Automotive Relay Market worth $21.8 billion by 2027 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Dec. 6, 2019 /PRNewswire/ -- According to the new market research report "Automotive Relay Market by Type (PCB, Plug-In, High Voltage, Protective, Signal, Time), Ampere (5A-15A, 16A-35A, >35A), Application, Vehicle Type, EV Relay Type (Main, Precharge, Quick Charge, Normal, HV), 48V Relay, and Region - Global Forecast to 2027", published by MarketsandMarkets(TM), the Automotive Relay Market is projected to grow to USD 21.8 billion by 2027 from USD 14.2 billion in 2019, at a CAGR of 5.5%.
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161 - Tables
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191 - Pages
The increasing demand for safety, luxury, and comfort and increasing electric vehicle sales will drive the growth of the automotive relay market.
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HEV is estimated to hold the largest share in the electric vehicle relay market
Increased tail pipe emissions have triggered stringent emission and fuel efficiency regulations. There would be an increased focus from OEMs on electric vehicles to curb these emissions.
The power supply circuit of electric vehicles must be equipped with high voltage DC relays with very strong arc extinguishing abilities of the safety interruption equipment. In BEVs, the combustion engine gets replaced with an electric motor. On the other hand, HEVs have a combustion engine in addition to the electric motor and battery. Hence, the number of relays in HEVs would increase more than BEVs and PHEVs. Therefore, the HEV segment is estimated to hold the largest share in the electric vehicle relay market in 2019.
LCV is estimated to be the fastest growing vehicle segment in the automotive relay market
North America is set to witness high growth in LCV production. According to MarketsandMarkets analysis, in the US, LCV production is projected to grow at a CAGR of 3.6%. OEMs are focused on adding premium electronic features in LCVs such as sunroof, starter motor, and power seats, which influence the LCV relay market. Hence, the LCV relay market would grow at the fastest CAGR during the forecast period.
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North America r is estimated to be the fastest growing automotive relay market
The North American automotive industry is considered as one of the fastest growing industries globally. It is dominated by domestic OEMs such as Chrysler, Ford, and General Motors along with some established European and Japanese OEMs. This region is one of the most technologically advanced automotive sectors. The demand for premium cars with extensive electronic components is more in North America. This is mainly because of the high standard of living and high per capita income of the population. Furthermore, government regulations pertaining to vehicle emissions and safety are very stringent. The demand for safe and secure vehicles would drive the growth of the relay market in North America.
The Automotive Relay Market is dominated by global players and comprises several regional players as well. The key players in the Automotive Relay Market are TE Connectivity (Switzerland), Omron Corporation (Japan), Panasonic Corporation (Japan), HELLA KGAA HUECK & CO. (Germany), Fujitsu (Japan), and Hongfa (China
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