|12-07-2018 11:03 AM CET - Business, Economy, Finances, Banking & Insurance||
Automotive Relay Market 2024 | Top Key Participants are Panasonic, ABB, Denso, Eaton, Fujitsu Global, Microsemi Corporation, Littelfuse, NEC Corporation, Sharp Electronics Corporation
Press release from: Automotive Industry
Automotive Relay Market in 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. Automotive Relay Market size is estimated to surpass USD 18 billion by 2024; according to a new research report by Global Market Insights, Inc.
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Asia Pacific automotive relay market 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.
Powertrain systems are anticipated to account for approximately 23.5% automotive relay market 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Beta Electric Industry Co. Ltd.
3. Coto Technology, Inc.
4. Crydom Inc.
5. Daesung Electric
6. Deltrol Controls
7. Denso Corporation
8. Eaton Corporation
10. Guardian Electric Manufacturing Company
11. Idec Corporation
12. International Rectifier Corporation
13. Megatone Electronics Corp.
14. Microsemi Corp.
15. Naidian Group
16. Nippon Aleph Corporation
17. Panasonic Corporation
18. Salzer Electronics
19. Weidmuller Interface
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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.
Convenience systems holds the highest industry revenue share and will continue its dominance over the forecast timeframe. The modern HVAC systems in vehicles are equipped with numerous switches for the ease of driver. In 2016, convenience systems accounted for over 34% of the automotive relay market share in terms of unit shipments.
Continuously rising demand for innovative products along with growing automobile production is boosting the automotive relay market 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.
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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.
About Global Market Insights:
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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This release was published on openPR.
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