Electrical Switch Market Trends

Growth Drivers

Worldwide Surge in Urbanization – Immensely growing trend of urbanization is leading up to the rapid growth of urban areas on a worldwide level. The number of cities has been increasing as everyone is moving towards cities to get a sustainable life with ample facilities. Thus, the market for electrical switches is expanding quickly owing to rapid urbanization and the emergence of cutting-edge modular electrical switches. According to the data of the World Bank, presently, more than 50% of the world's population inhabits cities. The number of people living in urban areas is projected to rise more than double to 6 billion by 2045.
Rapid Growth in Real Estate Industry – For instance, from the financial year 2015 to 2020, the real estate industry in India increased at a rate of 13%, increasing from approximately 9% in the financial years 2010 and 2015.
Growth in Electronics Industry - For instance, the global electronics industry has blatantly shown a robust increase since mid-2020. In the initial half of 2022, South Korean ICT exports climbed by 20% year over year to USD 123 billion, accounting for 39% of all South Korean exports. Exports of semiconductors from South Korea surged by around 25% from year to year, totaling about USD 73 billion.
Escalation in Automotive Industry - The automobile sector is expected to generate close to USD 1.9 trillion in potential revenue by the end of 2030, increasing by 32% in that same year.
Significant Upsurge in Research and Development Expenditure - According to data provided by the World Bank, the ratio of research and development spending in ratio with GDP increased from 2.2% in 2018 to approximately 2.63% in 2020.

Challenges

Fluctuating Raw Material Prices of Electrical Switch – owing to unavailability of raw material. The consequences of fluctuating prices may be realized through high production costs, disrupted supply chains, and waste of time.
Availability of Low Quality and Cheap Products
Rising Competition Among Manufacturers

Electrical Switch Market: Key Insights

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	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of electrical switch is assessed at USD 16.72 Billion.

The 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. Worldwide surge in urbanization, growth in electronics industry, and escalation in automotive industry are some major factors driving the growth of the market.

Asia Pacific is poised to account for majority industry share by 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.

Havells India Limited, Panasonic Holdings Corporation, ABB Limited, Salzer Electronics Limited, Schneider Electric SE, General Electric Company (GE), Opple Lighting Co., Ltd., Delixi Electric Ltd., Zhejiang Chint Electrics Co., Ltd, Simon S.A.U.

Electrical Switch Market Trends