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Automotive Relay Market for Driver information application is anticipated to surpass 300 million units by 2024

Author : Ronak Bora | Published Date : 2019-04-02 

Global Market Insights, Inc. has recently added a report on automotive relay market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

The automotive relay market can be segmented based on application and products. Based on application, the driver information systems are projected to exhibit nearly 8% CAGR as the technology includes weather and traffic information, as well as navigation. Mandatory installation of safety and security systems such as theft protection system, car alarms, ABS is also expected to increase the industry demand.

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It is prudent to mention that relays are essentially deployed in safety & security systems, convenience systems, power trains, and body & chassis systems to enhance their efficiency. Convenience systems in fact, are specifically expected to make a mark in automotive relay market over the next few years. Driven by the robust demand for relays in seat control, electronic power steering, communication, sunroof control, and infotainment, it has been forecast that automotive relay industry share from convenience systems will record a CAGR of 5% over 2017-2024.

The automotive industry, in recent years, has depicted a profound escalation across the globe, the growth scale of which has had a massive impact on the overall automotive relay market share. Countries such as Indonesia, India, and China, now termed as the primary Asian automotive hubs, have been experiencing large-scale vehicle production. The growing popularity of automotive infotainment, telematics, and communications applications across APAC is thus expected to create a profitable road map for Asia Pacific automotive relay industry. As per estimates, APAC is expected to dominate the overall automotive relay market, with a projected CAGR of more than 4.5% over the coming seven years.

The extensive demand for highly customized, tech-driven relays in passenger & commercial cars is certain to propel automotive relay market to greater heights. In recent times, subject to the massive growth in the domains of power electronics, consumer electronics, telecom, defense & aerospace, and medical electronics, the deployment of general purpose relays has nevertheless, been observing an exponential rise. Furthermore, the advent of IoT has commendably impacted the penetration of automotive relay industry in particular, given the rapid next-gen advancements in the automotive sector, such as vehicle electrification, connected cars, and autonomous driving.

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The PCB relay industry is responsible for over 75% of the total demand and is anticipated to hold dominance over the forecast timeline. Plug-in products are expected to witness a significant growth over the forecast timeframe owing to their benefits to withstand extreme voltage fluctuations, vibrations and voltage fluctuations. These relays are an ideal choice for powertrain systems. However, many original equipment manufacturers have prioritized replacement of traditional products by smaller  high quality miniature PCB relays to save space in the junction box which is helping the overall automotive relay market growth. In addition, the convenience application sector is projected to grow at a CAGR of 6.5% due to the demand for electronic power steering, interior lighting, keyless entry systems, communications, infotainment systems, seat control, sunroof control and mirror control in the industry.

The presence of prominent automobile manufacturers in the North America is expected to substantially increase the product demand in the region. Research in fact, claims North America automotive relay market to grow at a rate 5% over the coming seven years, having amassed a revenue of more than USD 2 billion in 2016. The rapidly growing demand for relays, especially in the automotive aftermarket in countries such as Mexico is expected to massively augment the regional business expansion.

Browse Full Report Summary @ https://www.gminsights.com/industry-analysis/automotive-relay-market

Companies operating in the industry include Denso, ABB Ltd., Eaton, American Zettler, Fujitsu, Daesung, Panasonic, Salzer electronics, Deltrol Controls, Nippon- Alegh, NEC Corporation, TE Connectivity, Omron, etc.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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