Market Trends of Europe Push Buttons and Signaling Devices Industry
This section covers the major market trends shaping the Europe Push Buttons Signaling Devices Market according to our research experts:
Automotive Expected to Witness Significant Market Share
- The European automotive market is going through a huge transformation to curb the Carbon footprint. EV market has seen huge investment along with it the implementation of push buttons and have also increased for auto-start functions and other automated mechanisms in vehicles.
- Europe-connected car shipments have been increasing rapidly during the last five years. The top three automotive groups - Volkswagen, PSA, and Renault Nissan Alliance - account for almost half of the connected car shipments in Europe, primarily because they have been leading the passenger car sales in the region.
- The connected car system is only implemented on passenger cars with embedded connectivity. The vast majority of connected cars will continue to have a 4G-enabled Telematics Control Unit (TCU) by 2025 in Europe. But with 5G network deployment maturing, the share of 4G will start declining after 2022.
- Across the region, the repercussions of the COVID-19 crisis are immense and unprecedented, as many auto-retail stores have remained closed for a month or more, resulting in the decline in profit by the automotive manufacturer compared to the last two years. It may take years to recover from this plunge in profitability.
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United Kingdom Expected to Witness Significant Market Share
- Push buttons have been used for implementing keyless access in vehicles. Many automobile companies widely adopt Push-button ignition due to its comfort and reliability in the country.
- The panel lights and horns are the most commonly used signaling devices in vehicles. Automotive manufacturers also focus on providing additional features, such as video surveillance and strobes. The emergency lighting is also being included in all the newly manufactured vehicles. This is also anticipated to drive the market's growth during the forecast period in the country.
- 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 factor that drives the demand in the country is the flexibility in control and functionality that devices offer in the industrial space and the enhancement in the safe work environment on the industry floors.
- In the long run, the demand for renewable energy across the United Kingdom 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.
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