REPORT HIGHLIGHT
Automotive Relay Market size was valued at USD 12,805.1 Million in 2022, expanding at a CAGR of 5.7% from 2023 to 2030.
Relays are defined as the common type of electromechanical relays. Additionally, they are used in all kinds of vehicles including vans trailers, cars, and trucks. Moreover, a small current flow circuit is enabled by automotive relays in vehicular applications to operate and control a higher current circuit. Furthermore, in a vehicle number of relays may depend on characteristics that are linked to a vehicle. Automotive relays are electronically operated switch devices with a coil that is used to generate magnetic force that mechanically operates an electric contact.
Automotive Relay Market- Market Dynamics:
In the transit of the automotive industry from software to hardware-oriented vehicles, the number of software and electronics per vehicle is rapidly increasing. Additionally, vehicles that are using electronic devices new features are integrated with a broad range of application areas including comfort, powertrain, infotainment, and safety management this in turn employs the use of automotive relays. Thus it is expected to drive the demand for the automotive relays market. However, the presence of highly competitive players and lack of standardization in relay manufacturing may hamper the market growth.
Moreover, the rising demand for electric and hybrid with advanced, high-performance, and lightweight relays is pushing manufacturers to invest in solid-state relays over traditional large electromechanical relays. Thereby, this is attributed to act as a massive opportunity for the market to grow. The COVID-19 epidemic had affected the automotive relay market negatively. The pandemic forced the government to impose a lockdown and ban the export and import of raw material supplies. As a result, for vehicle components, the decline in the availability of important raw materials affected the automotive relay industry.
Automotive Relay Market- Segmentation Analysis:
- The Global Automotive Relay Market is segmented on the basis of Product Type, Vehicle, Application, and Region.
- The market is divided into three categories based on product type: PCB relay, plug-in relay, high voltage relay, and others. The PCB relay sector is likely to maintain its dominance. It is used in various electronics applications including doors, power windows, sunroofs, ABS, power steering, and cruise control.
- The market is divided into three categories based on vehicles: passenger vehicles, commercial vehicles, and electric vehicles. The passenger vehicles sector is expected to hold the largest market share. Various governments offer great opportunities to promote the usage and selling of EVs.
- The market is divided into three categories based on application: resistive loads, capacitive loads, and inductive loads. The capacitive load sector is expected to possess the market value. In modern cars, some basic applications are driven by electronic systems, which need relays for efficient operations. Additionally, air conditioner, power window, fuel injection, and door lock system. Thus, it is attributed to drive segment growth.
Automotive Relay Market-Competitive Landscape:
Due to the continued development in demand for passenger safety in the coming years, the worldwide market for Automotive Relay is made of both international and local producers, making it one of the most competitive sectors globally. To minimize road accidents and fatalities, safety features in vehicles for passengers contributed remarkably. Manufacturers sell their products on multiple platforms such as retailers, e-commerce websites, corporate websites, distributors, and e-consumers. Additionally, key players are focusing on primary strategies such as R&D spending, collaboration, partnerships, mergers & acquisitions, and new product launches. For instance, in January 2022, Faurecia to acquired a total of 79.5% of shares in Hella GmbH & Co. To create the 7th largest global automotive supplier with a highly advanced technology portfolio the acquisition joins two profitable and complementary companies.
Key features of the study:
- This proposed research study on automotive relay market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for automotive relay market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the automotive relay market.
- Impact of COVID-19 on automotive relay market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on automotive relay market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the automotive relay market, we have also included competitive landscape and key innovator analysis for the automotive relay market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the automotive relay market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global automotive relay market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL AUTOMOTIVE RELAY MARKET KEY PLAYERS
- Circuit Interruption Technology
- TE Connectivity
- Xiamen Level King Keep Electronics
- Littlefuse Inc,
- HELLA GmbH & CO. KGAA
- American Zettler, Inc.
- Fujitsu
- Denso Corporation
- American Electronic Components
- Goodsky Electric Co. Ltd.
- Panasonic Corporation
- Xiamen Hongfa Electroacoustic Co., Ltd.
- Omron Corporation
- Mitsuba Corporation
GLOBALAUTOMOTIVE RELAY MARKET, BY PRODUCT TYPE
- PCB Relay
- Plug-in Relay
- High Voltage Relay
- Others
GLOBAL AUTOMOTIVE RELAY MARKET, BY VEHICLE
- Passenger vehicles
- Commercial vehicles
- Electric vehicles
GLOBAL AUTOMOTIVE RELAY MARKET, BY APPLICATION
- Resistive loads
- Capacitive loads
- Inductive loads
GLOBAL AUTOMOTIVE RELAY MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA