Press release
Automotive Relay Market on Track for Strong Growth, Estimated to Grow at 8.1% CAGR Through 2029
Automotive Relay
What Is the Expected CAGR for the Automotive Relay Market Through 2025?
In the past few years, the size of the automotive relay market has experienced robust growth. The market, valued at $17.56 billion in 2024, is projected to reach $18.77 billion in 2025, marking a 6.9% compound annual growth rate (CAGR). The significant growth over the historic period has been driven by several factors including evolving customer preferences, government legislations, the increasing popularity of electric vehicles, heightened demand for high-end cars, and an increasing complexity in vehicle electrical circuits.
What's the Projected Size of the Global Automotive Relay Market by 2029?
The market size of automotive relays is projected to witness significant expansion in the upcoming years, with its value anticipated to reach $25.61 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.1%. This anticipated growth in the forecast period can be associated with the increasing demand for connected car technologies, incorporation of superior driver support systems (ADAS), a shift towards energy-efficient vehicle electronics, the emergence of smart and self-diagnosing relays, and raised focus on safety and performance improvements. The prediction period is also expected to see certain trends such as the miniaturization of relay components, the implementation of solid-state relay technology, the proliferation of smart and programmable relays, incorporation of cyber safety protocols in relay systems, and technological advancements.
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Top Growth Drivers in the Automotive Relay Industry: What's Accelerating the Market?
The escalating manufacture of both commercial and passenger vehicles is anticipated to boost the automotive relay market's expansion in the future. Passenger vehicles serve to ferry individuals, while commercial vehicles offer transportation to large groups of people for business purposes. The increased production necessitates a substantial quantity of automotive components, including automotive relays, for incorporation in new vehicles, thereby stimulating the growth of the automotive relay market. For example, as per the European Automobile Manufacturers' Association, a Belgium-based entity, new car registrations by August 2024 had increased by 3.9%, surpassing 6.5 million units, seven months into 2024. The most significant markets in the consortium exhibited a modest yet positive growth trend with increases reported in Spain (+5.6%), Italy (+5.2%), Germany (+4.3%), and France (+2.2%). Consequently, the burgeoning vehicle production is fueling the expansion of the automotive heat exchanger market.
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What Trends Will Shape the Automotive Relay Market Through 2029 and Beyond?
There is an increasing trend towards product innovation in the automotive relay market. Many of the market's major participants are focusing on creating innovative products to consolidate their market position. An example of this is Japan's technology company Fujitsu, which introduced the 30A Automotive Relay, the FTR-G3, in April 2023. The FTR-G3 is recognized as the world's smallest automotive relay in its 30A category. With its small size - a plastic-sealed package of just 6.6 mm x 13.7 mm x 14 mm - and capability to switch 30A of current, it's perfect for controlling power windows, defoggers, seat heaters, lamps, and wipers. What's more, it's highly durable with a minimum of 100,000 operations at 14VDC and 30A, and can effectively operate across a broad temperature span from -40°C to 125°C. Its power consumption is rated at approximately 640mW at 20°C.
What Are the Main Segments in the Automotive Relay Market?
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
Subsegments:
1) By PCB Relays: Surface Mount PCB Relays, Through-Hole PCB Relays
2) By Plug-In Relays: Miniature Plug-In Relays, Standard Plug-In Relays, Power Plug-In Relays
3) By Other Products: Solid State Relays (SSRs), Automotive Relay Modules, Electromechanical Relays
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Which Top Companies are Driving Growth in the Automotive Relay Market?
Major companies operating in the automotive relay market include 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., Ningbo Forward Relay Corporation Ltd., Jideco Co. Ltd., Sanyou Corporation, Guizhou Space Appliance Co. Ltd., Yoto Electric Co. Ltd.
Which Regions Will Dominate the Automotive Relay Market Through 2029?
Asia-Pacific was the largest region in the automotive relay market in 2024.Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the automotive relay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Table of Contents
1 Study Coverage
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