USD 14.2 Billion
Report ID:
SQMIG25A2097 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
69
|Figures:
75
Global Automotive Relay Market size was valued at USD 13.37 Billion in 2022 and is poised to grow from USD 14.2 Billion in 2023 to USD 22.98 Billion by 2031, at a CAGR of 6.2% during the forecast period (2024-2031).
The global automotive relay market is expected to grow significantly in the coming years due to the increasing demand for electric and hybrid vehicles, rising consumer preference for advanced safety features, and the growing adoption of automation in the automotive industry. The purpose of the automotive relay market is to provide electrical solutions for automotive applications. The market offers various types of relays, including plug-in relays, PCB relays, and high-voltage relays, among others, to cater to the diverse needs of the automotive industry.
One of the key driving factors for the automotive relay market is the increasing demand for electric and hybrid vehicles. As these vehicles require a large number of relays for controlling the electric systems, the market is expected to grow significantly. Additionally, the rising consumer preference for advanced safety features in vehicles, such as ADAS (Advanced Driver Assistance Systems), is driving the demand for relays that can handle high currents and voltages. The automotive relay market also faces certain restraining factors, such as the high cost associated with the production and installation of advanced relays. The increasing popularity of wireless communication systems in vehicles is reducing the demand for wired relays. The market is highly fragmented, with several players offering low-cost relays. This is forcing established players to reduce their prices, which could impact their profit margins. The automotive relay market presents several opportunities for growth. The increasing demand for electric and hybrid vehicles and the rising adoption of automation in the automotive industry are expected to drive the growth of the market. Additionally, the development of advanced relays that can handle high currents and voltages is expected to create new opportunities in the market. The global automotive relay market is expected to grow significantly in the coming years due to the increasing demand for electric and hybrid vehicles, rising consumer preference for advanced safety features, and the growing adoption of automation in the automotive industry.
US Automotive Relay Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 14.2 Billion
Largest Segment
PCB relay
Fastest Growth
PCB relay
Growth Rate
6.2% CAGR
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The global automotive relay market is segmented based on relay type, application, ampere, vehicle type, vehicle type, Relay type, and region. In terms of product, the market is segmented into plug-in relay, PCB relay, high voltage relay, and others. Based on application, the market is segmented into Body and Chassis (Door Lock, Power Windows, Sunroof, Power Seat, Others), Electronic Power Steering (EPS), Lighting, Fuel Injection, Air Conditioner, Starter, Anti-Lock Braking System (ABS), Traction Control System (TCS), Cooling Fan, Engine Management Module, Adaptive Cruise Control, and Intelligent Park Assist. Based on ampere, the market is segmented into 5A-15A, 16A-35A, and >35A. Based on vehicle type, the market is segmented into Economy cars, Mid-range cars, Premium cars, Light Commercial Vehicle, and Heavy Duty Vehicles. Based on vehicle type, the market is segmented into Battery Electric Vehicle, Fuel Cell Electric Vehicle, Plug In Hybrid Electric Vehicle. Based on relay type, the market is segmented into Main Relay, Precharge Relay, QuickCharge Relay, Normal Charge Relay, and High Voltage Accessories Relay. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Relay type
PCB relay is estimated to hold the largest share in this market. It's used in a majority of electronic applications such as ABS, cruise control, doors, power steering, power windows, and sunroof. In regions such as Europe and North America, they are used majorly. However, in regions such as Asia-Oceania and RoW, Tier-1 manufacturers and OEMs still prefer plug-in versions. Plug-in relays are used where the switching operation is performed under extreme vibrations, temperatures, and voltage fluctuations. They are used in fuel injection systems, heating control, and air-conditioning (HVAC) systems, and switching fuel pumps. The demand for these components is more, owing to their compact size that saves considerable space in the junction box. This phenomenon, in turn, helps in reducing the overall weight of the junction box. Increasing electronic control modules coupled with electronic components have generated the demand for smaller devices that are capable of carrying greater current loads.
