Automotive Relays Market is Projected to Expand at a 5.58% CAGR from 2019-2026

Automotive Relays Market is Projected to Expand at a 5.58% CAGR from 2019-2026

Ÿ Base Year: 2018

Ÿ Estimated Year: 2019

Ÿ Forecast Period: 2019 to 2026

According to the report, the global automotive relay market is valued at approximately USD 13,282 million in 2019 and is expected to generate revenue of around USD 19,424 million by 2026, growing at a CAGR of roughly 5.58% from 2019 and 2026.

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 automobile.

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Key Players:

Key players in the Automotive Relays market include ABB Group, Denso Corporation, Eaton Corporation plc, Fujitsu Limited, Hella KGaA Hueck & Co, TE Connectivity, Panasonic Corporation, Omron Corporation, American Zettler, etc.

Market Driver and Restraint

Increasing vehicular safety regulations in various regions across the globe is propelling the growth of the automotive relay market. Furthermore, increasing vehicle connectivity and sophistication of electronics in vehicles are the factors that are fueling the automotive relay market. In addition, increasing adoption of electric vehicles amongst passenger car segment end users has made automotive electronics including the automotive relay industry to gain significant market share.

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Forecast by Geography

In 2018, the global automotive relay market was mainly concentrated in the three regions of Asia-Pacific, North America and Europe, with the market share of 36.94%, 27.81% and 24.38 % respectively, accounting for a total of 89.13%. Asia Pacific dominated the regional demand, as the region represents countries such as China, Japan, South Korea, and India with the world's highest vehicle production. Asia Pacific exhibits a high growth potential, which may also be attributed to high vehicle demand, availability of raw materials, and low labor costs in this region. Europe is also expected to witness substantial growth owing to strong growth across the automotive sector.

Type Segment Analysis

The various product types are PCB Relay, Plug-in Relay, High Voltage Relay, Protective Relay, Signal Relay, Time Relay, and Other.

Application Segment Analysis

Automotive Relays is widely used in Passenger Vehicles, Commercial Vehicles, Electric Vehicles, and Other.

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Target Audience:

• Automotive relays manufacturers

• Component suppliers

•Small and Medium-sized Enterprises (SMEs)

• Distributors and resellers of automotive relays

• Automotive relays industry associations

• Product managers, automotive relays industry administrator, C-level executives of the industries

• Market Research and consulting firms

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