Press release
What's Driving the Automotive Relay Market Growth? Key Players are ABB, American Zettler, Beta Electric Industry, Coto Technology, Crydom Inc., Cynergy, Components Corporation, Daesung Electric, Deltrol Controls
Automotive Relay Market
The extensive demand for highly customized, tech-driven relays in passenger & commercial cars is certain to propel automotive relay market to greater heights. In recent times, subject to the massive growth in the domains of power electronics, consumer electronics, telecom, defense & aerospace, and medical electronics, the deployment of general purpose relays has nevertheless, been observing an exponential rise. Furthermore, the advent of IoT has commendably impacted the penetration of automotive relay industry in particular, given the rapid next-gen advancements in the automotive sector, such as vehicle electrification, connected cars, and autonomous driving.
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It is prudent to mention that relays are essentially deployed in safety & security systems, convenience systems, power trains, and body & chassis systems to enhance their efficiency. Convenience systems in fact, are specifically expected to make a mark in automotive relay market over the next few years. Driven by the robust demand for relays in seat control, electronic power steering, communication, sunroof control, and infotainment, it has been forecast that automotive relay market share from convenience systems will record a CAGR of 5% over 2017-2024.
The presence of prominent automobile manufacturers in the North America is expected to substantially increase the product demand in the region. Research in fact, claims North America automotive relay market to grow at a rate 5% over the coming seven years, having amassed a revenue of more than USD 2 billion in 2016. The rapidly growing demand for relays, especially in the automotive aftermarket in countries such as Mexico is expected to massively augment the regional business expansion.
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Some of the prominent biggies involved in automotive relay market include American Zettler Inc, Denso Corporation, ABB Ltd., Panasonic, NEC Corporation, Nippon Aleph corporation, and Eaton Corporation. Leading companies are focusing on honing their distribution channel to ensure a stronger presence in the strategic landscape.
For instance, Microsemi Corporation has introduced a new distribution sales channel, Microsemi Direct, to provide highest level of sales support to North American customers. Moreover, M&A, strategic partnership, and product portfolio expansion will continue to be the focus areas of automotive relay market investors over the forthcoming years.
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