(MENAFN- Ameliorate Digital Consultancy)
The size of the worldwide automotive relay market is anticipated to be US$ 16.1 billion in 2022 and to grow at a 5.1% CAGR from 2022 to 2032. The analysis projects that in 2032, the global market for automotive relays would be worth US$26.5 billion.
The pressing need for passenger safety is the driving driver behind the adoption of automotive relays. Automobile safety measures have greatly decreased traffic fatalities and accidents over the past few decades. The automotive industry also wants to make driving more enjoyable for consumers. The market for self-diagnosing smart cars is predicted to grow more quickly than average throughout the course of the forecast period.
Governments from different nations have also created beneficial rules and incentives to promote growth of the automotive relay sector. In order to integrate new technology into automobiles, automotive relays are employed in electronic equipment with a variety of applications, including safety management, engine, comfort, and entertainment. In the following 10 years, this will lead to an increase in demand for automobile relays.
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A rise in the demand for electric vehicles in developing countries like India, China, and Japan is another factor driving up the price of automotive relays. Over the forecast period, the Asia Pacific region is expected to lead the automotive relay market.
It is anticipated that the presence of multiple reputable automakers in developing nations like China and India will boost the region's production of both passenger and commercial vehicles. The market for automotive relays in Asia and the Pacific is expected to expand steadily over the next ten years as a result of the aforementioned causes.
Manufacturers are investing in solid-state relays rather to the more conventional bulky electromechanical relays due to the growing need for hybrid and electric vehicles with innovative, lightweight, and high-performance relays. Consequently, it is anticipated that this element would offer a fresh opportunity for market expansion.
Key Takeaways:
· In 2021, the top 3 players in the world market for automotive relays held around 49% of the market.
· By 2032, the plug-in relay sector, which is based on product, is expected to continue to lead due to its simple replacement capability.
· In spite of fluctuating fossil fuel prices, the electric vehicle market is anticipated to produce the majority of vehicle sales by 2032.
· In Asia Pacific, the automotive relay market is expected to be dominated by China due to ongoing improvements in the chip manufacturing sector.
· Asia Pacific is projected to dominate the automotive relay market thanks to the adoption of cutting-edge electrical technologies in automobiles.
Growth Drivers:
· The market would expand if favourable laws and incentives were introduced by government bodies of varinations to encourage the sale of electric vehicles.
· The market is projected to be driven by the introduction of car safety technologies including lane departure warnings, collision avoidance systems, and parking assistance
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 PlEnergy & 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
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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
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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