[189+ Pages Report] The latest finding surrounding the “Global Automotive Relay Market” published by Facts & Factors offers a neatly packaged and comprehensive read. We at Facts & Factors estimate that the market surrounding the global automotive relay market will reach a projected value of USD 21.7 Billion by 2026 growing at a CAGR of 5.9% from an initial value of USD 14.6 Billion in the year 2020.
Global Automotive Relay Market: Overview
Generally speaking, an automotive relay is an electronically operated switch that carries the most simple tasks in an automobile. They often employ an electromagnet device that is used for mechanically moving a switch in order to make or break an electronic circuit that further initiates a combinative action. Automotive relays that are used for automobiles specifically are shaped in the form of a small cube unit and are often referred to as standard relay or a mini relay at times.
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Global Automotive Relay Market: Growth Factors
The driving factors for the significant growth of the global automotive relay market are rising end-user application base such as construction & infrastructure, mining, wing & energy, and heavy engineering coupled with advancements in miniaturization to name a few. Additionally, high contract capability development in mounting space in ECU devices coupled with diversification of functions of automotive relays is further expected to increase the footprint of the global automotive relay market during the advent of the forecast. Moreover, the rising reliability of automotive relays coupled with the rising adoption of sophisticated electronics is expected to boost the growth of the global automotive relay market during the forecast period.
The global automotive relay market is expected to be driven by factors pertaining to increased functionality in terms of safety, security, communication, and infotainment measures coupled with rising developments in PCB to name a few. Factors pertaining to rising fuel efficiency demands coupled with decreasing the overall vehicular weight reduction are expected to boost the growth of the global automotive relay market for a larger consumer base during the forecast period. However, the rising number of alternatives in terms of supplementary switches coupled with rising costs is expected to decrease the market share for the global automotive relay market during the advent of the forecast.
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Global Automotive Relay Market: Segmentation
The global automotive relay market is segmented into product, vehicle type, application, and region.
The global automotive relay market is divided into PCB relay, plug-in relays, high voltage relay, and others on the basis of product. The segment pertaining to PCB relay is expected to witness the largest market share during the advent of the forecast owing to the integration of PCBs in electronic equipment such as ABS, cruise control, doors, power steering, power windows, and sunroof to name a few. The global automotive relay market is classified into passenger vehicles, commercial vehicles, and electric vehicles on the basis of vehicle type. The passenger vehicles segment is expected to witness the largest market share during the forecast period owing to the rising number of government initiatives for procuring and selling EVs coupled with rising demand for electronic e-fuse over the electromagnetic alternatives due to modernization of vehicles to name a few. The global automotive relay market is fragmented into resistive loads, capacitive loads, and inductive loads on the basis of application. The segment pertaining to capacitive loads is expected to witness the largest market share during the advent of the forecast owing to the integration of semiconductors devices for the usage of multiple functions in a car coupled with electronic systems due to efficient operations to name a few.
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Global Automotive Relay Market: Regional Analysis
Asia-Pacific is expected to witness the largest market share during the advent of the forecast owing to penetration of automobile relays into emerging economies such as China and India coupled with rising adoption of safety standards to name a few. Additionally, rising automobiles in the region coupled with the rising adoption of EVs is expected to increase the footprint of the automotive relay market during the advent of the forecast. Moreover, rising connectivity demands coupled with increasing car digitalization measures are expected to boost the growth of the automotive relay market during the forecast period. Integration of features such as ABS and ESP coupled as standard coupled with rising auto wiring harness sector is expected to push the existing boundaries for the automotive relay market during the forecast duration.
Global Automotive Relay Market: Competitive Players
The key market participants for the global automotive relay market are TE Connectivity, Omron Corporation, Panasonic Corporation, HELLA KGAA HUECK & CO., Fujitsu, Hongfa, ABB Group, Denso Corporation, Eaton Corporation, Inc., Robert Bosch GmbH, Siemens AG, and NEC Corporation, among others.
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