PUNE, India, June 28, 2017 /PRNewswire/ --
The report "Automotive Relay Market by Type (PCB, Plug-In, High Volt, Protective, Time), Load & Application (Door Lock, Power Window, Sunroof, Power Seat, EPS, Lighting, Fuel Injection, AC, Starter, Horn, Wiper), ICE & EV, and 48V Relay Market - Global Forecast to 2022", published by MarketsandMarkets™, the Automotive Relay Market is projected to grow at a CAGR of 6.20% during the forecast period, to reach a market size of USD 16.75 Billion by 2022. The key factors driving the market are increasing demand for vehicle electrification and increasing sales of electric and hybrid vehicles, leading to increased demand for high voltage relays.
Browse 108 market data tables and 57 figures spread through 197 pages and in-depth TOC on "Automotive Relay Market - Global Forecast to 2022"
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Hybrid Electric Vehicle (HEV) segment is estimated to hold the largest market in the Electric Vehicle relay market
The HEV segment is estimated to hold the largest market size in the electric vehicle relay market in 2017. HEVs have a combustion engine in addition to the electric motor and battery. On the other hand, in a BEV, the combustion engine gets replaced with an electric motor. Hence, in HEVs, the normal electronic applications will continue to exist along with a few additional electronic applications. Hence, the number of relays will increase in HEVs as compared to BEVs and PHEVs. The relays employed in electric vehicles have different voltage levels, with the power rating ranging from 1kW to 5kW depending on the application. For instance, in ICE passenger car, alternator was used to supply 12V power supply. On the other hand, in EVs and HEVs, this is performed by DC-DC converter with the help of high voltage batteries. Thus, the technical specifications will have a major influence in HEVs and EVs.
LCV is estimated to be the fastest growing vehicle segment in the Automotive Relay Market
The LCV relay segment is projected to grow at the fastest growth rate during the forecast period from 2017 to 2022. The North America region is estimated to witness a high growth in LCV production. In the U.S., the LCV production is projected to increase from 3.3 million units in 2017 to 4.4 million units by 2022. OEMs are focused on adding premium electronic features in LCVs, which influences the relay market for LCV segment. The adoption of applications such as HVAC, sunroof, starter motor, power seats, door lock, and others is also increasing at high growth rates. Hence, the relay market for this vehicle segment is estimated to grow at the fastest CAGR during the forecast period.
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Asia-Oceania region is estimated to be the leading market for automotive relay
Asia-Oceania is estimated to dominate the Automotive Relay Market, as the region represents countries such as China, Japan, South Korea, and India with the world's highest vehicle production. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA) publication, these countries together contributed ~53% to the global vehicle production in 2016. Additionally,
countries like China and India have become manufacturing hubs for automobiles. China's initiative to reduce sales tax for passenger vehicles is expected to expand the overall volume of vehicle production by 15%-16% in 2016. India is also expected to be the fastest growing market due to increasing disposable income of people. The light vehicle sales in India showed a positive development in the second quarter of 2016, and new models and compact SUVs are driving the demand for vehicles. Increased sales would influence the Automotive Relay Market.
The key automotive relay manufacturers profiled in the report include TE Connectivity (Switzerland), Panasonic Corporation (Japan), Denso Corporation (Japan), Omron Corporation (U.S.), and American Zettler (U.S.). The automotive relay components are supplied to major OEMs in the automotive industry such as Volkswagen (Germany), Nissan (Japan), Toyota Motor Corporation (Japan), Honda Motor Co. Ltd (Japan), and others.
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