According to a new market research report published by Credence Research “Automotive Relays Market (by Product Type: PCB Relays and Plug-in Relays; By Application: Power Train, Body & Chassis, Lighting & Security and Infotainment Systems; By Vehicle Type: Conventional Fuel Vehicles and Electric Vehicles) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the automotive relays market was valued US$ 13.43 Bn in 2017 and estimated to grow with a CAGR of 5.8% during the forecast period from 2018 to 2026.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
The development of electric cars along with the automotive industry experienced significant growth amid the economic crisis of 2008 and 2011. Approximately 79 Mn passenger cars were sold in 2017 and the number is estimated to surpass the 81 Mn mark in 2018, of which 2 Mn cars are expected to be hybrid. As the automotive sector hits new peaks, industry-related industries such as OEMs and the aftermarket parts market are also experiencing significant growth and further expansion in the coming years. The automotive relay industry is one such market that has benefited greatly from the worldwide increase in demand for automobiles. Historically, the feature was not part of the standard car, but modern-day cars are sophisticated and complex machines and automotive relays have become an essential part of the automotive industry. Many automotive relays are used in a single vehicle with different electrical circuits for powertrain, body & frame, lighting & security and infotainment systems, among others. As a result, the booming automotive industry serves as a catalyst to fuel the development of the automotive relay market.
Trends such as smart cars, electric cars and driver assistance require a completely new kind of vehicle relay. Perpetual advances in manufacturing processes and advanced sensor technology have improved the efficiency of automotive relays, making them ideal for ultra-modern automobiles. Asia Pacific is home to a number of automotive giants including Toyota, Honda, Hyundai, Suzuki and Mitsubishi, among others. Flourishing automotive industry Asia Pacific is proposing unprecedented growth opportunities for automotive OEMs and other adjacent industries. Companies from all over the world are keen to participate and take advantage of the business opportunities offered by this region. As a result, Asia Pacific has emerged as a leader in the global automotive relay market and is expected to dominate the market throughout the forecast period from 2018 to 2026.
The automotive relay market is one of the most competitive industries in the OEM industry as a whole. Many international and local automotive relay manufacturers compete with each other to assert their market share in this highly competitive market. Such firms also pursue approaches such as technological innovations and long-term alliances with major automotive manufacturers to provide automotive relays in order to maintain their market positions.
Few of the major automotive relay manufacturers includes ABB Group, American Zettler, Inc., Denso Corporation, Delphi Automotive LLP, Eaton Corporation plc, Fujitsu Limited, Good Sky Electric Co., Ltd., Hella KGaA Hueck & Co. (HELLA), IDEC Corporation, NEC Corporation, Omron Corporation, Panasonic Corporation, Robert Bosch GmbH, Siemens AG, and TE Connectivity Ltd. among others.
Key Analysis Covered:
Latest trends in automotive relays market and growth opportunities for automotive relay manufacturers
Growth in electric and hybrid vehicles promoting the automotive relays market
Different range of products offered by leading manufacturers for different vehicle type and class
Largest and fastest growing segments in terms of product type, applications, and vehicle type
Prominent geographical regions/ countries for the automotive relays market
Positive and negative effects of government policies and regulation on market value for automotive relays market