Automotive Relay Market size is expected to witness growth due to the increasing demand for electronic systems in new cars. Automotive Relay Market research has been conducted by dividing the market into two main segments: Type and Application.
Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- As per the report published by Maximize Market Research on Automotive Relay Market, the global market is expected to grow, especially with the developing countries offering growth opportunities to the automotive relay manufacturers. The global Automotive Relay Market was USD 15.70 Bn in 2021 and is expected to become USD 23.52 Bn with a CAGR of 5.18 percent by the end of 2029.
Automotive Relay Market Report Scope and Research Methodology
Market Size in 2021
USD 15.70 Bn.
Market Size in 2029
USD 23.52 Bn.
CAGR
5.18 percent (2022-2029)
Forecast Period
2022-2029
Base Year
2021
Number of Pages
269
No. of Tables
116
No. of Charts and Figures
113
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East and Africa, South America
The report covers Automotive Relay Market segmentation, development trend, application, industry overview and competitive landscape. It also covers product demand by region, import-export analysis, production numbers and factors that affect the market throughout the forecast period. Detailed information about the important Automotive Relay Market players with their strategies to increase their presence in the market has been provided in the report. It includes an in-depth analysis of each market participant’s business performance, product portfolio and innovations.
The bottom-up approach was used to estimate the global and regional Automotive Relay Market size. Both primary and secondary research methods were used to collect the data for the Automotive Relay Market report. The secondary research was majorly conducted to obtain information about the industry’s supply chain, regional markets and key developments from both market and technology-oriented perspectives. The secondary sources include official databases of various organizations and government sites, annual or financial reports, industry journals, white papers and releases of product manufacturers and suppliers in the Automotive Relay industry along with free and paid databases. The primary sources are manufacturers, technology developers, distributors, service providers, experts from core and related industries and organizations related to all segments related to the Automotive Relay industry’s supply chain. To obtain and verify the qualitative and quantitative data, in-depth interviews were conducted with many primary respondents including major industry participants, market players, industry consultants, and subject matter experts (SME). SWOT analysis was used to provide the strengths, weaknesses, opportunities and threats of the Automotive Relay Market while PESTLE was employed to understand the potential impact of the macro-economic and micro-economic factors affecting the Automotive Relay Market.
Automotive relays are majorly used in electrical systems. They are used in applications such as car flashlights, car alarm systems, car antennae, car stereos, anti-lock brake systems, horns and intermittent wipers, among others. With the help of automotive relays, multiple things can be switched at the same time by one output. A lower current circuit regulates a high current circuit by using automotive relays.
Automotive Relay Market Dynamics
The increasing utilization of technologies such as GPS, weather, traffic information and temperature is expected to increase the need for the automotive relay during the forecast period. The increasing demand for Hybrid Electric Vehicle (HEV) and the safety features in automobiles are driving the Automotive Relay Market growth. The increasing demand for high-voltage relays is also a major driver of the market. The lack of standardization in the relay design might restrain the Automotive Relay Market growth.
Automotive Relay Market Regional Insights
The Asia Pacific region dominated the global market by holding the largest Automotive Relay Market share in 2021. The regional Automotive Relay Market is majorly driven by the increasing demand for luxury cars with super safety and high-end technologies installed in it.
The Automotive Relay Market in the North America region is expected to grow at a high rate during the forecast period. The increasing connection demand and vehicle digitalization in the United States, Mexico and Canada are expected to create various growth opportunities for the regional market.
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In 2021, the PCB relay segment held the largest Automotive Relay Market share and is expected to dominate the global market during the forecast period. The Plug-in segment is expected to grow at a high CAGR during the forecast period. This growth of the segment is majorly due to the longer service life of plug-in relays with their simple design structure and lightweight nature that makes them suitable as a close replacement for heavy electromechanical type relays.
By Application
Passenger vehicles
Commercial vehicles
Electric vehicles
The Automotive Relay Market is majorly growing due to the increasing production of passenger and commercial vehicles. The electric vehicle segment is also estimated to grow at a high rate in the future. Many governments are providing lucrative offers to promote the sales and usage of electric vehicles.
Key questions answered in the Automotive Relay Market are:
What is Automotive Relay?
What are the global trends in the Automotive Relay Market?
What are the upcoming industry applications and trends for the Automotive Relay Market?
What are the factors contributing to the final price of Automotive Relay?
What are the major challenges that the Automotive Relay Market could face in the future?
What is the expected demand for different types of products in the Automotive Relay Market during the forecast period?
What are the recent industry trends that can be implemented to generate additional revenue streams for Automotive Relay Market?
What growth strategies are the players considering to increase their presence in Automotive Relay Market?
Who are the leading manufacturers in Automotive Relay Market?
Who held the largest market share in Automotive Relay Market?
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by Type, Application and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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