Press release
Automotive Relay Market worth USD 14 billion with growth 6%+ CAGR from 2016-2023: Global Market Insights Inc.
Driver information automotive relay application is anticipated to grow at a rate of 7.9% over the period of 2016-2023. The growth can be attributed to the growing demand to modernize the vehicles with emerging features such as GPS, weather & traffic information and location services, web access, emergency assist, etc.
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Favorable government norms regarding vehicle safety along with the growing demand for smart electronic devices will stimulate automotive relay market size. According to Global Market Insights, Inc., “Global automotive relay market size is predicted to surpass USD 14 billion by 2023”.
Increasing usage of electronic equipment per vehicle to enhance safety & security and driving experience will boost the automotive relay industry trends significantly over the forecast timeline. Automated power grid will also play a vital role in the growth of automotive relay market share, owing to the increasing demand for relays across smart grid technologies.
Moreover, automotive relay market share in safety & security applications will grow considerably over the forecast years, owing to the growing trend to buy vehicles equipped with security features such as car alarm, antilock braking system, and theft protection system. Convenience application is estimated to register a CAGR of 6.5% over the coming six years, owing to the increasing focus of consumers on the vehicles featured with new technologies such as electronic power steering, seat control, interior lighting, mirror control, keyless entry system, and sunroof control.
The major automotive relay products include PCB and Plug-In Relay. Printed circuit board (PCB) relay dominated the product landscape accounting for 80% of the global automotive relay market share in 2015. Plug-in relay market size will also witness considerable gains over the coming years, mainly driven by its increasing demand across powertrain system which are characterized by high vibrations and frequent voltage fluctuations and thereby require high switching capacities.
Taking into account global automotive relay market trends, Asia Pacific automotive relay industry share worth USD 4 billion in 2015, is anticipated to surpass a revenue of USD 7.5 billion by 2023, mainly driven by convenience and powertrain applications. China is likely to be the major revenue pocket for APAC automotive relay market. Moreover, cheap labor, availability of raw material, and favorable government rules will also favor the regional demand.
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Europe market share accounted for 24% of the global revenue in 2015 and will exhibit relatively slow growth trends over the coming timeframe. Growing automotive sector followed by stringent government norms about passengers and vehicle safety will majorly drive the regional growth.
Market players will enhance their industry presence by increasing the brand awareness via proper product distribution channels. Moreover, mergers & acquisitions, strategic partnerships, and product portfolio expansion will be the other prominent focus areas over the coming years. Moreover, Key market players include ABB Ltd., American Zettler Inc., Deltrol Controls, Denso Corporation, Eaton Corporation, Fujitsu Ltd., Salzer Electronics Ltd., NEC Corporation, Panasonic, TE Connectivity Ltd., Nippon Aleph corporation, and Omron.
Browse key industry insights spread across 175 pages with 94 market data tables & 81 figures & charts from the report, “Automotive Relay Market Size By Application (Body & Chassis, Powertrain, Safety & Security, Driver Information, Convenience), By Product (PCB Relay, Plug-In Relay), Industry Analysis Report, Regional Outlook (U.S., Mexico, Canada, UK, Germany, France, Spain, India, China, Japan, Brazil), Application Potential, Competitive Landscape & Forecast, 2016 – 2023” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-relay-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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