This Award is presented in recognition of the company’s exceptional growth strategy to increase its market share for hidden and steering wheel switches in the region.
Methode Electronics Europe is involved in developing human-machine interface (HMI) products, which include hidden switches, ergo switches, as well as linear and rotary sensors for automotive applications. Its business is strategically located in some of the largest European automotive markets. Although the European HMI market is growing at a very slow pace, the company has succeeded in winning new businesses, while demonstrating solid growth in automotive sales.
The company’s superior capabilities in manufacturing steering wheel switches, sensors, incremental optical encoders and hidden switches have been responsible for its growth. “Methode Electronics’ success has been due to the fact that it has clearly identified its strengths in the European HMI market and is working towards growing stronger in this particular area,” notes Frost & Sullivan Research Analyst Vinay Joshi. “The business continues to be focussed on increasing the market share of hidden switches, steering wheel mounted switches and steering angle and position sensors.”
In addition to traditional customers such as Ford and GM, Methode Electronics Europe has been able to expand its customer portfolio since 2002 due to its commitment toward developing innovative and cost-effective products. Its customers include Audi, Aston Martin, Volkswagen, Alfa Romeo, Fiat, Porsche and Daimler-Chrysler.
With high focus on innovation, the company has consistently developed and pioneered various electronics solutions. It has patented hidden switches and smart sensors for a multitude of position sensing applications and is leveraging these products to increase its market share in the region.
“Safety has also been identified as a key growth area in Europe and hence, Methode Electronics has developed steering angle sensors for application in electronic stability control (ESC) systems,” says Mr. Joshi. “With ESC expected to experience the highest installation rates in the European market till 2015, the company is well positioned to increase its market share.”
Methode Electronics’ U.S. automotive operation has a long history in developing and pioneering steering wheel mounted switches. Due to the growing demand for these switches in Europe, the company has introduced this product in the European market as well.
In view of the increasing demand for multi-modality, the company’s European business is likely to experience further growth in its market share. Moreover, Methode Electronics Europe is also leading in the development of rotary as well as intelligent linear sensors, which enables it to extend its customer base and market share.
On March 1, 2007, Methode Electronics, Inc. acquired TouchSensor Technologies. TouchSensor is the North American market leader in solid-state, field-effect switching. TouchSensor products are found on such consumer goods as cook tops, wall ovens and ranges, washing machines, bath and shower controls and exercise equipment. Their products are also beginning to be used in automotive applications, such as the 2007 BMW X5 radio controls and an interior switch application on a U.S. domestic vehicle for the 2008 model year.
The company has entered into a long-term partnership with Sensor Dynamics. “This partnership leverages its expertise in eddy current inductive sensing and Sensor Dynamics’ experience in fail-safe micro sensors and micro electromechanical sensors,” explains Mr. Joshi. “The company is also looking at a potential joint venture with an Indian company, which will enable it to increase its customer portfolio and gain from low-cost manufacturing.”
The Frost & Sullivan Award for Growth Strategy Leadership of the Year is presented to the company that has demonstrated an exceptional growth strategy within its industry.
Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Methode Electronics Europe
Methode Electronics Europe (methode.com) is the European automotive division of Methode Electronics Inc. (NASDAQ: METH). Methode Electronics, Inc. designs, manufactures, and markets component devices and subsystems worldwide for OEMs. Methode's components are found in the primary end markets of automotive, information processing and networking equipment, voice and data communications systems, consumer electronics, aerospace vehicles, and industrial equipment. Its products employ electrical, electronic, and opto-electronic technologies such as sensors, interconnect, and controls.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.