Automotive Relay Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Automotive relays are electronically operated switches that open and close circuits electronically. It is designed for DC voltages in retainment systems and passenger consolation that can control power levels in adverse environments. The automotive relay use electromagnetism to operate a higher current circuit in automobiles.

Sizing and Forecast
The automotive relay market size has grown strongly in recent years. It will grow from $16.57 billion in 2023 to $17.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to changing consumer preferences, government regulations, increased adoption of electric vehicles, growing demand for luxury cars, increasing complexity of vehicle electrical circuits.

The automotive relay market size is expected to see strong growth in the next few years. It will grow to $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growing demand for connected car technologies, integration of advanced driver assistance systems (adas), focus on energy efficiency in vehicle electronics, development of smart and self-diagnosing relays, heightened emphasis on safety and performance enhancements. Major trends in the forecast period include miniaturization of relay components, adoption of solid-state relay technology, increased use of intelligent and programmable relays, integration of cybersecurity measures in relay systems, advancements in technology.

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Segmentation & Regional Insights
The automotive relay market covered in this report is segmented –

1) By Product: PCB Relays, Plug-in Relays, Other Products
2) By Relay Type: Solid State Relays (SSR), Hybrid, Electromechanical
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Electric Vehicles
4) By Application: Powertrain Systems, Body And Chassis, Convenience, Safety And Security, Driver Information

Asia-Pacific was the largest region in the automotive relay market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the automotive relay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increasing production of commercial and passenger vehicles is expected to propel the growth of the automotive relay market going forward. Passenger vehicles are motor vehicles that transport passengers, whereas commercial vehicles transport a larger number of people for commercial purposes. The high production requires a large number of automotive parts, including automotive relays, to be installed in the new vehicle, thereby promoting the automotive relay market’s growth. For instance, according to the China Association of Automobile Manufacturers 2021, the production of passenger vehicles was approximately 21.408 million in 2021, up 7.1% year on year. Therefore, the increasing production of commercial and passenger vehicles is driving the growth of the automotive heat exchanger market.

Key Industry Players
Major companies operating in the automotive relay market report are Fujitsu Ltd., Denso Corporation, Panasonic Corporation, Tyco Electronics Connectivity Ltd., Omron Corporation, HELLA GmbH & Co KGaA, Littelfuse Inc., Microchip Technology Inc., Robert Bosch GmbH, Eaton Corporation plc, Asea Brown Boveri Ltd., Sharp Corporation, Nippon Electric Company Ltd., Daesung Electric Co. Ltd., Mouser Electronics Inc., Delphi Technologies plc, Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, Picker Components, Song Chuan Precision Co. Ltd., Nidec Corporation, American Zettler Inc., Kyosan Electric Manufacturing Co. Ltd., G-Lux LED luminaire, Ningbo Forward Relay Corporation Ltd., Jideco Co. Ltd., Sanyou Corporation, Guizhou Space Appliance Co. Ltd., Yoto Electric Co. Ltd.

The automotive relay market report table of contents includes:

1. Executive Summary

2. Automotive Relay Market Characteristics

3. Automotive Relay Market Trends And Strategies

4. Automotive Relay Market – Macro Economic Scenario

5. Global Automotive Relay Market Size and Growth

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31. Global Automotive Relay Market Competitive Benchmarking

32. Global Automotive Relay Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Automotive Relay Market

34. Automotive Relay Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Fujitsu Ltd

Denso Corporation

Panasonic Corporation,

Tyco Electronics Connectivity Ltd

Omron Corporation

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