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I AgreeAnalysis of Automotive Relay market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
In 2022, the global automotive relay market is worth US$ 16.1 billion and is predicted to exhibit expansion at a CAGR of 5.1% over the next ten years. As a result, by the end of 2032, sales revenue of the automotive relay industry is anticipated to reach US$ 26.5 billion.
In 2021, Panasonic Corporation, TE Connectivity, and ANDEN (part of DENSO Corporation) cumulatively held a market share of around 49% of the global automotive relay industry.
Report Attributes |
Details |
---|---|
Automotive Relay Market Size (2022) |
US$ 16.1 Billion |
Projected Market Value (2032F) |
US$ 26.5 Billion |
Global Market Growth Rate (2022-2032) |
5.1% CAGR |
Top 3 Companies’ Market Share (2021) |
~49% |
Key Companies Profiled |
|
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The expanding automotive industry has been quick to adopt the digitization trend and this has led to a substantial rise in the use of electronic components in vehicles. This increased vehicle electrification is anticipated to significantly influence automotive relay sales over the next ten years.
Increasing urbanization, growing demand for advanced infotainment systems, rising sales of vehicles, increasing focus on fuel efficiency, technological advancements, and the rising popularity of electric vehicles are other factors that could uplift automotive relay demand across the forecast period.
Increasing launches of new electric vehicles and growing use of advanced electrical systems in automobiles are also expected to drive the automotive relay market potential through 2032.
Growing connected vehicle fleet and increasing use of systems such as advanced driver assistance systems (ADAS), lane-assist systems, adaptive cruise control, etc. are also projected to favor demand for latching relays, automotive time delay relays, automotive relay connectors, and other relay switches for cars across the forecast period.
Stringent mandates to ensure the safety of drivers and passengers in vehicles are being implemented across the world and this is also expected to promote the adoption of automotive relays over the coming years.
Rising demand for vehicle-to-infrastructure (V2I) communications and vehicle-to-vehicle communications are also predicted to promote automotive relay market growth in the near future.
However, the high costs and complex nature of automotive relays are anticipated to have a constraining effect on overall automotive relay demand. Operational failure in extreme conditions and lack of standardization also could hurt shipments of automotive relays through 2032.
Automotive relay sales are predicted to expand at a CAGR of 5.1% over the next ten years.
“Adoption of Advanced & Automated Electrical Safety Systems in Vehicles to Promulgate Automotive Relay Sales”
Incidence of road accidents and fatalities have increased significantly in recent years and this trend has resulted in demand for strict safety mandates across the world.
Automotive manufacturers are installing advanced electrical safety systems to promote driver safety owing to the imposition of stringent regulations by various governments across the world. Increasing concerns regarding safety in autonomous vehicles and rising investments in autonomous mobility R&D are also expected to propel sales of automotive relays through 2032.
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“Lack of Standardization, High Costs, & Complexity Could Slow Down Market Progress”
Automotive relays are complex electric components and often incur huge costs for deployment and manufacturing as well, this is expected to have a negative impact on the overall market growth. Moreover, lack of standardization in the industry allows manufacturers to price their products as per themselves and ultimately results in costly products that hinder automotive relay demand. Operational failure in extreme environments is also another factor that restrains automotive relay market potential across the forecast period.
“New Automotive Relay Companies to Acquire Funding to Expand Business & Research Capabilities”
New entrants in the global automotive relay marketplace are focusing on developing new and innovative technologies that could provide better electronic components for automotive manufacturers.
“High Automotive Manufacturing & Sales to Provide New Growth Opportunities”
The automotive relay market in the Asia Pacific region is anticipated to provide highly attractive and rewarding returns for automotive relay manufacturers throughout the forecast period. The growth in this region can be linked to factors such as increasing sales of vehicles, a growing automotive manufacturing industry, increasing urbanization and digitization, growing disposable income, and rising adoption of advanced electrical systems in vehicles.
China and India are anticipated to be prime markets in this region and are expected to head the overall growth of the relay market in this region through 2032. Car flasher relays, automotive electrical relays, and standard automotive relays are anticipated to be popular in this region over the years to come.
“Robust Manufacturing Sector & Favorable Government Policies Make China an Attractive Market”
The China automotive relay market is anticipated to be a highly rewarding one for all major and minor market players owing to its robust automotive and manufacturing industries. The government of China has been launching various attractive schemes and initiatives to promote investment in the country’s manufacturing sector and this is expected to favor the automotive relay market potential in the country.
Moreover, the presence of a substantial semiconductor and chip manufacturing industry in the nation is expected to further bolster the automotive relay market potential in China over the next ten years. Low labor costs are also anticipated to attract more automotive relay companies to this country.
“Shipments of Automotive Relays to Rise With Growing Popularity of EVs”
The global automotive relay market, based on vehicle type, is segmented into passenger vehicles, commercial vehicles, and electric vehicles.
Focus on sustainability has witnessed an uproar across the world and headwinds in the automotive industry have shifted the tide from fossil-powered vehicles to electric vehicles. Supportive government initiatives, fluctuating fossil fuel prices, and increasing vehicle electrification are prominent factors that are expected to propel the popularity of electric vehicles over the years to come.
Relays are expected to be crucial in keeping electric vehicles safe and operational, and hence, are anticipated to account for major demand for automotive relays by the end of the forecast period. However, at present, the high sales of passenger cars and hybrid vehicles are expected to uplift automotive relay sales in the passenger vehicles segment for the next couple of years.
“PCB Relays, Plug-in Relays, & High Voltage Relays Make Up Market Structure”
The global automotive relay market, based on product, is segmented into PCB relays, plug-in relays, & high voltage relays, and others.
The demand for plug-in relays is anticipated to rise at a faster pace than other types of automotive relays throughout the forecast period. The high demand can be ascribed to their simple design and lightweight nature. Easy replacement is also a factor that is expected to favor sales of plug-in relays over the next ten years.
Plug-in relays in vehicles are used for components such as headlamps, radiator fans, ABS (Anti-lock Braking Systems), fuel pumps, etc. PCB relays are anticipated to account for a prominent market share across the forecast period and are expected to be miniaturized to save space in the automotive junction box.
Top companies in the automotive relay industry are focusing on the development and acquisition of new technologies to create advanced automotive relays and improve their business scope on a global level.
Fact.MR, a market research and competitive intelligence provider, has created a detailed assessment of the current and forecast competitive landscape in this latest automotive relay market research report while profiling key companies such as BorgWarner Inc., DENSO Corporation, Eaton Corporation Plc, and Panasonic Corporation.
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The global automotive relay market in 2022 is valued at US$ 16.1 billion.
By 2032, the global market for automotive relays is slated to reach US$ 26.5 billion.
Demand for automotive relays is projected to increase at a 5.1% CAGR through 2032.
Powertrain systems are the leading application of automotive relays.
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, and Siemens AG are
Rising demand for vehicle safety and increasing adoption of electronic systems in vehicles are expected to positively impact market growth.