Electrical Switch Market size was valued at USD 15.3 Billion in 2023 and is likely to reach USD 48.61 Billion by the end of 2036, expanding at around 9.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electrical switch is assessed at USD 16.72 Billion. The growth of the market is primarily ascribed to the notable development of the electrical industry as well as rising consumer demand for energy-saving lighting systems. For instance, India's electronics manufacturing industry is estimated to be worth around USD 400 billion by the end of 2025.
Favorable government initiatives for saving electricity along with rising consumer demand for safety switches and energy-saving appliances are fueling up the demand for the electrical switch market over the forecast period.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
9.3% |
Base Year Market Size (2023) |
USD 15.3 Billion |
Forecast Year Market Size (2036) |
USD 48.61 Billion |
Regional Scope |
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End-user (Commercial, Residential)
The global electrical switch market is segmented and analyzed for demand and supply by end-user into commercial, residential, and others, out of which, the commercial segment is estimated to grow at a higher rate over the forecast period owing to the emerging industrial automation as well as increasing use of electrical switches in various industries such as automotive, construction, and others. For instance, with new instrumentation and control solutions, industrial automation was expected to generate a revenue of around USD 215 billion in 2020.
Our in-depth analysis of the global electrical switch market includes the following segments:
By Type |
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By System |
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By Contact |
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By End-User |
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By Distribution Channel |
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Asia Pacific Market Forecast
The Asia Pacific electrical switch market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036, backed by the easy availability of these switches at affordable prices in the Indian market has augmented their adoption in several applications such as in commercial and residential buildings, industries, hospitality, and others. The rapid explosion in the construction sector in India and China has boosted the growth of the electrical switch market. For instance, India had the most infrastructure development projects in development or in progress, totaling more than USD 26 million, as of May 2022.
Havells India Limited launched Anti-Viral Anti-Bacterial switch range to encourage safe lifestyle. As a result of ViruzSafeTM patent-pending technology, these ranges are able to kill 92.5% of viruses within one minute from the switch surface, and over 99.89% within two hours, ensuring consumers' health and hygiene safety.
Panasonic Holdings Corporation announced the launch of waterproof switches which have built-in resistors, with a wiring failure detection function to enhance the automobiles safety.
Author Credits: Abhishek Verma
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