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%
NEW YORK, Dec. 12, 2019 /PRNewswire/ --
Increasing modernization of vehicles and demand for safety, luxury, and comfort will drive the automotive relay market
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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%. The demand for better vehicle performance and driving experience has led automakers to offer advanced technologies and features in vehicles. Mechanical operations of a vehicle are being replaced by electronic systems—for instance, anti-lock brake controls, wiper controls, and others. Relays are a key component of electronic systems, and hence, the automotive relay market is set to grow during the forecast period.
Premium car segment constitutes the largest market in the automotive relay market
Premium car segment holds the largest share of around 31–35% in the automotive relay market.Improvement and additional improvisation in various applications such as emergency assist, GPS, internet access, communications systems, location-based services, safe airbag deployment notification, and remote diagnostics are expected to drive demand.
These features would add to the electronic content of a vehicle, and efficient designing and packaging of electronic content will offer superior performance with reduced weight.This will also help increase the fuel efficiency of the vehicle.
Countries such as Germany and the US have a higher penetration of premium cars than other countries. Premium cars require more number of relays as than other vehicles, and thus, the market for premium car relays is the largest.
Asia Oceania constitutes the largest automotive relay market
Asia Oceania is estimated to lead the automotive relay market as the region represents countries such as China, Japan, South Korea, and India with the world's highest vehicle production.The automobile industry is flourishing in this region, especially in South Asia.
Additionally, Asia Oceania has created hubs for automobile manufacturers and automotive component suppliers.Changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs are driving automotive production in this region.
Presence of major relay manufacturers such as TE Connectivity, Panasonic, Omron Corporation, Fujitsu, and Hongfa also drives the automotive relay market in this region.
Breakup of primary respondents
• By Department: Sales/Marketing - 45%, Research & Development - 35%, Others -20%
• By Designation: C-Level Executives - 40%, Directors - 35%, Others - 25%
• By Region: Asia Oceania- 21%, Europe - 42%, North America - 32%, RoW - 5%
The automotive relay market is dominated by global players and comprises several regional players. 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). The study includes an in-depth competitive analysis of these key players in the automotive relay market with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage
The study segments the automotive relay market by relay type (PCB, plug-in, high voltage, protective, signal, and time), application (door lock, power window, sunroof, powered & heated seats, electric power steering, exterior lighting, fuel injection, air conditioner, anti-brake system, traction control system, cooling fan control, and engine management modules), ampere (5A-10A, 16A-35A, >35A), vehicle (ICE and EV), EV relay type (main, precharge, quick charge, normal, and high voltage accessories), 48V relay, and region (Asia Oceania, Europe, North America, RoW).
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall automotive relay market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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