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Automotive Relay Market Size, Trends, Share And Competitive Landscape, Outlook By 2033
Automotive Relay Market Size
As per the report, the automotive relay market size has grown strongly in recent years. It will grow from $16.57 billion in 2023 to $17.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The automotive relay market size is expected to see strong growth in the next few years. It will grow to $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
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Surging Vehicle Production Fuels Automotive Relay Market Growth
The increasing production of commercial and passenger vehicles is expected to propel the growth of the automotive relay market going forward. Passenger vehicles are motor vehicles that transport passengers, whereas commercial vehicles transport a larger number of people for commercial purposes. The high production requires a large number of automotive parts, including automotive relays, to be installed in the new vehicle, thereby promoting the automotive relay market's growth. For instance, according to the China Association of Automobile Manufacturers 2021, the production of passenger vehicles was approximately 21.408 million in 2021, up 7.1% year on year. Therefore, the increasing production of commercial and passenger vehicles is driving the growth of the automotive heat exchanger market.
Innovative Products Drive Growth And Competition In The Automotive Relay Market
Product innovations have emerged as the key trend gaining popularity in the automotive relay market. Major players operating in the automotive relay market are developing innovative products to strengthen their position. For instance, in January 2021, New Yorker Electronics, a US-based company that provides electronic components, developed a new CIT relay and RoHS-compliant A6 Series of automotive relays. This is a lightweight and small relay series that offers low coil power consumption, solderability of +260 °C for 5 seconds, and switching current up to 30A, 1A, and 1C contact configurations. It also possesses an electrical life of 100K cycles with a 10M mechanical life cycle.
The automotive relay market covered in this report is segmented -
1) By Product: PCB Relays, Plug-in Relays, Other Products
2) By Relay Type: Solid State Relays (SSR), Hybrid, Electromechanical
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Electric Vehicles
4) By Application: Powertrain Systems, Body And Chassis, Convenience, Safety And Security, Driver Information
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Major companies operating in the automotive relay market report are Fujitsu Ltd., Denso Corporation, Panasonic Corporation, Tyco Electronics Connectivity Ltd., Omron Corporation, HELLA GmbH & Co KGaA, Littelfuse Inc., Microchip Technology Inc., Robert Bosch GmbH, Eaton Corporation plc, Asea Brown Boveri Ltd., Sharp Corporation, Nippon Electric Company Ltd., Daesung Electric Co. Ltd., Mouser Electronics Inc., Delphi Technologies plc, Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, Picker Components, Song Chuan Precision Co. Ltd., Nidec Corporation, American Zettler Inc., Kyosan Electric Manufacturing Co. Ltd., G-Lux LED luminaire, Ningbo Forward Relay Corporation Ltd., Jideco Co. Ltd., Sanyou Corporation, Guizhou Space Appliance Co. Ltd., Yoto Electric Co. Ltd.
Contents of the report:
1. Executive Summary
2. Automotive Relay Market Report Structure
3. Automotive Relay Market Trends And Strategies
4. Automotive Relay Market - Macro Economic Scenario
5. Automotive Relay Market Size And Growth
…..
27. Automotive Relay Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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