for motorcycles as well as huge population of motorcycle users. On the contrary, in the GCC countries, the two wheeler market is mostly overshadowed by passenger car market; this hinders the market growth.
Furthermore, the flourishing electric two-wheeler market due to the development of innovative electric vehicle battery systems in the North America propels growth of two wheeler switches market.
Two Wheeler Type Insights:
In view of two wheeler type, the market has been portioned into motorcycles, scooters, and electric two wheelers. The motorcycles section is the biggest portion, regarding income, and may rule the innovation field, as far as size, by 2027.
The electric two wheelers segment is expected to observe highest growth rate during forecast period. This is attributed to the introduction of emission norms by several countries to reduce global warming and pollution along with the strict emission regulations for motorcycles that fuels in demand for electric two wheelers. For instance, government of New Zealand has planned to bring on road 64,000 new electric vehicles by the end of 2021.
The strategies such as acquisition, product launches, and partnerships by two wheeler market players to accomplish upgraded portfolios and generate new revenue streams, has further pushed growth of the two wheeler switches industry. For instance, in June 2020, Suzuki along with its Chinese partner Haojue Motorcycles announced a joint venture called Changzhou Haojue Suzuki Motorcycle Co, Ltd. The partners will launch Suzuki GSX-S300 in China as the Haojue DR300.
Product Type Insights
In light of product type, the market is divided into combinational/light switch module, ignition switches, brake light switches, and reverse light switches. The combinational/light switch module fragment is the biggest section and will overwhelm the application field, by 2027.
Light switches includes indicator system switches that helps the driver as well as other vehicles on the road for the change in direction to avoid the chances of collision. Hence, growing adoption of combinational/light switch module for the safety function in two wheelers drives growth of the segment.
The ignition switches and brake light switches portions may observe considerable development rates. This may be due to significant role of these switches in safety function of the two wheeler. For instance, brake light switches turns on the brake lights whenever a driver presses the brake pedal. While, ignition switches activates the main electrical systems for the vehicle. However, reverse light switches segment is expected to witness highest growth rate during forecast period.
Competitive Market Insights
The key business members of the market are DELTA INDIA ELECTRONICS PVT. LTD., MINDA INDUSTRIES LIMITED, SONEN ENGINEERING SOLUTIONS, Yamaha Motor Co. Ltd., BALAJI AUTOMOBILES, Bajaj Auto ltd., Advanced Technocracy Inc., TVS, Guangzhou Kadi Engine Parts Co., Ltd., and Huangshan Benma Group Co., Ltd.
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