Press release
Assessing Market Dynamics in the Automotive Relay Market: Global Insights 2024
Automotive Relay Market
The automotive relay market size is expected to see strong growth in the next few years. It will grow to $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growing demand for connected car technologies, integration of advanced driver assistance systems (adas), focus on energy efficiency in vehicle electronics, development of smart and self-diagnosing relays, heightened emphasis on safety and performance enhancements. Major trends in the forecast period include miniaturization of relay components, adoption of solid-state relay technology, increased use of intelligent and programmable relays, integration of cybersecurity measures in relay systems, advancements in technology.
Market Overview -
Automotive relays are electronically operated switches that open and close circuits electronically. It is designed for DC voltages in retainment systems and passenger consolation that can control power levels in adverse environments. The automotive relay use electromagnetism to operate a higher current circuit in automobiles.
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Surging Vehicle Production Fuels Automotive Relay Market Growth
The increasing production of commercial and passenger vehicles is expected to propel the growth of the automotive relay market going forward. Passenger vehicles are motor vehicles that transport passengers, whereas commercial vehicles transport a larger number of people for commercial purposes. The high production requires a large number of automotive parts, including automotive relays, to be installed in the new vehicle, thereby promoting the automotive relay market's growth. For instance, according to the China Association of Automobile Manufacturers 2021, the production of passenger vehicles was approximately 21.408 million in 2021, up 7.1% year on year. Therefore, the increasing production of commercial and passenger vehicles is driving the growth of the automotive heat exchanger market.
Competitive Landscape -
Major companies operating in the automotive relay market report are Fujitsu Ltd., Denso Corporation, Panasonic Corporation, Tyco Electronics Connectivity Ltd., Omron Corporation, HELLA GmbH & Co KGaA, Littelfuse Inc., Microchip Technology Inc., Robert Bosch GmbH, Eaton Corporation plc, Asea Brown Boveri Ltd., Sharp Corporation, Nippon Electric Company Ltd., Daesung Electric Co. Ltd., Mouser Electronics Inc., Delphi Technologies plc, Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, Picker Components, Song Chuan Precision Co. Ltd., Nidec Corporation, American Zettler Inc., Kyosan Electric Manufacturing Co. Ltd., G-Lux LED luminaire, Ningbo Forward Relay Corporation Ltd., Jideco Co. Ltd., Sanyou Corporation, Guizhou Space Appliance Co. Ltd., Yoto Electric Co. Ltd.
Innovative Products Drive Growth And Competition In The Automotive Relay Market
Product innovations have emerged as the key trend gaining popularity in the automotive relay market. Major players operating in the automotive relay market are developing innovative products to strengthen their position. For instance, in January 2021, New Yorker Electronics, a US-based company that provides electronic components, developed a new CIT relay and RoHS-compliant A6 Series of automotive relays. This is a lightweight and small relay series that offers low coil power consumption, solderability of +260 °C for 5 seconds, and switching current up to 30A, 1A, and 1C contact configurations. It also possesses an electrical life of 100K cycles with a 10M mechanical life cycle.
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Key Segments -
The automotive relay market covered in this report is segmented -
1) By Product: PCB Relays, Plug-in Relays, Other Products
2) By Relay Type: Solid State Relays (SSR), Hybrid, Electromechanical
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Electric Vehicles
4) By Application: Powertrain Systems, Body And Chassis, Convenience, Safety And Security, Driver Information
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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