The Automotive Relay Market is projected to grow to USD 21.8 billion by 2027 from USD 14.2 billion in 2019, at a CAGR of 5.5%. The market is driven by growing end-user industries such as construction & infrastructure, mining, wind & energy, and heavy engineering.
48V mild hybrid architecture is expected to have significant impact on the relay market
Efforts toward overall weight reduction and improving fuel effeiceny of vehicles have led to the introduction of 48V architecture. 48V architecture increases electrification, which, in turn, will increase the number of relays used in a vehicle. The progress of the 48V system is responsible for changes throughout the electrical system, which is ultimately responsible for a change in applications and design of relays. According to industry experts, 48V architecture requires relays ranging between ~100–200A. Europe is estimated to be the largest market for the high voltage relays, accounting for ~47% of the market share.
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PCB relay is estimated to hold the largest share in the automotive relay market
Increasing demand for electronic control modules and electronic components has generated the need for smaller devices that are competent of carrying greater current loads. The main reason for using PCB relays is their miniaturized size that saves considerable space in the automobile junction box. Therefore, the PCB relay market is estimated to hold to the largest share in the automotive relay market.
Asia Oceania is expected to account for the largest market during the forecast period
Asia Oceania is expected to hold the largest share in the automotive relay market during the forecast period. The growth is attributed to the maximum market share in terms of vehicle production. Increasing disposable income has changed consumer buying preferences. Consumers are demanding advanced technologies and features in vehicles. All these factors will lead to the usage of relays, thereby making Asia Oceania the largest market.
Key Market Players
Some of the key players in the automotive relay market are TE Connectivity (Switzerland), Omron Corporation (Japan), Panasonic (Japan), HELLA KGAA HUECK & CO. (Germany), and Fujitsu (Japan). Panasonic adopted the strategies of new product development and partnerships to retain its leading position in the market. TE Connectivity also adopted new product development as a key strategy to sustain its market position.
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