The Automotive Relay Global Market Report 2023 by The Business Research Company, provides automotive relay market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Automotive Relay Global Market Report 2023, the market size is expected to grow from$15.45 billion in 2022 to $17.08 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of automotive relay market is expected to grow to $23.42 billion in 2027 at a CAGR of 8.2%.
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.
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The automotive relay market 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
Product innovations have emerged as the key trend gaining popularity in the automotive relay market. Major players operating in the automotive relay market are developing innovative products to strengthen their position. For instance, in January 2021, New Yorker Electronics, a US-based company that provides electronic components, developed a new CIT relay and RoHS-compliant A6 Series of automotive relays. This is a lightweight and small relay series that offers low coil power consumption, solderability of +260 °C for 5 seconds, and switching current up to 30A, 1A, and 1C contact configurations. It also possesses an electrical life of 100K cycles with a 10M mechanical life cycle.
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. COVID-19 Impact On Automotive Relay Market
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26. Africa Automotive Relay Market
27. Automotive Relay Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Relay Market
29. Automotive Relay Market Future Outlook and Potential Analysis
30. Appendix
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