Asia Pacific to Make Headway in Automotive Relay Market Amid High Demand for Lightweight Components
Fact.MR's latest report on the automotive relay market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report was segmented into vehicle type, product, application, and region.
NEW YORK, Oct. 19, 2022 /PRNewswire/ -- A Market Research and Competitive Intelligence Provider: The global automotive relay market size is projected to reach US$ 16.1 Billion in 2022 and exhibit a CAGR of 5.1% during the forecast period (2022-2032). As per the report, the global automotive relay market is expected to be valued at US$ 26.5 Billion in 2032.
Adoption of automotive relays is mainly driven by the urgent requirement of passenger safety. Over the previous few decades, automobile safety measures have significantly reduced road accidents and fatalities. Additionally, the automobile sector is aiming to improve consumers' driving experiences. Self-diagnosing smart automobiles are becoming more and more popular, which is expected to accelerate market expansion throughout the forecast period.
In addition, favorable regulations and incentives have been implemented by governments of various countries to encourage expansion of the automotive relay industry. Automotive relays are used in electronic devices with a wide range of applications, including safety management, powertrain, comfort, and infotainment, to incorporate new technologies into automobiles. This will result in the increasing demand for automotive relays in the next ten years.
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Moreover, demand for automotive relays is set to surge due to the rising need for electric vehicles in developing nations like India, China, and Japan. The Asia Pacific region is anticipated to dominate the automotive relay market over the forecast period.
Presence of several well-established automotive manufacturers in emerging countries like China and India is projected to push the production of both passenger and commercial vehicles in the region. Owing to the aforementioned factors, the Asia Pacific automotive relay market is anticipated to grow at a steady pace in the next ten years.
Increased need for hybrid and electric vehicles with innovative, lightweight, and high-performance relays is driving manufacturers to invest in solid-state relays rather than traditional bulky electromechanical relays. As a result, it is projected that this factor will present a new growth potential for the global market.
Key Takeaways:
- Top 3 companies in the global automotive relay market accounted for about 49% of share in 2021.
- Based on product, the plug-in relay segment is set to remain at the forefront by 2032 with its easy replacement feature.
- By vehicle type, the electric vehicles segment is projected to generate the lion's share by 2032 amid fluctuating fossil fuel prices.
- China automotive relay market is estimated to dominate Asia Pacific on the back of ongoing developments in the chip manufacturing industry.
- Adoption of state-of-the-art electrical systems in vehicles is likely to help Asia Pacific to lead the automotive relay market.
Growth Drivers:
- Favorable policies and incentives implemented by government bodies of various countries to promote sales of electric vehicles would augment the market.
- Introduction of vehicle safety features like lane departure warnings, collision avoidance systems, and parking assistance is likely to drive the market.
Restraints:
- Automotive relays are incapable of switching at a fast pace, as compared to transistors, which may hinder demand in the forecast period.
- Operational failure in extreme environmental conditions may hamper sales of automotive relays in the evaluation period.
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Competitive Landscape:
Key competitors in the automotive relay market are concentrating on organic growth strategies such as product releases, product approvals, and patents & events. Acquisitions and partnerships & collaborations are some of the other inorganic growth tactics that are set to be adopted by key players in the market.
For instance,
- In August 2021, Faurecia, a prominent vehicle maker, announced its plans to buy a 60% stake in Hella GmbH & Co.
- In 2020, Panasonic established Prime Planet Energy & Solutions Inc. (PPES), an electric vehicle battery joint venture with Toyota, after its position as Tesla's exclusive battery supplier was reduced due to changes in the market environment such as the advent of rivals from South Korea and China, as well as Tesla's plan to bring the development and production of battery cells in-house.
Key Companies Profiled by Fact.MR
- 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.
- Goodsky
- OMRON Corporation
- Panasonic Corporation
- Robert Bosch GmbH
- Siemens AG
- American Electronic Components
- Song Chuan Precision Company
- TE Connectivity
More Valuable Insights on Automotive Relay Market
In the latest study, Fact.MR offers a detailed study on global automotive relay market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of automotive relay through detailed segmentation as follows:
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Electric Vehicles
By Product:
- PCB Relays
- Plug-in Relays
- High Voltage Relays
- Others
By Application:
- Powertrain Systems
- Body & Chassis
- Convenience
- Safety & Security
- Driver Information
- Others
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Automotive Relay Market Report
- What is the projected value of the automotive relay market in 2022?
- At what rate will the global automotive relay market grow until 2032?
- Which are the factors hampering the growth in the automotive relay market?
- Which region is expected to lead in the global automotive relay market during 2022-2032?
- Which are the factors driving the automotive relay market during the forecast period?
- What is the expected market value of the automotive relay market during the forecast period?
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