Researchstore.biz launched a study titled “Global Automotive Relay Market by 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.
In 2017, the global automotive relay market registered USD 13.24 Billion and ow it is anticipated to reach USD 18.2 Billion by 2025 at a CAGR of 7.19% during the forecast period from 2018-2025. The global automotive relay market study includes following drivers along with their impact on the demand over the forecast period.
- Improving modernization of vehicle to impact the relay market
- preference for electronic relays over electromagnetic relays
- Government regulations to include safety components in automobiles
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The relays are the switches that are made of various shapes and sizes. They are used to allow transmission of small current to control a higher current circuit in the automobiles. Their size and shapes depends on the automotive in which they are applied. They can be used to turn on the headlights of automotive, anti-locking brake systems, car stereos, and car alarm systems. As the use of technologies like GPS, temperature, and advanced driver assistance systems have grown rapidly, the demand for automotive relays has therefore increased. The automotive relays supports both electrical and mechanical control.
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 limting factor for the market growth. The boosting factor for the automotive relay market would be the growing need for electric relays in modern vehicles.
The global automotive relay market is segmented on the basis of type, vehicle type, application, and regions. PCB Relay segment held the largest share of 31.68% in 2017. Type segment is divided into PCB relay, plug-in relay, high voltage relay, protective relay, time relay, signal relay. PCB relay segment, while considering estimates, could reach the highest CAGR over the forecast period. Moreover, the light weight of PCB relays can be used instead of plug-in devices which is the major contributing factor. Electric vehicles segment is expected to achieve the highest CAGR of 10.19% over the forecast period. Vehicle type segment covers passenger vehicles, electric vehicles, and commercial vehicles. Electric vehicles support no pollutant emission regulations and help to maintain the environment, so it has increased. The adoption of vehicles operating on electric batteries has led to an increase in the use of the automotive relay in recent years.
Accoridng to exmanation, safety & security segment registered the largest market share of 26.97% in 2017. Application segment includes powertrain systems, body & chassis, convenience, safety & security, and driver information. Safety & security segment is projected to grow with the highest CAGR. The chief demand that people expects from the automotive manufacturers is 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).
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Regional Segmentation Overview:
The overall market size and forecast till 2025 estimates are given with respect to major 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 are some of the factors that headed the growth of automotive relay market in this region.
Competitive Structure Analysis:
Top Leading Companies 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.
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