According to the latest report by IMARC Group, titled "Automotive Relay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive relay market reached a value of US$ 15.3 Billion in 2021. Automotive relay refers to electromechanical equipment that is equipped with various types of vehicles, including trucks, cars, trailers and vans. It is a small cube-shaped unit that is installed throughout the vehicle’s electrical systems, which allows low-current switches to control higher-current components. It is generally bifurcated into two halves, a load circuit that contains the contacts that make up the switching mechanism and a control circuit consisting of a magnetic coil. It is gaining traction across the globe due to its numerous benefits, such as switching a higher current circuit using a low current circuit, allowing the activation of multiple circuits from a single switch, assisting in time-controlled and momentary inputs functions, and helping in limiting the installation of high current circuitry.
Global Automotive Relay Market Trends:
The global market is primarily driven by significant growth in the automotive industry. Coupled with the growing manufacturing and selling of various types of automobiles, this is providing a thrust to the demand for automotive relays across the globe. In line with this, the rising preference for sports and luxury cars among the masses is positively influencing the uptake of advanced infotainment systems, thereby catalyzing the demand for automotive relays. Along with this, numerous leading players are heavily investing in the launching of lightweight and high-performance relays due to the consistent increase in the demand for fuel-efficient vehicles, which is creating a positive market outlook. Apart from this, continual technological advancements in automobile electronics are also acting as major driving factors for automotive relays. With the transition from hardware to software-oriented vehicles, there has been a considerable rise in the demand for modern relays for automobiles. Other factors, including rapid industrialization and urbanization, miniaturization of product variants and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 21.2 Billion by 2027, exhibiting a CAGR of 5.6% during 2022-2027.
- On the basis of the product, the market has been segmented into PCB, plug-in, high voltage and other relays.
- Based on the application, the market has been classified into powertrain systems, body and chassis, convenience, safety and security, and driver information.
- On the basis of the vehicle type, the market has been categorized into passenger, commercial and electric vehicles.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd., BorgWarner Inc., DENSO Corporation, Eaton Corporation plc, Fujitsu Limited (Furukawa Co. Ltd.), HELLA GmbH & Co. KGaA, Littelfuse Inc., LS Automotive India Pvt Ltd., OMRON Corporation, Panasonic Corporation, Robert Bosch GmbH, Siemens AG and TE Connectivity.
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