The latest report by IMARC Group titled, “Automotive Relay Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global automotive relay market reached a value of US$ 15.3 Billion in 2021. An automotive relay is an electromechanical switching device that uses a coil to generate magnetic force to control and operate high current circuits in vehicles. It is installed in infotainment systems, harnesses, and box modules like the horn, headlight, auxiliary lamp, blower motor, fan motor, rear and front area, body control, engine, powertrain, roof, seat, and door. Presently, it is available in various types, including power, mini, micro and solid-state relays, which support advanced safety features and increase passenger comfort.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Relay Market Trends:
The increasing demand for luxurious and smart vehicles due to rapid urbanization and inflating income levels is influencing the adoption of the latest infotainment systems in automobiles, which is one of the key factors driving the market growth. In addition, stringent regulations imposed by governments of numerous countries regarding fuel efficiency have increased the need for vehicle electrification, representing another major growth-inducing factor. Besides this, the rising incidences of fatal road accidents are escalating the demand for automotive relays in switches for airbags, backup sensing systems, seat belts, head-up display (HUD), energy-absorbing steering, and head restraints. Moreover, the market is favored by the increasing adoption of off-road vehicles for construction purposes due to the rising investments in infrastructural development. On account of these factors, IMARC Group expects the market to grow at a CAGR of 5.6% during the forecast period (2022-2027).
- On the basis of the product, the market has been classified into PCB, plug-in, and high-voltage, and other relays.
- Based on the application, the market has been categorized into powertrain systems, body and chassis, convenience, safety and security, and driver information.
- On the basis of the vehicle type, the market has been segmented into passenger, commercial, and electric vehicles.
- Region-wise, 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 Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being 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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