Automotive Relay Market Showing 4% CAGR Growth to 2024: Company Profiles & Trends Analysis

MarketStudyReport.com adds a new Automotive Relay Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 4% CAGR to 2024.

Continuously rising demand for innovative products along with growing automobile production is boosting the Automotive Relay Market growth over the forecast timespan. Industry gains are credited to advancements in miniaturization and high contact capability development to address limitations during its employment in the vehicles' ECU. Ongoing developments in printed circuit boards (PCBs) have led to replacement of complex and traditional relays. Technological advancements also support in weight reduction and ease of installation.

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Automotive Relay Market is estimated to surpass USD 18 billion by 2024; according to a new research report.

Government norms to enhance safety and security will generate revenue over the projected time span. Mandating on the installation of automobile safety systems is anticipated to fuel the industry. Several regulatory bodies such as National Highway Traffic Safety Administration (NHTSA) in the U.S. has addressed on obligatory installation of these security devices in the vehicles. European Directives regarding incorporation of road safety features into automobiles and fuel efficiency standards will further gain advantage in the industry revenue generation. Additional number of relays are required for ensuring total road safety and is likely to drive the automotive relay market.

Advent of nascence technology in the automobile industry may introduce advanced electronic device in the next eight years. This product improves the intelligent transportation systems, automobile safety, and space consumption. Innovations will aid in improving quality, flexibility, production time tables, functionality, and efficiency. Developments in Internet of Things and semiconductors will further drive the industry demand over the study period.

Convenience systems holds the highest industry revenue share and will continue its dominance over the forecast timeframe. The modern HVAC systems in vehicles are equipped with numerous switches for the ease of driver. In 2016, convenience systems accounted for over 34% of the automotive relay market share in terms of unit shipments.

Electronic power steering is one of the convenience system that witnesses high product adoption rate owing to its specifications such as large switching capacity, space saving, compact, and high level of compatibility. Due to these notable features, the product acceptance is also high in other convenience applications including infotainment, interior lights, and keyless entry systems, supporting the automotive relay market dominance over the forecast time line.

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Powertrain systems are anticipated to account for approximately 23.5% industry revenue share over the forecast timeline owing to high usage of plug-in relays in these systems. Plug-in relays are preferred in powertrain systems due to its features such as ability to sustain in elevated temperatures, fluctuations, and vibrations. The powertrain systems are susceptible to frequent voltage fluctuations along with high surge loads, thus require high switching capacity, and escalating the industry demand over the next eight years.

Asia Pacific is anticipated to dominate the industry revenue share over the forecast timeframe. This growth is attributed to increased vehicle manufacturing across the region, especially in emerging economies including India, China, and Indonesia. China is a substantial contributor in the regional industry revenue generation. Increasing automobile production coupled with rising domestic demand will propel the country's share over the projected time span.

North America industry was valued at over USD 2 billion in 2016 and is expected to exhibit 5% CAGR in the projected time line owing to the matured automobile industry in the region. Moreover, the presence of well-established players will strengthen the regional business position over the next eight years. Rising product aftermarket demand from countries like Mexico will further induce immense potential to the automotive relay market growth rate till 2024.

ABB, TE Connectivity, Cynergy3 Components Corporation, Denso Corporation, Fujitsu, Eaton Corporation, Omron Corporation, Littelfuse, and NEC Corporation are among the prominent players in the automotive relay market share. Other notable players include Idec Corporation, Panasonic Corporation, Relpol, Sharp Corporation, Salzer Electronics, Microsemi Corporation, and Rectifier Corporation.

Industry players witness intense competition owing to design expertise, innovation, and strong distribution channels. Players focus on product enhancement that will lead to efficient automobile functioning and improves driver experience. Many automakers have substantially improved fuel efficiency and reduced carbon footprint as a corporate priority. Numerous manufacturers are accredited with standards such as ISO/TS16949, that covers total quality management system and addresses cost performance, along with ongoing improvements.

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