Global Automotive Relay Market Scope 2024, Forecast To 2033
15 Feb, 2024
The automotive relay market has witnessed robust growth, escalating from $16.57 billion in 2023 to $17.81 billion in 2024 at a 7.5% CAGR. Historical growth is attributed to shifting consumer preferences, evolving government regulations, increased electric vehicle adoption, rising luxury car demand, and the heightened complexity of vehicle electrical circuits. Forecasts indicate sustained growth, projecting the market to reach $23.86 billion in 2028, reflecting a 7.6% CAGR. This growth is fueled by the increasing demand for connected car technologies, integration of Advanced Driver Assistance Systems (ADAS), a focus on energy-efficient vehicle electronics, the development of smart and self-diagnosing relays, and a heightened emphasis on safety and performance enhancements.
Global Automotive Relay Market Key Driver
Increasing production of commercial and passenger vehicles propels the automotive relay market. The automotive industry, producing 21.408 million passenger vehicles in 2021, witnesses a 7.1% YoY growth. This surge necessitates a higher installation of automotive relays, underlining their crucial role in vehicle systems and boosting the relay market.
Get A Free Sample Of The Global Automotive Relay Market ReportGlobal Automotive Relay Market Segments
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
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacificwas the largest region in the automotive relay market in 2023. 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
Major Automotive Relay Industry Players
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.; G-Lux LED luminaire; Ningbo Forward Relay Corporation Ltd.; Jideco Co. Ltd.; Sanyou Corporation; Guizhou Space Appliance Co. Ltd.; Yoto Electric Co. Ltd.
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Automotive Relay Market Overview
Automotive relays are electronically operated switches that open and close circuits electronically. It is designed for DC voltages in retainment systems and passenger consolation that can control power levels in adverse environments. The automotive relay use electromagnetism to operate a higher current circuit in automobiles.
Automotive Relay Global Market Report 2023 provides data on the global automotive relay market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive relay market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.