Global Automotive Relay Market Report 2024: Growth Rate, Major Segments And Regions

According to The Business Research Company’s Automotive Relay , 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.

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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.

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.

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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

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. Global Automotive Relay Market Size and Growth
….
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

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