Press release
Automotive Relay Market is expected it to reach US$ 15.7 Bn by the end of 2022
Fact.MR
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The consistency of an automotive relay has an unswerving effect on an automobile’s safety and reliability. Before it hits the road, a typical vehicle is equipped with dozens of automotive relays that collectively enhance the vehicle’s drivability. Owing to their convenience, automotive manufacturers have thoroughly replaced conventional manual switches with automotive relays. Meanwhile, OEMs are testing the sustainability of their offerings by developing automotive relays that can withstand extreme temperatures without incurring inefficiency. Although, designers of automotive relays are concerned about keeping the power supply costs to a minimum. With surging sales of EVs and hybrid cars, automotive relay manufacturers are likely to develop ways in which heat generated by energized relay coils gets reused in powering car batteries or electric engines.
Automotive relays are electrically-operated switches that use electromagnets for mechanically operating a switch. Automotive relays are primarily available in two designs – Single-Pole, Single-Throw (SPST) and Single-Pole, Double-Throw (SPDT). Automotive relays can be produced in all shapes and sizes, and are generally used to enable a low amperage circuit that can switch on instruments such as headlights or A/C vents.
7 Key Projections from Fact.MR’s Automotive Relay Market Forecast
· In 2017, over US$ 9 Bn worth of automotive relays sold in the world were PCB relays. Demand for PCB relays over their plug-in counterparts is expected to remain higher.
· Passenger car manufacturers from around the world are actively adopting automotive relays, as opposed to the makers of commercial vehicles. By 2022, passenger vehicles will contribute more than US$ 10 Bn in revenues to the global automotive relays market.
· Application of automotive relays in powertrain systems is gaining traction. The report expects that global revenues amassed from sales of automotive relays in powertrain application will register a healthy CAGR over the forecast period.
· Region-wise, the largest market for automotive relays is the Asia-Pacific excluding Japan (APEJ) region. APEJ countries such as China and India are leading contributors to global automobile production. Through 2022, the APEJ automotive relays market will soar vigorously at a soaring CAGR.
· North America’s automotive relays market is also expected to witness substantial growth during the forecast period. Rising sales of EVs equipped with advanced automotive relays is expected to drive the region’s global market presence. In 2017, more than US$ 2.4 Bn worth of revenues were netted through sales of automotive relays across the US and Canada.
· Europe will also be observed as a lucrative region for automotive relay manufacturers. Greater inclination of European customers towards electronically-equipped vehicles is slated to drive the adoption of automotive relays. Going forward, revenues accounted by Europe in the global automotive relays market will incur a speedy yet steady growth at stable CAGR.
· The report indicates that largest sales channel for automotive relays will be aftermarkets. Through aftermarket sales, the global automotive relays market is expected to witness an influx of nearly US$ 8 Bn revenues by the end of 2017.
Browse Full Report with TOC- https://www.factmr.com/report/18/automotive-relay-market
Resistance to change a challenge in automotive relay market
Vehicle suppliers and OEM’s have taken cognizance of the fact that the need to shift to newer technologies will arise sooner or later. The rapid advancements in areas such as FCEV, BEV, and ICE have been recognized but there is a great degree of reluctance on the part of manufacturers to adopt to the 21st century. While ICE’s have been naturalized to a great extent, technology has also impacted BEV’s. The uncertainty is expected to continue for some time and this will impact the automotive relay market. The reluctance of end-users and automakers means that the influence of new technologies will be somewhat limited. The global automotive relay market is poised to grow to nearly US$ 15.7 billion in 2022, recording a healthy CAGR.
PCB relay and Plug-in relay have similar share in automotive relay market
The PCB relay segment of the automotive relay market is anticipated to grow with a robust CAGR and reach a value of US$ 9.3 billion in 2022. The revenue share of PCB relay segment is expected to gain traction at the end of 2017, while that of plug-in relay will also witness marginal changes. The plug-in relay segment should grow at a moderate CAGR and rise to a market value of US$ 6.4 billion at the end of the forecast period. APEJ is the largest regional contributor for both PCB relays and plug-in relays and it accounts for more than two-fifth of the automotive relay market in either case.
PC most lucrative by vehicle type in automotive relay market
The PC segment of the automotive relay market is predicted to touch an impressive value over the course of the five year study, from US$ 8 billion in 2017 with a steady CAGR. The revenue share of PC segment is larger than both LCV as well as HCV’s. APEJ represents the largest opportunity for PC segment in the automotive relay market as it is estimated to cross US$4.4 billion within five years. The LCV segment on the other hand, is projected to be worth slightly under US$ 4 billion in 2022. However, it would not be wise to entirely overlook the HCV segment in favour of PC’s and LCV’s as it also represents a healthy incremental opportunity in 2022. Even though it has a comparatively smaller revenue share, key stakeholders can derive customized products for HCV customers and achieve the desired level of success.
High CAGR in powertrain segment makes segment more attractive
The powertrain segment of the automotive relay market is likely to grow at a healthy CAGR from 2017-2022, making it more attractive for key stakeholders when compared to body and chassis, driver information system, and safety and security applications. With a relatively large revenue share and a potential market size of US$ 1.5 billion in APEJ alone by the end of the forecast period, manufacturers are naturally focusing their attention on powertrains.
Competition Tracking
Delphi Automotive Plc., HELLA KGaA Hueck & Co., Eaton Corporation PLC, TE Connectivity Ltd, Panasonic Corporation, Denso Corporation, Fujitsu Limited, and Infineon Technologies AG are key companies in the global automotive relay market, which are comprehensively profiled in the report.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized automotive market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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