The electric switch market size has experienced robust growth in recent years, ascending from $13.76 billion in 2023 to $14.63 billion in 2024, showcasing a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to urbanization and infrastructure development, building and construction activities, industrialization trends, energy efficiency initiatives, replacement, and upgrades. Looking forward, the market is anticipated to witness substantial expansion, reaching $18.57 billion in 2028, with a CAGR of 6.1%. The surge in the forecast period can be credited to smart building solutions, renewable energy integration, focus on energy management, demand from emerging markets, safety, and compliance standards. Notable trends include customizable and aesthetically pleasing switch designs, integration of biometric authentication, modular and expandable switch systems, durability and longevity focus, along with integration with building automation systems.
Major Driver In The Electric Switch Market
The electric switch market is poised for growth, fueled by the upswing in construction activities globally. Construction encompasses various undertakings such as building houses, workplaces, roads, bridges, and more. Electric switches play a crucial role in these construction sites, serving to control and operate electric appliances in residences, enhancing comfort and aiding in daily activities. The U.S. Construction Cost Trends report in June 2021 highlighted a surge in residential construction, contributing to increased demand for materials and labor, intensifying competition, and imposing cost pressures. Notably, total construction spending in the U.S. has seen a 16% increase since the onset of the pandemic, underscoring the substantial growth potential for the electric switch market. Therefore, the electric switch market is experiencing a significant upswing driven by the escalating construction activities, with market sizes reflecting the heightened demand and expenditure in 2023, 2024, and the forecasted period beyond.
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Electric Switch Market Competitive Landscape
Siemens AG, General Electric Company (GE), Panasonic Corp., Arrow Electronics Inc., Mitsubishi Electric Corporation, Honeywell International Inc., ABB Limited, Schneider Electric SE, Eaton Corporation plc, TE Connectivity Ltd., BorgWarner Inc., Amphenol Corporation, Rockwell Automation Inc., Zhejiang Chint Electrics Co. Ltd., Hubbell Incorporated, Molex LLC, Havells India Limited, Carling Technologies Inc., Opple Lighting Co. Ltd., C&S Electric Ltd., Leviton Manufacturing Company Inc., Delixi Electric Ltd., Legrand SA, LG Corp., Salzer Electronics Limited, Simon S.A.U., NKK Switches Co. Ltd., Select Switches, SHALLCO Inc., Fuji Electric Co. Ltd.
Key Electric Switch Market Trend
Technologically advanced electrical switch systems are becoming increasingly popular in the electric switch market. Major companies are focusing on incorporating new technologies to strengthen their market presence. For example, in August 2022, Superior Sensor Technology, a US-based electric components manufacturer, introduced a pressure switch with three threshold pressure modes as part of their NimbleSense architecture. This new pressure switch, designed for use in HVAC, medical, and industrial devices, features a flexible design that reduces PCB board space and manufacturing costs.
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Electric Switch Market Segmentation
The electric switch market covered in this report is segmented –
1) By Type: Traditional Electrical Switch, Smart Electrical Switch
2) By Poles And Throws: SPST (Single Pole Single Throw), DPDT (Double Pole Double Throw), SPDT (Single Pole Double Throw)
3) By Construction: Push-Button Switches, Toggle Switches, Rotary Switches, Joystick Switches, Level Switches, Rocker Switches, Membrane Switches, Spiral And Stick Switches
4) By State: Momentary, Locked Switches
5) By End-User: Commercial, Residential, Other End-Users
By Geography:The regions covered in the electric switch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the electric switch market in 2023.
The Electric Switch Global Market Report 2024 furnishes information about the global electric switch market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
