Automotive Relay Market
Automotive Relay Market size is valued at US$ 15 Bn in 2017 and expected to grow at a CAGR of 5.2% in the forecasting period. High implementation of electronic content in commercial & passenger vehicles is witnessing continuous rise for numerous applications, supporting the automotive relay market growth till 2026.
These applications need a high power distribution system that generates demand for automotive relays. Furthermore, high-power requirement for heavy equipment that operates in a harsh environment will escalate the product penetration. The desire to possess lighter, faster, less energy consuming, smaller, and devices with enhanced functionality makes the users more productive in designing the vehicles. Rising interest in clean energy, electrification of auxiliary loads, and need to meet energy efficiency standards will induce immense potential to automotive relay market size over the next eight years.
Highly customized, technology-driven and integrated nature of these devices has forced the manufacturers to invest heavily in certification and ensure proper functioning of the system they are embedded in. Automotive relay market penetration is further strengthening owing to advancements in vehicles such as the connected car, autonomous driving, and vehicle electrification. Advancements in premium cars involve the development of highly customized tools and
The automotive relay market is segmented based on product, application, and geography. By product segment, the market is segmented into PCB relay and plug-in relay. By applications, the market is segmented as powertrain systems, body & chassis, convenience, safety & security, driver information.
Driver information is the major segment where the automotive relay is highly demanded and thus, it is expected to hold a major market share in the forecast period. Industry growth is attributed to the emergence of advanced technologies including weather & traffic information, GPS, location, and navigation services in vehicles. Relay usage inconvenience application is estimated to record around 5% CAGR over the forecast timeframe owing to increasing demand from these systems such as electronic power steering, mirror control, seat control, communication systems, keyless entry systems, sunroof control, and infotainments systems.
Geographically, the automotive relay market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Europe is expected to be the largest market for Automotive Relay during the forecast period owing to stringent regulations pertaining to driver safety. Well-established business has strengthened the product penetration across the region. Rising implementation of the product in safety and security is gaining prominence which will drive the regional growth over the forecast timeline. Asia-Pacific is projected to be the fastest growing market for Automotive Relay owing to raising awareness of safety and security in the vehicle.
Key player across the Automotive Relay industry are Denso, Eaton, Fujitsu, ABB Ltd., Idec Corporation, Littelfuse Inc., TE Connectivity, and Omron Corporation. The industry participants focus on alliances and strategic partnerships for strengthening their foothold. They are engaged in operational improvement, driven by cost reduction initiatives and capturing mergers and acquisitions synergies. For instance, in March 2016, Littelfuse acquired circuit protection business of TE Connectivity by an investment of USD 348 million. The companyâ€™s acquisition increased its presence in Japan and strengthened the product portfolio by expanding its business in auto electronics. Later in that year, the company acquired Member headquartered in Italy and specializes in the design, manufacturing, and selling of vehicle components.
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Automotive Relay Market Scope
Automotive Relay Market, By Product
â€¢ PCB Relay â€¢ Plug-in Relay
Automotive Relay Market, By Application
â€¢ Powertrain Systems â€¢ Body & Chassis â€¢ Convenience â€¢ Safety & Security â€¢ Driver Information
Automotive Relay Market, By Geography
â€¢ North America â€¢ Europe â€¢ Asia-Pacific â€¢ Middle East & Africa â€¢ Latin America
Key Players operating in the Automotive Relay Market :
â€¢ Denso â€¢ Eaton â€¢ Fujitsu â€¢ ABB Ltd. â€¢ Idec Corporation â€¢ Littelfuse Inc. â€¢ TE Connectivity â€¢ Omron Corporation â€¢ Sharp Corporation â€¢ NEC Corporation â€¢ Nipp"
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About Maximize Market Research: Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healt..