The promising advent of innovative products coupled with booming automobile production is fostering the growth of automotive relay market. The gains of automotive relay market can be attributed to surging demand from a myriad of applications such as automotive, industrial, trucks, and heavy equipment. Moreover, on-going diversifications in printed circuit boards (PCBs) have paved ways for replacement of complex and traditional relays, which bodes well for the automotive relay market. With increasing demand for technologies like GPS, temperature, weather, and traffic information, the installation rates of automotive relays are expected to rev up, thereby pushing growth of automotive relay market. As per the report published by Fact.MR, the automotive relay market was valued at US$ 12,030.9 Mn in 2017 and is envisioned to value around US$ 15,692.5 Mn by 2022 end.
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Advent of nascence technologies in the automotive relay market might create new opportunities for the market players over the time. The capacity of automotive relays to improve the intelligent transportation framework, safety, and space consumption adds to its global demand. These innovations in automotive relay will further revamp quality, agility, production timelines, functionality, and efficacy. Also, developments in Internet of Things and semiconductors will further provide the much-needed fillip to automotive relay market over the forecast timespan. Furthermore, uncompromising government regulations regarding use of electronic safety systems such as Anti-locking Braking System (ABS) and Electronic Stability Program (ESP) for cutting down emissions are likely to augur well for the market growth.
Manufacturers of passenger cars are vying to improve the integration of electronic devices in their offerings, which is incidentally boosting the growth of automotive relays market. The installation rates of relays is upping rigorously in the wake of boosting the vehicle’s overall performance. Fact.MR’s latest study on the global automotive relays market offers a prognosis on how the automotive relay market will incur reforms over the years influenced by consumer preferences, strategies, and governmental initiatives.
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PCB relay is estimated to be the supreme in terms of revenue among all other product types in the automotive relay market. Most of the electronic applications such as ABS, cruise control, doors, power steering, power windows, and sunroof raise consistent requirements for PCB relays. However, in many areas plug-in versions of automotive relays are sought-after as compared to PCB relays. Some of the functions in which PCB relays don’t fit in the bill include switching operations performed amid extreme vibrations, temperatures, and voltage oscillations. In the aforementioned context, plug-in relays are gaining more traction in the automotive relay market.
Passenger cars are anticipated to be the largest among all other vehicle types in the automotive relay market. Government is investing in deliberate efforts to push the sale and use of electric vehicles, which is likely to a ravenous factor for automotive relay market. Another key aspect responsible for supremacy of this segment in automotive relay market is the rising demand for electronic e-fuse over electromagnetic alternative by virtue of modernization of vehicles. The aforementioned aspects outline the prominence of electric vehicles in the foreseeable future. This, in turn, makes it a lucrative segment for the industry participants of automotive relay market.
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