Press release
Automotive Relay Market Set to Accelerate to $26.88 Billion by 2031, Powering Next-Gen Vehicle Technologies
โ๏ธ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/4287
There are prominent key factors that drive growth of the automotive relay market, such as increase in demand for electric vehicles and rise in demand for safety features. The market economy is also responsible for growth of the market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for growth of the automotive industry and is expected fuel the market. In addition, in some undeveloped countries, there is an increase in automobile sales, which is expected to boost the automotive relay market.
๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐
By propulsion, the Electric and Hybrid segment is expected to register a significant growth during the forecast period.
By vehicle type, the passenger cars segment is projected to lead the global automotive relay market
By application, the others segment is projected to lead the global automotive relay market
By product, the High voltage relay segment is projected to lead the global automotive relay market
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
โ๏ธ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/4287
The report offers detailed segmentation of the global automotive relay market based on propulsion, vehicle type, application, product and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ฉ๐ซ๐จ๐ฉ๐ฎ๐ฅ๐ฌ๐ข๐จ๐ง, the ICE segment accounted for 94.5% of the total market share in 2021, and is projected to rule the roost by the end of 2031. The electric and hybrid segment, however, would cite the fastest CAGR of 12.1% throughout the forecast period.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐ญ๐ฒ๐ฉ๐, the passenger cars segment accounted for more than three-fourths of the total market share in 2021, and is estimated to continue its leadership status by the end of 2031. The same segment would cite the fastest CAGR of 6.2% throughout the forecast period. The other vehicle types discussed in the report are light commercial vehicles and heavy commercial vehicles.
๐๐๐ฌ๐๐ ๐จ๐ง ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง, the powertrain system segment accounted for more than two-fifths of the total market share in 2021, and is likely to lead the trail by the end of 2031. The others segment, however, would cite the fastest CAGR of 6.3% throughout the forecast period. The other applications discussed in the report are body and chassis; convenience; and safety and security.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ฉ๐ซ๐จ๐๐ฎ๐๐ญ, the PCB segment contributed to nearly two-fifths of the total market revenue in 2021, and is expected to lead the trail by 2031. The high voltage relay segment, on the other hand, would grow at the fastest CAGR of 6.6% from 2022 to 2031. The other two products discussed in the report include plug-in relay and others.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ซ๐๐ ๐ข๐จ๐ง, the market across Asia-Pacific contributed to more than two-fifths of the total market share in 2021, and is expected to lead the trail during the forecast period. The same segment would grow at the fastest CAGR of 6.6% from 2022 to 2031. The other two provinces discussed in the report include North America, Europe and LAMEA.
โ๏ธ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/automotive-relay-market/purchase-options
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ญ๐ก๐๐ญ ๐จ๐ฉ๐๐ซ๐๐ญ๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐ซ๐๐ฅ๐๐ฒ ๐ฆ๐๐ซ๐ค๐๐ญ ๐๐ซ๐ American Electronic Components, American Zettler, Inc., Circuit Interruption Technology, Inc, Denso Corporation, Fujitsu, Goodsky Electric Co. Ltd., HELLA GmbH & CO. KGAA, Xiamen Hongfa Electroacoustic Co., Ltd, Littlefuse Inc, LS Automotive, Mitsuba Corporation, Omron Corporation, Panasonic Corporation, Robert Bosch Gmbh, Song Chuan Precision Company, TE Connectivity, Xiamen Level King Keep Electronics among others
๐๐จ๐ฏ๐ข๐-๐๐ ๐ฌ๐๐๐ง๐๐ซ๐ข๐จ-
The Covid-19 outbreak impacted the global automotive relay market negatively. Lockdowns imposed by the government and ban on import-export of goods led to sudden decline in the availability of important raw materials for vehicle components.
Disruption in supply chain for raw materials and production schedules caused aviation production and sales to suffer a lot.
The pandemic also led to a sudden decline in traveling, which affected the automotive relay market.
However, vaccination initiatives taken by governments around the globe led to rise in economic activities and more domestic and international travels. Hence, the market is recovering and gaining traction.
๐๐จ๐ง๐ญ๐๐๐ญ:
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๐๐๐จ๐ฎ๐ญ ๐ฎ๐ฌ :
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