ALBANY, New York, November 17, 2016 /PRNewswire/ -- According to TMR, the global surface mount switch market was valued at US$2650.0 mn in 2015 and is expected to reach US$5860.0 mn in terms of revenue by 2024, exhibiting at a CAGR of 8.5% from 2016 to 2024. In terms of product variety, the segment of ultra-miniature surface mount toggle switch presently constitutes the bulk of market's overall revenue and is expected to exhibit strong growth over the forecast period as well. Geographically, strong growth in industries such as automotive, electronics, and telecommunication, the Asia Pacific market is expected to remain dominant throughout the forecast period. Get PDFSampleBrochure for Professional & Technical insights athttp://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=16844Rising Demand for Electronics Goods to Help Market Retain Healthy Growth The vast rise in the global consumption of electronics goods such as smartphones, tablets, computers, and laptops has been one of the key drivers of the global surface mount switches and will continue to have a strong impact on the market's future growth prospects. The electronics goods industry consumes vast volumes of electronics hardware that utilize the extensive usage of surface mount technology. The use of surface mount switches instead of through-hole devices grants the hardware an improved level of mechanization and also significantly reduced the cost of manufacturing. The potential rise in adoption of surface mount switches across the electronics goods industry owing to these factors will have a significant positive impact on the overall development of the market in the next few years. Higher Costs and Relative Unsuitability for Mechanical Stresses to Hinder Market Growth On account of the small size, better performance, and cost effectiveness of surface mount switches, when the overall cost of the end-product is considered, have led to their increased usage across a number of application areas; analysts have estimated that surface mounted switches are replacing through-hole switches in about 90% of new-age electronic hardware.