CHICAGO, Dec. 14, 2022 /PRNewswire/ — Automotive Relay Market is projected to grow from USD 12.2 billion in 2022 to USD 15.5 billion by 2027, at a CAGR of 5.0% for the same period, according to a new report by MarketsandMarkets™.
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The market is expected to witness growth mainly due to growing electrification in the automobiles. This includes the BEV, PHEV, 48V mild hybrid systems, and FCEVs. All these electric systems demand the incorporation of a greater number of electronic components. Furthermore, there is also an increasing usage of electronics in the vehicles for the safety and comfort features including airbags, ABS, ADAS, sunroofs, power seats and others. These systems demand the incorporation of automotive relays for their safe and proper functioning. In addition, the increase in the demand for premium LCVs and HCVs is expected to further drive the market for automotive relays.
The mid-range cars are projected to account for the largest share during the forecast period
Mid-range cars hold the largest Automotive Relay Market share among all vehicle types. Consumers widely accept the mid-range cars segment in the global market. According to MarketsandMarkets Analysis, the share of mid-range cars stood at >55% of total passenger cars in global production in 2021. The factors supporting this segment’s growth are the shift towards personal mobility due to rising disposable income, moving inclination towards better functionality, and improved practical features at comparatively lower prices than premium cars. These cars offer multiple luxury, safety, and driver assistance features (such as smart entry, start-stop, all-wheel disc brakes, heated & ventilated seats, sunroof, ambient lighting, etc.). With the rising adoption of these applications in mid-range cars, the demand for automotive relays would also grow.
16A to 35A relay segment would dominate the automotive (ICE) relay market over the forecast period
This 16A to 35A ampere range of relays find usage for various automotive applications such as fuel pump, EPS, air conditioning, power window, door lock, electric sunroof, and powered & heated seats, among others. Most of these applications are commonly found in all ranges of passenger vehicles, and some advanced features such as seat heaters, traction control, and ADAS technologies are growing in the mid to premium range of vehicles. Furthermore, incorporating such features in the LCV and heavy-duty segments, mainly in European and North American countries, is also expected to further drive the 16A to 35A relay market.
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Asia Pacific to predominantly lead the Automotive Relay Market during the forecast period
Asia Pacific holds the largest share in the Automotive Relay Market owing to rising vehicle production and increasing sales of electric vehicles. The market growth in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China. Plus, developing countries such as China, and India have strictly reinforced the emission norms such as China-6 and BS VI respectively. Such regulations demand the usage of various after-treatment devices and electronics to effectively reduce the emissions. Moreover, the increasing need for safety systems and latest safety regulations in many developing countries, further drive the demand for automotive relays. For instance, in India, the Ministry of Road Transport & Highways (MoRTH) is proposing the mandatory 6 airbag systems in cars. Earlier, in July 2019, the ABS and driver side airbags were made mandatory which was revised as mandatory dual front airbags from January 2022. A 6 airbag feature would increase the number of associated electronic systems, which demand a greater number of relays for their proper functioning. Further, the region holds the presence of leading automobile and automotive component manufacturers and hosts manufacturing plants of major OEMs such as Honda Motor Co., Ltd (Japan), Tata Motors Ltd (India), Toyota Motor Corporation (Japan), BYD Motors (China), Mitsubishi Motor Corporation (Japan), Suzuki Motor Corporation (Japan), and Subaru Corporation (Japan).
Key Market Players
The Automotive Relay Market is dominated by giants such as TE Connectivity (Switzerland), Omron Corporation (Japan), Panasonic Corporation (Japan), Hongfa Technologies Co. (China), Fujitsu Component Limited (Japan), Denso Corporation (Japan), Robert Bosch LLC (Germany), Mitsuba Corporation (Japan), Song Chuan Group Companies (China)and Good Sky Electric Co., Ltd (China), Xiamen Level King Keep Electronics (LKK) (China), CIT (Circuit Interruption Technology) Relay & Switch (US), Picker (US), American Zettler Inc. (US), American Electronic Components (AEC) (US), Hella GMBH & CO. KGAA(Germany), Siemens (Germany), ABB Group (Switzerland), Coto Technology (Taiwan), and Sanyou Corporation Limited (China).
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