Market Trends of APAC Push Buttons And Signaling Devices Industry
The Automotive Segment is Expected to Hold a Significant Market Share
- The automotive segment is going through a considerable transformation to curb its carbon footprint. The EV market witnessed significant investments; the implementation of push buttons also increased for auto-start functions and other automated vehicle mechanisms.
- Push buttons have been used to implement keyless access in vehicles. Many automobile companies widely adopt push-button ignition due to its comfort and reliability.
- With the increasing number of road accidents and internal vehicle damage, automotive manufacturers focus on improving vehicular safety. For instance, push buttons can be used to indicate if the vehicle is required to pass through a cross-section. This majorly provides ease of use while improving passenger safety.
- Panel lights and horns are vehicles' most commonly used signaling devices. Automotive manufacturers also focus on providing additional features, such as video surveillance and strobes. Emergency lighting is also included in all the newly manufactured vehicles. This is also anticipated to drive the market's growth during the forecast period.
- According to the ASEAN Automotive Federation, in 2023, Indonesia accounted for the most motor vehicle sales across Southeast Asia, with over one million sales generated.
- Across the region, the repercussions of the pandemic crisis have been immense and unprecedented, as many auto-retail stores remained closed for a month or more, resulting in a decline in profit by the automotive manufacturer compared to the previous two years. It may take years to recover from this plunge in profitability.
Understand The Key Trends Shaping This Market
Download PDF
India Holds The Majority Market Share
- Push buttons have been used to implement keyless access in vehicles. Many automobile companies widely adopt push-button ignition due to its comfort and reliability in the country. According to SIAM India, the sales volume for light commercial vehicles across India was around 604 thousand units in FY 2023, an increase from the previous year.
- Panel lights and horns are the most commonly used signaling devices by vehicles. Automotive manufacturers also focus on providing additional features, such as video surveillance and strobes. Emergency lighting is also included in all the newly manufactured vehicles. This is also anticipated to drive the market's growth during the forecast period.
- Large-scale industries prefer and opt for automation of push-button and signaling devices, primarily to avoid the human error factor. The emergence of industrial control systems, such as SCADA, PLC, and IT control, aided the market growth. The primary factors that drive demand in the country are the flexibility in management and functionality that devices offer in the industrial space and the enhancement of a safe work environment on industry floors.
- In the long run, the demand for renewable energy across India, accelerated by the pandemic, is also expected to boost the market's growth. However, the uncertainty in the supply chain and demand brought by the short-term repercussions is expected to stall the market's growth as the pandemic impacted all end-user industries.
Get Analysis on Important Geographic Markets
Download PDF
