Automotive Relay Market

Automotive Relay Market Size (2023-2028):

The Global Automotive Relay Market was worth US$ 15.99 billion in 2022 and is anticipated to reach a valuation of US$ 21.29 billion by 2028 and is predicted to register a CAGR of 5.14% during 2023-2028.

Market Drivers:

With the rise in levels of safety and comfortable driving experience, the demand for automotive relays has increased and is expected to grow even more within the forecast period. With the fast-paced development of PCBs (Printed Circuit Boards), lighter PCB relays are gradually replacing complicated plug-in devices. This factor is probably going to extend the global PCB relay market. Also, PCB relays are expected to stay the dominant segment of the worldwide relay market within the projection period. Government regulations to incorporate safety components in automobiles to reduce the amount of casualties is forecasted to drive the automotive relay market during the outlook period. These devices are often utilized in safety systems like head restraints, heads-up displays, steering systems, seatbelts, and airbags. With the rise in the use of technologies like GPS, weather, temperature, and traffic information, demand for automotive relays is predicted to grow at a high CAGR. With the rise in demand for comfort levels, concepts like sunroof control, keyless entry systems, mirror control, and infotainment systems have emerged. The increase in the need for the Hybrid Electric Vehicle (HEV) segment is additionally a critical factor that's likely to drive the expansion of the worldwide automotive relay market.

Market Restraints:

In the automotive industry, lack of standardization may be a factor that will restrain the expansion of the market. Automotive relays are weaker compared to traditional plug-in relays when factors just as the ability to face up to voltage fluctuations, vibrations, heat, and robustness are considered. Thus, in many applications, especially powertrain systems, conventional plug-in relays are still preferred. This factor can also restrain the expansion of the Automotive Relay Market within the forecast period.

Market Recent Developments:

• Rivigo, a technology-enabled logistics company, introduced Relay-as-a-Service (RaaS). With this, the corporation aims to bring the benefits of its relay trucking model to many fleet owners and truck pilots in India.
• China has successfully introduced the primary of its new-generation data relay satellites into orbit which will issue data relay, measurement, and control services for its crewed spacecraft.
• Panasonic's new, low-profile DW relay meets overseas safety standards and helps to make remote-control systems smarter, smaller, and thinner as well as less power consumption.

AUTOMOTIVE RELAY MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Relay Market - By Product:

• PCB Relay
• Plug-in Relay

Increasing demand for electronic control modules and components has created the necessity for smaller devices that are competent in carrying higher current loads. The central reason for using PCB relays is their miniaturized size which can save considerable space in the automobile junction box. Therefore, the PCB relay segment is estimated to carry the most significant share of the automotive relay market.

Automotive Relay Market - By Application:

• Powertrain Systems
• Body & Chassis
• Convenience
• Safety & Security
• Driver Information

Powertrain systems are supposed to register a noteworthy growth rate in the coming years in the worldwide marketplace.

Market Reginal Analysis:

The Global Automotive Relay Market Report includes the segmentation of regions:

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

The North American automotive industry is among the fastest-growing sectors globally. It is dominated by domestic OEMs like Chrysler, Ford, and General Motors alongside some established European and Japanese OEMs. This region is one of the foremost technologically advanced automotive sectors. The demand for premium cars with extensive electronic components is more in North America. This is often mainly due to the high standard of living and high per capita income of the population. Furthermore, government regulations concerning vehicle emissions and safety are very stringent. The demand for safe and secure vehicles would drive the expansion of the automotive relay market in North America.

The Asia-Pacific region is predicted to point out a moderate CAGR within the growth of the Automotive Relay Market during the forecast period. The Asia-Pacific region is gradually being called the car manufacturing hub due to the convenience of availability of raw materials and relatively lower labor costs. Due to high demand and significant vehicle production, China is estimated to be likely to register considerable growth trends within the Automotive Relay business.

Market Key Players:

1. TE Connectivity Corporation (Switzerland)
2. Omron Corporation (Japan)
3. Panasonic Corporation (Japan)
4. Fujitsu (Japan)
5. Hella KGaA Hueck & Co. (Germany)
6. Denso Corporation (Japan)
7. American Zettler (U.S.)
8. ABB Group (Switzerland)
9. Eaton Corporation plc (Republic of Ireland)
10. Sharp Corporation (Japan)
11. NEC Corporation (Japan)
12. Nippon-Aleph (Japan)
13. Daesung Electric (India)
14. Mouser Electronics, Inc.(U.S.).