Press release
Denso, Panasonic - Automotive Relay Market Forecast To 2024, Key companies are ABB, Fujitsu, Eaton Corporation, Omron Corporation, Littelfuse, NEC Corporation, Idec, Relpol, Sharp, Salzer Electronics, Microsemi, and Rectifier.
Automotive Relay Market
Powertrain systems are anticipated to account for approximately 23.5% industry revenue share over the forecast timeline owing to high usage of plug-in relays in these systems. Plug-in relays are preferred in powertrain systems due to its features such as ability to sustain in elevated temperatures, fluctuations, and vibrations. The powertrain systems are susceptible to frequent voltage fluctuations along with high surge loads, thus require high switching capacity, and escalating the industry demand over the next eight years.
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North America industry was valued at over USD 2 billion in 2016 and is expected to exhibit 5% CAGR in the projected time line owing to the matured automobile industry in the region. Moreover, the presence of well-established players will strengthen the regional business position over the next eight years. Rising product aftermarket demand from countries like Mexico will further induce immense potential to the automotive relay market growth rate till 2024.
Advent of nascence technology in the automobile industry may introduce advanced electronic device in the next eight years. This product improves the intelligent transportation systems, automobile safety, and space consumption. Innovations will aid in improving quality, flexibility, production time tables, functionality, and efficiency. Developments in Internet of Things and semiconductors will further drive the industry demand over the study period.
Automotive Relay Market by Product
• PCB Relay
• Plug-in Relay
Automotive Relay Market by Application
• Powertrain systems
• Body and chassis
• Convenience
• Safety & Security
• Driver information
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Electronic power steering is one of the convenience system that witnesses high product adoption rate owing to its specifications such as large switching capacity, space saving, compact size, and high level of compatibility. Due to these notable features, the product acceptance is also high in other convenience applications including infotainment, interior lights, and keyless entry systems, supporting the automotive relay market dominance over the forecast time line.
Asia Pacific is anticipated to dominate the industry revenue share over the forecast timeframe. This growth is attributed to increased vehicle manufacturing across the region, especially in emerging economies including India, China, and Indonesia. China is a substantial contributor in the regional industry revenue generation. Increasing automobile production coupled with rising domestic demand will propel the country’s share over the projected time span.
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Continuously rising demand for innovative products along with growing automobile production is boosting the industry growth over the forecast timespan. Industry gains are credited to advancements in miniaturization and high contact capability development to address limitations during its employment in the vehicles’ ECU. Ongoing developments in printed circuit boards (PCBs) have led to replacement of complex and traditional relays. Technological advancements also support in weight reduction and ease of installation.
ABB, TE Connectivity, Cynergy3 Components Corporation, Denso Corporation, Fujitsu, Eaton Corporation, Omron Corporation, Littelfuse, and NEC Corporation are among the prominent players in the automotive relay market share. Other notable players include Idec Corporation, Panasonic Corporation, Relpol, Sharp Corporation, Salzer Electronics, Microsemi Corporation, and Rectifier Corporation.
The above information is provided on a regional and country basis for the following:
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Poland
• Russia
• Netherlands
• Switzerland
• Asia Pacific
• China
• India
• Japan
• South Korea
• Vietnam
• Australia
• Thailand
• Latin America
• Brazil
• Argentina
• Middle East & Africa
• Egypt
• Iran
• Turkey
• South Africa
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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