The global paddle & rocker switches market is set to grow with a CAGR of 4.0% during the forecast period.
Market Insights
The paddle & rocker switches are commonly used as an alternative for the traditional switches across the globe. The applications of these switches are rapidly increasing based on changing dynamics in various industry verticals, such as consumer electronics, telecommunication, automotive and many more. These switches can be used in appliances, office equipment communications, electronic instrumentation, medical equipment and many other tools. Hence, growing applications is fueling the growth of the market during the forecast period.
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Furthermore, advantages associated with these switches compared to traditional switched is enhancing the adoption of paddle & rocker switches. The key players are developing many new paddle & rocker switches with dynamic denatures such as in normal form, or miniature illuminated switches or non-illuminated. Such varied products have provided various options to the consumers, and thus is enhancing the market growth. However, availability of alternative tools such as traditional switches that can be available at low cost are likely to restrain the market growth during the forecast period.
Based on type, the paddle & rocker switches market was led by double-pole switch by holding a market share of over 55%. As double-pole switches offer numerous advantages over single-pole switch, they are highly adopted in development of advanced devices and machinery. Furthermore, increasing development in the consumer electronics and appliances industry is also fueling the growth of this market during the forecast period.
Based on geography, North America held the largest market share of more than 38% in 2018. In US and Canada, paddle & rocker switches are increasingly being used as an alternative for the traditional switches. Changing dynamics in the consumer electronics and telecommunication industry is also fueling the growth of this market. However, technological advancements in the manufacturing sector of emerging nations is projected to enhance the market in Asia-Pacific region.
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Double-Pole Switch Segment Dominated the Global Market
In 2018, double-pole switch led the paddle & rocker switches market by holding a market share of over 55%. As double-pole switches offer numerous advantages over single-pole switch, they are highly adopted in development of advanced devices and machinery. Furthermore, increasing development in the consumer electronics and appliances industry is also fueling the growth of this market during the forecast period.
North America to Dominate the Market by Region
In the global paddle & rocker switches market, North America held the largest market share of more than 38% in 2018. In US and Canada, paddle & rocker switches are increasingly being used as an alternative for the traditional switches. Changing dynamics in the consumer electronics and telecommunication industry is also fueling the growth of this market. However, technological advancements in the manufacturing sector of emerging nations is projected to enhance the market in Asia-Pacific region.
Some of the prominent players operating in the paddle & rocker switches market include E-Switch, C&K Components, NTE Electronics, Littelfuse, Eaton, APEM (IDEC), Carling Technologies, TAIWAY Electronics, NKK Switches, HELLA, Everel Group, Oslo Switch Inc., and OTTO Engineering.
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