Automotive Relay Market Overview:
Automotive
Relay Market is projected to grow from USD 14.2 Billion in 2023 to USD 21.3
Billion by 2032, exhibiting a CAGR of 5.20%
The global automotive
relay market perceives a constant rise in
revenues. Automotive relays play an important role in the vehicle by increasing
the performance and life of components. They allow a controlled electric
current to flow through the circuit controlling the volatility in the current
flow. Resultantly, there are various types of automotive relay used in
vehicles, which drives the growth of the market.
The rising uses of electronic components in
passenger and commercial vehicles substantiate the market size. Besides,
increasing integrations of various automotive systems such as advanced driver
assistance systems (ADAS) and electric steering systems that require controlled
power flow from one circuit to another create vast market demand.
The rise of the automotive relay market also
attributes to the increased safety and comfort system. Safety
systems used to increase the safety and comfort in a vehicle require automotive
relays.
Improved vehicle safety norms and augmenting
demand for increased vehicle safety foster the demand for
advanced automotive relays. Additionally, the proliferating electronic
component uses and adoption of advanced technology, alongside growing electric
vehicle sales, boost the automotive relay market size.
Increased use of automotive relays in safety systems would result in further
growth of the market during the forecast period.
Get a free sample report of Automotive Relay
Market
Automotive
Relay Market – Competitive Analysis
Highly
competitive, the automotive relay market share
appears fragmented with the presence of several notable industry players. These
players adopt strategic approaches such as mergers & acquisitions,
collaboration, innovation, and brand reinforcement to gain a larger competitive
share.
Major Players:
Players leading the automotive
relay market include Omron Corporation (Japan), TE Connectivity Corporation
(Switzerland), Panasonic Corporation (Japan), Hella KGaA Hueck & Co.
(Germany), Fujitsu (Japan), Denso Corporation (Japan), ABB Group (Switzerland),
American Zettler (U.S.), Eaton Corporation plc (Republic of Ireland), NEC
Corporation (Japan), Sharp Corporation (Japan), Nippon-Aleph (Japan), Mouser
Electronics, Inc.(U.S.), and Daesung Electric (India), among others.
Automotive Relay Industry/ Innovation/
Related News:
Nov.04, 2020 ---- Panasonic Corporation (Japan) announced that it has
miniaturized its TT series 60A automotive relays into 17.8 x 13 x 16mm
housings. 60A relays for automotive support switching 60A at 14Vdc (NO contact)
and are tailored to smart junction boxes throughout a vehicle. Those
state-of-the-art junction boxes are a downright leap in terms of switching
structure, significantly increasing the overall share of PCB-mounted relays.
Automotive Relay Market – Segmentation
The report is segmented into type, load type,
electric vehicle type, and region. The type segment is sub-segmented into PCB,
Plug-In, High Volt, Protective, and Time. Among these, the sub-segment PCB
relay holds the largest market share, witnessing the increasing use of these
relays in applications, such as cruise control, electric steering, power
windows, and sunroof.
The load type segment is sub-segmented into small
load, medium load, and heavy load. Among these, the sub-segment heavy load holds
the largest market share due to the ability to hold high power loads in the
electronic system. The electric vehicle type segment is sub-segmented into
hybrid electric vehicles, plug-in hybrid electric vehicles, and battery
electric vehicles. By regions, the market is sub-segmented into the Asia
Pacific, Americas, Europe, and rest-of-the-world.
Automotive Relay Market – Regional
Analysis
Asia Pacific dominates the global automotive relay
market due to the growing demand for electric vehicles in the region. Emerging
APAC countries, such as India, Japan, and China, are automotive manufacturing
hubs, resulting in increased passenger and commercial vehicle production.
Besides, the increasing demand for electric vehicles boosts the market size,
increasing automotive relay uses.
North America seizes the second-largest share in
the global automotive relay market. The region is a promising market for
automotive care technologies, which alongside the increasing production of
luxury vehicles, fosters the demand for automotive relays. Moreover, significant
investments by OEMs to develop electric vehicles influence the region’s market
share by creating a significant demand for automotive relays.
Europe accounts for a sizable share in the global
automotive relay market. The region is the global hub for luxury and premium
vehicles, positively impacting the growth of the market. Additionally, the
shift towards electric mobility has led to EV manufacturers integrating novel
relay technologies compatible with the car. Constant growth in the automotive
industry and demand from the transportation sector substantiate market growth.
More Reports
Digital Freight Matching Market
No comments:
Post a Comment