According to the report, the Automotive Relay market is expected to grow from USD 13,282 million in 2019 to USD 18,397 million by 2026, growing at a CAGR of 5.58% from 2019 to 2026.
Market Overview
The global Automotive Relay market is estimated to be USD 13,282 million in 2019 and is expected to reach USD 18,397 million by 2026, with a CAGR of 5.58% during the forecast period.
Growing modernization and government regulations would drive automotive relay market. The key driving factors for the automotive relay market include rising modernization of vehicles to affect the relay market and preference for electronic relays over electromagnetic relays. Further, factors such as government regulations regarding safety components for automobiles industry is estimated to lead to the growth of automotive relay market in a couple of years. But, the lack of standard relay design might become the limiting factor for market growth. The boosting factor for the automotive relay market would be the growing need for electric relays in modern vehicles.
Relays are switching that open and close circuits electromechanically or electronically. They control one electrical circuit by opening and closing contacts in another circuit. Relays are generally used to switch smaller currents in a control circuit and do not usually control power consuming devices except for small motors and Solenoids that draw low amps. Automotive Relay is a relay used in an automobile.
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Competitive Insights
Key players operating in this market include ABB Group, Denso Corporation, Eaton Corporation plc, Fujitsu Limited, Hella KGaA Hueck & Co, TE Connectivity, Panasonic Corporation, Omron Corporation, and American Zettler.
Regional Insights
The Asia Pacific is the leading market with a share of 32.25% of total sales. Availability of raw materials and low labor costs are driving factors for the region. North America is the second largest regional segment with a share of 31.69%, followed by Europe with a share of 28.11%.
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Based on the type, the Automotive Relay market can be segmented into PCB Relay, Plug-in Relay, High Voltage Relay, Protective Relay, Signal Relay, and Time Relay.
PCB replay was the leading product segment and was valued USD 5,750 million in 2018. Plug-in relays were the second largest product segment and accounted for over 33% share of the overall revenue in 2018. Increasing usage of electronic control modules along with electronic components are factors responsible for demand growth.
Application Insights
Based on application, the Automotive Relay market can be divided into Passenger Vehicles, Commercial Vehicles, and Electric Vehicles.
Increasing stringent emission regulations have fueled the rise in sales of an electric vehicle, and also the rise in hybridization of vehicles by automakers has created a need for relays for electric vehicles.
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Audience
l Automotive Relay manufacturers
l Distributors and resellers of Automotive Relay
l Automotive Relay industry associations
l Product managers, Automotive Relay industry administrator, C-level executives of the industries
l Market Research and consulting firms
l Small and Medium-sized Enterprises (SMEs)
l Raw material suppliers of Automotive Relay
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