High voltage relays are also estimated to increase in the future as they have many applications in electric and hybrid electric vehicles. Automotive manufacturers and OEMs integrate the relays in the vehicle’s circuit, based on the respective applications. They form tie-ups and alliances with service centers to ensure proper maintenance and replacement of components. The market for plug-in relays is the largest due to their wide usage in various applications. PCB relays are also gaining popularity due to their compact size and low cost. High voltage relays are expected to grow at a moderate rate due to the increasing adoption of electric and hybrid vehicles. Protective, time, and signal relays are expected to grow at a slower rate due to their limited usage in vehicles.
Analysis by Application
The lighting application segment of the automotive relay market is expected to grow at a significant rate due to the increasing demand for advanced lighting systems, such as LED lighting, in vehicles. Automotive relays are used in lighting systems to control the operation of headlamps, taillights, and interior lights. The engine management application segment of the automotive relay market is expected to witness substantial growth during the forecast period. Automotive relays are used in engine management systems to control the operation of fuel injectors, ignition systems, and other components. The safety and security application segment of the automotive relay market is expected to grow at a significant rate due to the increasing demand for safety features, such as airbags, ABS, and EBD, in vehicles. Automotive relays are used in safety and security systems to control the operation of these features.
The body and chassis application segment of the automotive relay market is expected to witness substantial growth during the forecast period. Automotive relays are used in body and chassis systems to control the operation of power windows, power seats, door locks, and other components. The other application segment of the automotive relay market includes applications such as HVAC systems, entertainment systems, and others. The growth of this segment is expected to be driven by the increasing demand for advanced infotainment systems and other comfort features in vehicles. The increasing demand for advanced safety and comfort features in vehicles is expected to drive the growth of the automotive relay market across all application segments.
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Asia Pacific is a key revenue-generating region and captured a significant market share in 2022. The regional growth is due to the penetration of automobiles in developing economies such as China and the adoption of safety standards is expected to drive the market in several Asian countries. Asia Pacific exhibits a high growth potential, which may be attributed to high vehicle demand in this region. Increasing automobile demand in Asia Pacific, particularly China, and Japan is expected to drive regional market growth over the forecast period. Growing demand for connectivity and car digitalization will favorably impact market growth over the forecast period. high-growth potential across the compact car segment due to space constraints has also driven the auto wiring harness demand extensively. Stringent government regulations mandating the use of certain electronic safety systems such as the Anti-locking Braking System (ABS) and Electronic Stability Program (ESP) to reduce harmful fuel emissions offer avenues for market growth. In addition, the growing popularity of electric vehicles has also spurred the auto wiring harness market demand.
Europe is also expected to witness substantial growth owing to strong growth across the automotive sector. North America and Europe also hold significant shares in the global automotive relay market. The presence of leading automotive manufacturers and increasing focus on electric vehicles in these regions is expected to boost the demand for automotive relays in the coming years.
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Automotive Relay Market Drivers
Increasing Demand for Automotive Electronics
Growing Demand for Advanced Safety and Comfort Features
Automotive Relay Market Restraints
High Competition and Low-profit Margins
Fluctuating Raw Material Prices
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The global automotive relay market's competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to the automotive relay market. Players are also focusing on expanding their global presence by establishing partnerships and distribution networks in different regions. The competitive landscape of the global automotive relay market is expected to remain intense in the coming years, as companies continue to invest in new technologies and products to gain a competitive edge.
Automotive Relay Market Top Player’s Company Profiles
Automotive Relay Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the global automotive relay market is a growing market with a positive outlook for the future. The market is expected to grow at a steady rate due to various factors such as increasing demand for automotive electronics, growing demand for advanced safety and comfort features, and increasing adoption of electric vehicles. The market is also facing challenges such as high competition and low-profit margins, fluctuating raw material prices, and the need for continuous innovation to meet the evolving market demands. The market is highly competitive with the presence of both multinational and regional players. The automotive relay market is a promising market with a positive outlook for the future, driven by factors such as increasing demand for automotive electronics and growing adoption of electric vehicles. The market is expected to witness growth in the coming years, driven by the need for advanced safety and comfort features and the focus on lightweight and compact relays. However, the market is also facing challenges such as high competition and the need for continuous innovation to meet evolving market demands.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 13.37 Billion |
Market size value in 2031 | USD 22.98 Billion |
Growth Rate | 6.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Automotive Relay Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Relay Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Relay Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Relay Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25A2097
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