Fort Collins, Colorado, April 20, 2024 (GLOBE NEWSWIRE) —
Rise in adoption of smart home technologies to propel the industry growth
The increasing adoption of smart home technologies and the Internet of Things (IoT) represents a notable opportunity for the micro switch market. Micro switches are pivotal in various smart home devices, including smart locks, thermostats, and home automation systems. According to the Consumer Technology Association, approximately 85.5 million U.S. households own at least one smart home device, accounting for 70% of total households. The rising prevalence of smart home devices and the expanding IoT ecosystem are projected to fuel demand for micro switches in the foreseeable future.
The increasing adoption of smart home technologies and the Internet of Things (IoT) represents a substantial opportunity for the micro switch market. Micro switches are essential components in various smart home devices, including smart locks, thermostats, and home automation systems. According to the Consumer Technology Association, approximately 85.5 million U.S. households, equivalent to 70% of total households, own at least one smart home device. This growing prevalence of smart home devices, coupled with the expanding IoT ecosystem, is anticipated to fuel demand for micro switches in the years ahead.
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Segmentation Overview:
The micro switch market has been segmented into type, current rating, actuator, end-use, and region.
Consumer electronics influences the segment growth.
- Based on the market segmentation by end-user industry, the consumer electronics segment accounted for the largest market share in 2023. Micro switches are extensively used in various consumer electronic devices, such as smartphones, tablets, laptops, gaming consoles, and home appliances.
Miniature micro switches will dominate segment growth in the forecast period.
- Based on the market segmentation by type, miniature micro switches accounted for a large share. Due to their compact size, high reliability, and cost-effectiveness, miniature micro switches are widely used in various applications. They are commonly found in consumer electronics, home appliances, and industrial equipment.
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Micro Switch Market Report Highlights:
- The micro switch market growth is anticipated at a CAGR of 5.3% by 2032.
- The rise in automation and several other industry developments in the consumer goods sector have pushed for industry growth.
- Asia-Pacific is the leading region for micro switch industry and is projected to positively influence the global market.
- Some prominent players in the micro switch market report include Omron Corporation, Alps Alpine Co., Ltd., Honeywell International Inc., Panasonic Corporation, TE Connectivity Ltd., ZF Friedrichshafen AG, C&K Components, Inc., Microprecision Electronics, Zippy Technology Corp., Mitsumi Electric Co., Ltd., and CW Industries.
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Source: Vietnam Insider