|Status : Published||Published On : Jan, 2021||Report Code : VRAT4073||Industry : Automotive & Transportation||Available Format :||Page : 175|
The global automotive relay market was valued at USD 15.0 billion in 2019 and is expected to reach USD 22.3 billion by 2027, growing at a CAGR of 6.0% during 2021-2027. The extensive adoption of electric content in passenger & commercial vehicles is supporting the upliftment in the growth of various applications that is further contributing towards the growth of global automotive relay market. Additionally, extensive importance of security and safety feature in a vehicle along with excessive adoption of sophisticated electronic devices are other factors pertaining towards the growth of global automotive relay market.
A relay is an electric switch mechanically operates the switch with the help of electromagnet. It is extensively being used in the scenario where the need for separating a low power signal from a circuit is not required. Automotive relays of different shapes and sizes are used in both sea and land vehicles. The automotive relays have greater applicability in car alarm systems, flashlights, antennas, horns, anti-locking brake systems and intermittent wipers as a result to extensive demand automotive relay market is witnessing significant growth globally.
Insight by Product
On the basis of product, the global automotive relay market is categorized into plug-in relay, PCB relay, high voltage relay, and others. Amongst these segments, PCB relays are expected to generate largest revenue by 2025 as this product is used rampantly in various electronic applications such as cruise control, power steering, ABS, power windows, doors, and sunroof.
Insight by Vehicle Type
Based on vehicle type, the global automotive relay market is segmented into commercial vehicles, passenger vehicles and electric vehicles. Of all, passenger vehicles are anticipated to generate largest revenue by 2027 as government authorities globally are providing lucrative offers in order to promote the use of electric vehicles and thereby promotes selling of these electric vehicles.
Increasing demand for higher switching capacity relays and increasing concerns pertaining to the safety in a vehicle from government authorities are the key trends observed in the global automotive relay market. Switching of supplementary devices that are required for the security, infotainment, safety and communications require additional relays as compared to that of basic relays that are used in powertrain systems.
Increasing demand for luxury & comfort, extensive adoption of electric vehicles and vehicular safety technique are the key factors that are driving the growth of global automotive relay market. Several systems that require enhancing the safety feature of their vehicle along with providing comfort to the passengers can avail it by installing automotive relay systems. Moreover, increasing demand for comfort and safety system is another factor accentuating the demand of global automotive relay market.
Lack of standardized design of relay, availability of smart fuse box and connected smart junction box for autonomous cars are the factors that are anticipated to hamper the growth of global automotive relay market.
Geographically, Asia-Pacific is expected to generate largest revenue of by 2027. The APAC market is growing due to the extensive penetration of automobiles in emerging countries such as China along with implementation of safety principles. Moreover, increasing vehicle demand in countries such as China and Japan are other factors bolstering the growth of the automotive relay market in Asia-Pacific.
North America is anticipated to witness highest CAGR during the forecast period. The growth of automotive relay market in this region is attributed towards increasing investments attributed towards OEMs in order to create electric vehicles. In addition, the extensive acceptance of automotive relay in the vehicle system is other factors that are driving the growth of the automotive relay market in North America.
Key players in the global automotive relay market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. The key players operating in automotive relay market are entering into strategic partnerships and alliances in order to gain competitive efficiencies. For instance, in March 2018, Littelfuse had acquired TE Connectivity by acquiring its circuit protection business. Additionally, the acquisition had further strengthened the product portfolio of the business by massively escalating its operation in automotive electronics.
Some of the major players operating in the global automotive relay market are Mouser Electronics, Inc., Fujitsu, Omron Corporation, Eaton Corporation plc, Hella KGaA Hueck & Co., ABB Group, TE Connectivity Corporation, Denso Corporation, Panasonic Corporation, American Zettler, Nippon-Aleph, NEC Corporation, Daesung Electric, and Sharp Corporation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research