Automotive Relay Market: Worldwide Analysis, Opportunities and Forecast To 2024
Global automotive relay market is anticipated to depict a CAGR of 4% through 2027, having recorded a valuation of USD 13 billion in 2016. By 2024, the market is expected to hit a remuneration of USD 18 billion.
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.
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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.
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 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.
The susceptibility of powertrain systems to frequent voltage fluctuations and high surge loads has been creating the requirement for higher switching capacity, further bolstering automotive relay product demand over the anticipated span.
The powertrain systems segment is estimated to account for a commendable share of almost 23.5 per cent through the projected period. 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 market size, stimulating revenue expansion through the ensuing years.
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.
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Data Tables
TABLE 1. Automotive relay industry 3600 synopsis, 2012 – 2024
TABLE 2. Global automotive relay market estimates and forecast, 2012 – 2016, (Million Units) (USD Million)
TABLE 3. Global automotive relay industry estimates and forecast, 2017 – 2024, (Million Units) (USD Million)
TABLE 4. Global automotive relay industry volume estimates and forecast by product, 2012 – 2016 (Million Units)
TABLE 5. Global automotive relay industry volume estimates and forecast by product, 2017 - 2024 (Million Units)
TABLE 6. Global automotive relay industry revenue estimates and forecast by product, 2012 – 2016 (USD Million)
TABLE 7. Global automotive relay market revenue estimates and forecast by product, 2017 - 2024 (USD Million)
TABLE 8. Global automotive relay industry volume estimates and forecast by application, 2012 – 2016 (Million Units)
TABLE 9. Global automotive relay industry volume estimates and forecast by application, 2017 - 2024 (Million Units)
TABLE 10. Global automotive relay industry revenue estimates and forecast by application, 2012 – 2016 (USD Million)
TABLE 11. Global automotive relay market revenue estimates and forecast by application, 2017 - 2024 (USD Million)
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