Portland, OR, July 18 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the rocker switch market generated $6.3 billion in 2021 and is expected to reach $9.2 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031. The report provides a detailed analysis of the changing dynamics of the market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Booming automotive industry coupled with technological innovation, favorable regulatory regulations and increasing number of SMEs is driving the growth of the global rocker switch market. Additionally, the toggle switch market share is expected to witness notable growth over the forecast period owing to the huge opportunities available in the healthcare industry with automation.
- The outbreak of the COVID-19 pandemic has negatively impacted the growth of the global toggle switch market as manufacturing units have been shut down and the supply chain has been disrupted.
- R&D programs have been canceled or delayed due to the implementation of lockdown, which has hampered market growth. Nevertheless, the market is steadily recovering.
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The report offers a detailed segmentation of the switch configurations based on the global Toggle Switches market, end-user, and region.
Based on the switch configurations, the double-break segment held the highest market share in 2021, holding more than three-fifths of the total market share, and is expected to maintain its leading status during the forecast period. . Moreover, the same segment is estimated to register the highest CAGR of 4.7% from 2022 to 2031.
On an end-user basis, the automotive segment held the greater market share in 2021, holding almost a third of the total market share, and is expected to maintain its leading status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 4.5% from 2022 to 2031. Other segments discussed in the report include Aeroscope, HVAC, and Instrumentation.
Based on region, Asia-Pacific contributes the highest share in terms of revenue in 2021, holding nearly two-fifths of the total market share, and is expected to retain its dominant share by 2031. Moreover, the same region is expected to manifest the fastest CAGR of 4.6% during the forecast period. Other regions mentioned in the report are North America, Europe and LAMEA.
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Key players of the global rocker switch market analyzed in the research include ABB Ltd., APEM, Carling Technologies, Eaton Corporation, Emerson Electric Co., E-switch, Everel Group SpA, Honeywell International Inc., Leviton Manufacturing Co. Inc. ., NKK Switches, Omron Corporation., OTTO Engineering, Panasonic, Schruter, Sensata Technologies, Inc., TE Connectivity and ZF Electronics.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.