Automotive Relay Market 2024: Regional Statistics, Highlights Recent Trends & Top Manufacturers Analysis
Automotive relay market in powertrain systems Segment is Expected to account for a commendable share of almost 23.5% By 2024. This contribution is attributed to the high deployment of plug-in relays owing to numerous features such as the capability to sustain vibrations, elevated temperatures, and fluctuations.
On the whole, rising number of advancements in high contact capability development and miniaturization for addressing various car relay problems are likely to escalate automotive relay industry size, stimulating revenue expansion through the ensuing years.
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A surge in the number of collaborative strategies by major industry participants for aligning with the recent trends of autonomous driving and electric mobility is touted to drive the global automotive relay market through the forthcoming years. In 2019, Hella, a Lippstadt-based automotive lighting and electronics supplier, had initiated plans for the sale of its car relay business to an automotive relay manufacturer, Hongfa, based in China.
The transaction intended to correspond to the production and development activities of two Hella companies situated in Xiamen, China. The deal, involving an amount of around € 10 million, also brought about the transfer of 280 employees to Hongfa, which is one of the largest relay suppliers with total sales being around € 1.2 billion in 2018.
This growth is primarily attributed to the advent of nascent technology in the automobile sector which is likely to introduce advanced electronic devices over the ensuing years. The product is expected to offer multiple advantages comprising space consumption, intelligent transportation systems, and automobile safety, further assisting the improvement of efficiency, quality, functionality, flexibility, and production time tables.
The escalating formulation of government norms for the enhancement of safety and security in vehicles will drive the demand for automotive relay boxes and automotive relay panels through the anticipated period. The increasing number of regulatory mandates for the installation of automobile safety systems are further likely to augment automotive relay market share to a remarkable extent.
Considering an instance, numerous regulatory bodies such as the NHTSA (National Highway Traffic Safety Administration) in the U.S. have directed the obligatory installation of these devices in vehicles in the country. The incorporation of road safety features into fuel efficiency standards as well as automobiles by the European Commission is additionally expected to stimulate automotive relay industry outlook over the assessment period.
Prominent automotive relay manufacturers, comprising Denso Corporation, Fujitsu, Eaton Corporation, NEC Corporation, ABB, Sharp Corporation, Microsemi Corporation, Panasonic Corporation, Rectifier Corporation, and others, are focusing on product enhancements for the improvement of automobile functioning and driver experience.
These players are also witnessing intense competition in the areas of innovation, design expertise, and distribution channels. Several automakers have started paying attention to the reduction of the carbon footprint as a corporate priority, in turn boosting automotive relay market share over the forecasted period.
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Some Point from Table of Contents:
Chapter 4 Automotive Relay Market, By Product
4.1 Global automotive relay market share by product, 2016 & 2024
4.2 PCB relay
4.2.1 Market estimates and forecast from PCB relay, 2012 – 2024, (Million Units) (USD Million)
4.2.2 Market estimates and forecast from PCB relay by region, 2012 – 2024, (Million Units) (USD Million)
4.3 Plug-in relay
4.3.1 Market estimates and forecast from plug-in relay, 2012 – 2024, (Million Units) (USD Million)
4.3.2 Market estimates and forecast from plug-in relay by region, 2012 – 2024, (Million Units) (USD Million)
Chapter 5 Automotive Relay Market, By Application
5.1 Global automotive relay market share by application, 2016 & 2024
5.2 Powertrain systems
5.2.1 Market estimates and forecast for powertrain systems, 2012 – 2024, (Million Units) (USD Million)
5.2.2 Market estimates and forecast for powertrain systems by region, 2012 – 2024, (Million Units) (USD Million)
5.3 Body & chassis
5.3.1 Market estimates and forecast for body & chassis, 2012 – 2024, (Million Units) (USD Million)
5.3.2 Market estimates and forecast for body & chassis by region, 2012 – 2024, (Million Units) (USD Million)
5.4 Convenience
5.4.1 Market estimates and forecast for convenience, 2012 – 2024, (Million Units) (USD Million)
5.4.2 Market estimates and forecast for convenience by region, 2012 – 2024, (Million Units) (USD Million)
5.5 Safety & security
5.5.1 Market estimates and forecast for safety & security, 2012 – 2024, (Million Units) (USD Million)
5.5.2 Market estimates and forecast for safety & security by region, 2012 – 2024, (Million Units) (USD Million)
5.6 Driver information
5.6.1 Market estimates and forecast for driver information, 2012 – 2024, (Million Units) (USD Million)
5.6.2 Market estimates and forecast for driver information by region, 2012 – 2024, (Million Units) (USD Million)
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