Researchstore.biz launched a study titled “Global Automotive Relay Marketby Type (PCB Relay, Plug-in Relay, High Voltage Relay, Protective Relay, Time Relay, Signal Relay), Vehicle Type (Passenger Vehicles, Electric Vehicles, Commercial Vehicles), Application (Powertrain Systems, Body & Chassis, Convenience, Safety & Security, Driver Information), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
The global automotive relay market is expected to grow from USD 13.24 Billion in 2017 to USD 18.2 Billion by 2025 at a CAGR of 7.19% during the forecast period from 2018-2025. Major drivers that fuel the growth of automotive relay market are:
- Increasing modernization of vehicle to impact the relay market
- preference for electronic relays over electromagnetic relays
- Government regulations to include safety components in automobiles
The relays are the switches used to enable small current flow to control a higher current circuit in the automobiles. These relays are made of various shapes and sizes based on the automotive in which it is applied. These relays mainly work as a switch that helps in turning on the headlights of automotive, car alarm systems, anti-locking brake systems, car stereos, or among other applications. The increasing use of technologies like GPS, temperature, and advanced driver assistance systems has increased the demand for automotive relays. The automotive relays can be operated both electrically and mechanically.
DOWNLOAD FREE SAMPLE REPORT:https://researchstore.biz/report/global-automotive-relay-market/71554/#requestforsample
Increasing modernization and government regulations are anticipated to drive automotive relay market:
Increasing modernization of vehicles to impact the relay market and preference for electronic relays over electromagnetic relays are the key driving factors for the automotive relay market. In addition, government regulations for automobiles industry regarding safety components will lead to the growth of automotive relay market in a couple of years. The unavailability of standard relay design may limit the growth of the market. However, increasing need for electric relays in modern vehicles is expected to boost the automotive relay market over the forecast period.
The global automotive relay market is segmented on the basis of type, vehicle type, application, and regions.
PCB Relay segment is expected to hold the largest share of 31.68% in 2017
Type segment includes PCB relay, plug-in relay, high voltage relay, protective relay, time relay, signal relay. PCB relay segment is anticipated to grow with the highest CAGR over the forecast period. Here, the light weight of PCB relays is gradually replacing complicated plug-in devices which is the major contributing factor.
Electric vehicles segment is expected to grow with the highest CAGR of 10.19% over the forecast period
Vehicle type segment is divided into passenger vehicles, electric vehicles, and commercial vehicles. Electric vehicles have increased as they support no pollutant emission regulations and helps to maintain the environment. The adoption of vehicles operating on electric batteries has led to an increase in the use of the automotive relay in recent years.
Safety & security segment held the largest market share of 26.97% in 2017.
Application segment covers powertrain systems, body & chassis, convenience, safety & security, and driver information. Safety & security segment is anticipated to grow with the highest CAGR. The major concern for the automotive manufacturers is to provide safety & security to the drivers and passengers. For this, many of the companies offer automotive with built-in security features such as electronic stability control, electronic steering systems, and advanced driver assistance systems (ADAS).
ACCESS FULL REPORT:https://researchstore.biz/report/global-automotive-relay-market/71554/
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific held the largest market share of approximately 31.94% in 2017. Increasing modernization of vehicles to impact the relay market and adoption of electromagnetic relays were some of the factors that led to the growth of automotive relay market in this region.
The major players of automotive relay market include TE Connectivity, Panasonic Corporation, Denso Corporation, Johnson Electric, Omron Corporation, American Zettler, Robert Bosch GmbH, Hella KGaA Hueck & Co., Nidec Corporation, Mitsuba Corporation, NEC Corporation, Fujitsu, ABB, Delphi Automotive LLP, Eaton, Siemens AG, Alstom, Daesung, Salzer Electronics Ltd., and Bader GmbH.
Customization of the Report:This report can be customized to meet the client’s requirements. Please connect with our sales team (email@example.com), who will ensure that you get a report that suits your needs.