Global Automotive Relays Market to Bring in US$ 15.6 Bn in Revenues by 2022 end
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This number is increasing for specific offerings, owing to improving compatibility of relays in boosting the vehicle’s overall performance. Fact.MR’s latest study on the global automotive relay market offers a forecast on how automotive relays will incur reforms due to consumer preferences, manufacturing strategies, regulations and government initiatives.
Automotive relays are small components and do not cost a lot on the manufacturing side. Automakers can switch to different types of automotive relays without flexing their spending. In 2017, the global automotive relays market is expected to reach a value of US$ 12 Bn. Increasing dependency of other on-board electronic features in vehicles on automotive relays is also driving their demand. By the end of 2022, the global automotive relays market will reflect a steady growth at steady CAGR and bring in US$ 15.6 Bn in revenues.
Following highlights from Fact.MR’s forecast on the global automotive relays market will project the market’s future prospects.
• In 2017, over US$ 9 Bn worth of automotive relays sold in the world were PCB relays. Demand for PCB relays over their plug-in counterparts is expected to remain higher.
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• Passenger car manufacturers from around the world are actively adopting automotive relays, as opposed to the makers of commercial vehicles. By 2022, passenger vehicles will contribute more than US$ 10 Bn in revenues to the global automotive relays market.
• Application of automotive relays in powertrain systems is gaining traction. The report expects that global revenues amassed from sales of automotive relays in powertrain application will register a healthy CAGR over the forecast period.
• Region-wise, the largest market for automotive relays is the Asia-Pacific excluding Japan (APEJ) region. APEJ countries such as China and India are leading contributors to global automobile production. Through 2022, the APEJ automotive relays market will soar vigorously at a soaring CAGR.
• North America’s automotive relays market is also expected to witness substantial growth during the forecast period. Rising sales of EVs equipped with advanced automotive relays is expected to drive the region’s global market presence. In 2017, more than US$ 2.4 Bn worth of revenues were netted through sales of automotive relays across the US and Canada.
• Europe will also be observed as a lucrative region for automotive relay manufacturers. Greater inclination of European customers towards electronically-equipped vehicles is slated to drive the adoption of automotive relays. Going forward, revenues accounted by Europe in the global automotive relays market will incur a speedy yet steady growth at stable CAGR.
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• The report indicates that largest sales channel for automotive relays will be aftermarkets. Through aftermarket sales, the global automotive relays market is expected to witness an influx of nearly US$ 8 Bn revenues by the end of 2017.
• Infineon Technologies AG, Denso Corporation, Panasonic Corporation, Fujitsu Limited, Delphi Automotive Plc., HELLA KGaA Hueck & Co., TE Connectivity Ltd., and Eaton Corporation are leading manufacturers of automotive relays profiled in the report.
Chapter 1- Executive Summary
This chapter entails a concise and brief summary projecting an optimistic outlook of automotive relay market. This chapter sets the tonality for the prophecy of automotive relay market by providing a crisp snapshot of the market scenario of automotive relay market. Also, the executive summary of automotive relay market includes pivotal facts and statistics regarding the dynamic scenario of automotive relay market.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/05/31/1861019/0/en/Soaring-Demand-for-BEVs-Inspiring-Market-Evolution-for-In-wheel-Motor-during-Forecast-Period-reports-Fact-MR-study.html
Chapter 2– Overview
This chapter entails a brisk overview of the automotive relay market. This includes a quick introduction of automotive relay market and definition of the same.
Chapter 3– Analysis and Forecast by Product Type
This chapter incorporates an opportunity assessment of automotive relay market by product type.
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