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Automotive Relay Market Insights | Key Players: TE Connectivity (Switzerland), Panasonic Corporation (Japan), Denso Corporation (Japan), Omron Corporation (Japan), and American Zettler (U.S.)

02-26-2019 01:07 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

Automotive Relay Market Insights | Key Players: TE Connectivity

According to the new market research report "Automotive Relay Market by Type (PCB, Plug-In, High Volt, Protective, Time), Load & Application (Door Lock, Power Window, Sunroof, Power Seat, EPS, Lighting, Fuel Injection, AC, Starter, Horn, Wiper), ICE & EV, and 48V Relay Market - Global Forecast to 2022", published by MarketsandMarkets™, The automotive relay market is projected to grow at a CAGR of 6.20% during the forecast period, to reach a market size of USD 16.75 billion by 2022.

Automotive electronics play an important role in maintaining fuel efficiency, safety standards, comfort, and connectivity. Hence, OEMs are focused on the modernization of the vehicle. As a result, the mechanical operations of a vehicle are getting replaced by electronic systems. These include airbags, anti-lock brake controls, wiper controls, and others. The demand for electronics systems is driving the automotive relay market. On the other hand, the unavailability of a standard relay design is a restraint for the automotive relay market as relays can be categorized by terminal arrangements and different functions. Due to this flexibility, a relay can be designed according to its usability. Hence, OEMs develop automotive relays by adhering to their standards of relay specification.

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“The market for PCB relays is estimated to witness the fastest growth in the automotive relay market”

PCB relays are projected to lead the automotive relay market, in terms of volume and value, during the forecast period. Automakers are seeing demand for smaller devices that are capable of carrying greater current loads. The main reason for using PCB relays is its miniaturized size, which saves considerable space in the automobile junction box. The major applications where PCB relays are employed are ABS, cruise control, doors, power steering, power windows, sunroof, and others. Asia-Oceania and Europe are estimated to be the fastest growing markets for PCB relay. Asia-Oceania has the highest market share in the automotive relay market.

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“Premium car segment constitutes the largest market in the automotive relay market globally”

The premium car segment holds the largest share of around 35%–40% in the automotive relay market. OEMs are focusing on additional features in the areas of infotainment, telematics, and safety. These features will add to the electronic content of a vehicle, and efficient designing and packaging of electronic content will give superior performance with reduced weight. This will also help to increase the fuel efficiency of the vehicle. In countries such as Germany and the U.S., the penetration of premium cars is higher as compared to other countries owing to the high disposable income levels of individuals and presence of major automotive OEMs such as Volkswagen AG, Audi, BMW, General Motors, Chrysler, and others. A premium car, on an average, employs 100–150 relays, and mid-priced car employs 50–70 relays, which help in performing the electronic applications. Hence, the premium car relay market is the largest among all the vehicle segments.

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“Asia-Oceania region constitutes the largest market size in automotive relay market”

Asia-Oceania is estimated to lead the automotive relay market, as the region represents countries such as China, Japan, South Korea, and India with the world’s highest vehicle production. The automobile industry is flourishing in this region, especially in South Asia. Additionally, Asia-Oceania has created hubs for automobile manufacturers and automotive component suppliers. Changing consumer preferences, increasing the disposable income of the middle-class population, and cost advantages for OEMs are driving the automotive production in this region. This is a positive development for the automotive relay market. The presence of major relay manufacturers such as Panasonic Corporation (Japan), Omron Corporation (Japan), Fujitsu (Japan) and NEC Corporation (Japan) also boosts the automotive relay market in this region.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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