Electrical Switch Market Size & Share, by Type (Traditional, Smart); System (Mechanical, Electronic, Electro-Mechanical); Contact (Single Contact, Multi-Contact); End-user (Commercial, Residential); Distribution Channel (Online Store, Offline Store) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Electrical Switch Market Definition

An electrical switch refers to electrical equipment that can make or break a circuit by interrupting the current or diverting it from one conductor to another. Electrical switches are available in manual or automatic form. They are made from various raw materials such as steel, brass, thermosetting or thermoplastic resins. Their purpose is to protect electrical circuits from damage. When the current exceeds the safety level, they interrupt the excess current that overloads the electrical wires and cut off the circuits from others.

Global Electrical Switch Market: Key Insights

Global Electrical Switch Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global electrical switch market is estimated to garner a revenue of ~USD 23 billion by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 14 billion in the year 2022. 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.

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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.

Global Electrical Switch Market: Growth Drivers and Challenges

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

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.

Global Electrical Switch Market Regional Synopsis

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 2033, 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.

Market Segmentation

Our in-depth analysis of the global electrical switch market includes the following segments:

Top Featured Companies Dominating the Global Electrical Switch Market

• Havells India Limited

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• 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.