Market Summary -
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.
Global Automotive Relay Market, to grow at ~ 6.65% CAGR by Forecast Period.
Market Research Future (MRFR) confirms that the global automotive relay market is estimated to reach a significant valuation, growing at an impressive CAGR during the assessment period. 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.
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.
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.
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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 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.
Automotive Relay Market – Competitive Analysis
Highly competitive, the automotive relay market 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.
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.
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