Trusted Business Insights presents the Updated and Latest Study on Automotive Relay Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Automotive Relay Market
Industry / Sector Trends
Automotive Relay Market size valued at USD 13 billion in 2016 and is projected to grow at over 4% CAGR from 2017 to 2024.
U.S. Automotive Relay Market Size, By Application, 2016 & 2024 (USD Million)
High implementation of electronic content in commercial & passenger vehicles is witnessing continuous rise for numerous applications, supporting the industry growth till 2024. These applications need high power distribution system that generates demand for automotive relays. Furthermore, high-power requirement for heavy equipment that operates in harsh environment will escalate the product penetration. Desire to possess lighter, faster, less energy consuming, smaller, and devices with enhanced functionality makes the users more productive in designing the vehicles. Rising interest in clean energy, electrification of auxiliary loads, and need to meet energy efficiency standards will induce immense potential to automotive relay market size over the next eight years.
Highly customized, technology driven, and integrated nature of these devices has forced the manufacturers to invest heavily in certification and ensure proper functioning of the system they are embedded in. Industry penetration is further strengthening owing to advancements in vehicles such as connected car, autonomous driving, and vehicle electrification. Advancements in premium cars involves development of highly customized tools and specialized expertise.
Market Segmentation, Outlook & Regional Insights: Automotive Relay Market
Automotive Relay Market, By Product
PCB relays are projected to exhibit the highest revenue share and grow at over 5% CAGR over the forecast timespan owing to the rising investments for continuous development and innovation of the products possessing the capability to carry higher current loads. Additionally, miniaturized size helps in saving considerable space in the automobile junction box. Major application areas of these products are power steering, sunroof, power windows, ABS, cruise control, and doors. Government initiatives for adoption of electric vehicles is likely to further propel the industry growth till 2024.
Plug-in relays are estimated to register an automotive relay market size of over USD 4 billion in 2016. These relays are installed in applications where the requirement to sustain high temperatures, voltage fluctuations, and extreme vibrations arise, for instance, the powertrain systems. Multiple relays are deployed in engine compartment owing to its ability to function properly in varying temperatures and moisture. These products will witness considerable demand from 2017 to 2024.
Automotive Relay Market, By Application
Driver information is anticipated to witness a demand of more than 300 million units till 2024. Industry growth is attributed to the emergence of advanced technologies including weather & traffic information, GPS, location, and navigation services in vehicles. Relay usage in convenience application is estimated to record around 5% CAGR over the forecast timeframe owing to increasing demand from these systems such as electronic power steering, mirror control, seat control, communication systems, keyless entry systems, sunroof control, and infotainments systems.
High implementation of these products in safety and security systems will result in increased production. Mandatory installation of safety devices such as theft protection equipment, defogging systems, power windows, air bags, and windshield wiping systems is likely to propel the industry growth. Smartphone proliferation coupled with increasing communication speeds is expected to further bolster the adoption of these systems, which in turn is expected to increase automotive relay installation.
Automotive Relay Market, By Region
Europe automotive relay market is anticipated to account for more than 20% industry share over the forecast timeframe owing to stringent regulations pertaining to driver safety. Well-established business has strengthened the product penetration across the region. Rising implementation of the product in safety and security is gaining prominence which will drive the regional growth over the forecast time line.
Asia pacific is expected to register a growth of over 4.5% from 2017 to 2024 owing to rising awareness of safety and security in the vehicle. Emergence of various industry participants in developing economies such as China and India will strengthen the business. Moreover, rising investments of the OEMs in these countries and favorable regulatory landscape will fuel the regional demand.
Key Players, Recent Developments & Sector Viewpoints: Automotive Relay Market
Automotive relay market players are Denso, Eaton, Fujitsu, ABB Ltd., Idec Corporation, Littelfuse Inc., TE Connectivity, and Omron Corporation. Other notable players include Sharp Corporation, NEC Corporation, Nippon-Aleph, and Daesung Electric.
The industry participants focus on alliances and strategic partnerships for strengthening their foothold. They are engaged in operational improvement, driven by cost reduction initiatives and capturing mergers and acquisitions synergies.
Industry participants have proven track record in developing new products and technologies. The players are recognized by their channel partners and customers for supply chain and manufacturing capabilities providing exceptional quality. Operational excellence will continue to be a foundational element for a companys success.
Manufacturers are investing heavily to increase their production. New product developments will build strong product portfolio for a company and build competitive advantage with diverse customer base and established relationships with OEMs and its channel partners. Differentiated technologies will lead to cost competitive global manufacturing that will support in long term organic growth of the industry. High implementation of the product in China has fueled the industry growth tremendously. Growth in safety and security features demand will further spur the automotive relay industry size by 2024
What are the Key Insights Covered: Exhaustive Automotive Relay Market
1. Market size (sales, revenue and growth rate) of Automotive Relay industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Automotive Relay industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Automotive Relay industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Automotive Relay industry.
What is the Research Methodology used: Automotive Relay Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Automotive Relay Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
This post was originally published on Downey Magazine