The microswitch market size is valued at $900 million in 2023 and is expected to reach $1.4 billion by 2032, at a CAGR of 5.3%.
FORT COLLINS, Colo., April 20, 2024 (Globe Newswire) —
Increased adoption of smart home technology driving industry growth
The increasing adoption of smart home technology and the Internet of Things (IoT) Microswitch market. Micro switches are crucial in a variety of smart home devices such as smart locks, thermostats, and home automation systems. According to the Consumer Technology Association, approximately 85.5 million households in the United States own at least one smart home device, making up 70% of all households. The increasing adoption of smart home devices and the expansion of the IoT ecosystem are expected to increase the demand for microswitches in the near future.
The increasing adoption of smart home technology and Internet of Things (IoT) is creating huge opportunities for the microswitch market. Micro switches are essential components in a variety of smart home devices, including smart locks, thermostats, and home automation systems. According to the Consumer Technology Association, 70% of all U.S. households, or approximately 85.5 million households, own at least one smart home device. This growing adoption of smart home devices and the expansion of the IoT ecosystem are expected to drive the demand for micro switches in the coming years.
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Segmentation overview:
The microswitch market is segmented into type, current rating, actuator, end use, and region.
Household appliances influence the growth of the segment.
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Based on market segmentation by end-user industry, the consumer electronics segment accounted for the largest market share in 2023. Microswitches are widely used in various consumer electronic devices such as smartphones, tablets, laptops, game consoles, and home appliances.
Small microswitches are expected to dominate the segment growth over the forecast period.
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Breaking down the market by type, small microswitches accounted for a large share. Miniature microswitches are widely used in a variety of applications due to their compact size, high reliability, and cost efficiency. These are commonly found in household appliances, household appliances, and industrial equipment.
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Highlights of the Micro Switch Market Report:
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The Micro Switch market report includes Omron Corporation, Alps Alpine Corporation, Honeywell International Corporation, Panasonic Corporation, TE Connectivity Ltd., ZF Friedrichshafen AG, C&K Components, Inc., Microprecision Electronics, Zippy Technology Corp. Includes notable players such as; , Mitsumi Electric Co., Ltd., CW Industries.
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