Press release
Future of Vehicle Electronics: Automotive Relay Market to Exceed $26.8 Billion by 2031
Automotive Relay Market
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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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.
Based on propulsion, 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.
Based on vehicle type, 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.
Based on application, 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.
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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.
Based on product, 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.
Based on region, 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.
The key market players analyzed in the global automotive relay market report include 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, and Xiamen Level King Keep Electronics.
The report analyzes these key players of the global automotive relay market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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COVID-19 Impact Analysis
The COVID-19 impact on the automotive relay market is unpredictable, and is expected to remain in force for a few years.
The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban import-export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components.
As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the market for automotive relay market in 2020.
To prevent the spread of the COVID-19 virus, governments across the globe implemented strict lockdowns and made social distancing mandatory. Consequently, several organizations began work from home programs as precautionary measure. This led to a sudden decline in global demand for traveling, which has affected the automotive relay market
However, vaccination enabled lowering of barriers to economic activity, as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the automotive relay market
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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