Electric Vehicle Relays Market To Reach $7.5 Bn By 2034, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Major electric vehicle relays market participants include ABB, Bosch, Denso, Forvia Hella, Fujitsu, Littlefuse, Mitsubishi, Omron, Panasonic, TE Connectivity.

Selbyville, Delaware, Jan. 20, 2025 (GLOBE NEWSWIRE) --

The electric vehicle relays market valuation is predicted to exceed USD 7.5 billion by 2034, reported in a research analysis by Global Market Insights Inc.
The increasing adoption of electric vehicles worldwide is the primary driver of market growth, supported by rising environmental awareness and government policies promoting zero-emission vehicles.
Stringent safety standards in the automotive industry fuel the demand for advanced relay systems. Regulatory bodies have established specific requirements for EV components to ensure safe operation, particularly for high-voltage systems. These standards emphasize the need for relays with high isolation capabilities, protection against electrical faults, and emergency power shut-off features. Consequently, manufacturers are investing in the development of innovative relay solutions that comply with these regulations, ensuring consistent market demand.
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The electric vehicle relays market is segmented by product into mechanical relays, relay modules, solid-state relays, and contactor relays. Mechanical relays held a 45% share in 2024 and are projected to generate USD 3 billion by 2034. EVs operate under extreme conditions involving high voltages, temperature fluctuations, and constant vibrations, necessitating robust and reliable relays. Advanced engineering and rigorous quality testing ensure that mechanical relays meet durability requirements, achieving a lifecycle of over one million switching cycles and enhancing overall vehicle safety.
Based on propulsion type, the electric vehicle relays market is categorized into plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and battery electric vehicles (BEVs). The BEV segment is expected to reach USD 3 billion by 2034. Smart relays with integrated sensors and digital connectivity transform relay functionality in BEVs, enabling real-time performance monitoring and predictive maintenance. These features help reduce operational downtime and minimize repair costs, driving their adoption in modern electric drivetrains.
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China electric vehicle relay market accounted for 40% in 2024. As the largest EV market globally, China has witnessed exponential growth in EV adoption, with these vehicles comprising a significant share of new car sales. Strong consumer demand, coupled with supportive government policies and infrastructure development, is driving the need for high-performance EV components, including advanced relay systems.
The global electric vehicle relays market is poised for substantial growth, driven by technological advancements, regulatory compliance, and the accelerating shift toward sustainable transportation. Manufacturers focus on innovation to meet evolving industry needs and ensure safe, efficient, and reliable EV operations.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2034
Chapter 3 Electric Vehicle Relays Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Relay manufacturers
3.2.3 Automotive OEMs
3.2.4 Tier 1 Suppliers
3.2.5 Technology integrators
3.2.6 End users
3.3 Profit margin analysis
3.4 Cost breakdown analysis
3.4.1 Raw material cost
3.4.2 Manufacturing costs
3.4.3 R&D cost
3.4.4 Profit margins and overheads
3.4.5 Others
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Global electric vehicle adoption
3.7.1.2 Stringent safety regulations in the automotive industry
3.7.1.3 Technology advancements in battery systems
3.7.1.4 Growth in the automotive electronics manufacturing
3.7.2 Industry pitfalls & challenges
3.7.2.1 Supply chain volatility
3.7.2.2 Thermal management challenges
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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