APAC to dominate the Global Automotive Relay Market Through 2023

Summary

Automotive Relay Market Information Report by Type (PCB, Plug-In, High Volt, Protective, Time Relay), Load Type (Small Load, Medium Load, and Heavy Load), Electric Vehicle Type (Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Battery Electric Vehicle), and region – Forecast - 2023

Automotive Relay Market – Overview

Increased automotive production linked with the growth of the global automotive relay market. According to a study conducted by Market Research Future (MRFR), the global automotive relay market is projected to exhibit a healthy growth over the next couple of years.

Electronics is an important facet in modern vehicles. Advances in automotive technology has led to the adoption of new-age electronic systems in both passenger and commercial vehicles. The factors mentioned above have created significant market opportunities for relays in the automotive sector. Adoption of central control systems in vehicles have necessitating the development of more effective wiring technologies.

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Automotive relay plays an important role in managing the wiring requisites in modern cars. Growing demand for vehicles in emerging economies such as China and India has reflected favourably on the global automotive relay market. Over the year, a wide variety of automotive relay has come up. Manufacturers are focusing on developing application-specific products in over create a competitive edge.

Competition Analysis

Some of the top-notch companies functioning in the market include Omron Corporation (Japan), Fujitsu (Japan), Denso Corporation (Japan), ABB Group (Switzerland), Sharp Corporation (Japan), Nippon-Aleph (Japan), Mouser Electronics, Inc. (U.S.), TE Connectivity Corporation (Switzerland), Hella KGaA Hueck & Co. (Germany), Daesung Electric (India), Panasonic Corporation (Japan), NEC Corporation (Japan), Eaton Corporation plc (Republic of Ireland) and American Zettler (U.S.)

Global Automotive Relay Market: Segmental Analysis

Segmental analysis of the automotive relay market has been conducted based on electric vehicle type, load type, type and region.

On the basis of electric vehicle type, the market has been segmented into battery electric vehicle, plug-in hybrid electric vehicle and hybrid electric vehicle. On the basis of load type, protective, time, high volt, PCB and plug-in. The PCB segment is expected to exhibit a strong growth in the projected future. PCB relays have a broad application range which covers electric steering, cruise control, sunroof and power windows. Preference for PCB relay is also on the rise owing to its heavy-duty performance capacity.

On the basis of load type, the market has been segmented into heavy load, medium load, and small load. The heavy load segment currently holds the pole position and like to witness healthy growth over the forecast period. The segment’s growth can be attributed to the increased requirement for automotive relay with heavy electric load bearing capacity. Heavy load relays are relied upon for high-performance requirements in vehicles.

Global Automotive Relay Market: Regional Analysis

The market has been covered across Asia Pacific (APAC), North America, the Middle East & Africa (MEA), South America and Europe. Of these, the market is expected to remain most attractive in APAC. During the forecast period, the APAC automotive relay market is set to exhibit an impressive. Growth of the automotive manufacturing sector in China coupled with the rising sales of vehicles is supporting the market in Asia Pacific. Rising standard of living, increased per-capita income and rapid urbanization are factored in as well. In recent years, domestic production of commercial and passenger vehicles has increased significantly in Asia.

North America is likely to retain its second spot in the global automotive relay market over 2023. Presence of various prominent OEMs in the region provides an impetus to the North America automotive relay market. Moreover, increased focus towards invigorating domestic production is likely to create market opportunities during the forecast period.

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sagar Joined: January 20th, 2020