Future Market Insights
The global automotive relay market is projected to have a fragmented market space due to the presence of several key players. The competition in the automotive relay market is foreseen to grow stiffer in the coming years as the companies try different strategies to capture a higher share of the market. Product launches, mergers, acquisitions, and partnerships are some of the aggressive strategies that are being adopted by the leading firms in the market.
Given below are some of the notable developments in the global automotive relay market:
Automotive Relays are widely used in electrical systems used in applications like automotive, trucks, industrial and heavy equipment. A high current circuit can be controlled by a lower current circuit with the help of Automotive Relays. Multiple things can be switched at the same time by one output because of Automotive Relays. Automotive Relays of different sizes and shapes are available which are used in land and sea vehicles. The most common applications where these Automotive Relays are used are the car flashlights, car alarm systems, anti-locking brake systems, car antennas, car stereos, horns, intermittent wipers among other applications.
The Automotive Relay Market is estimated to grow at a moderate CAGR during the forecast period.
Automotive Relay Market: Drivers & Restraints
With the increase in levels of safety and comfortable driving experience, offered by automotive relays; the demand for automotive relays has increased and expected to grow even more in the forecast period. With the fast pace development of PCBs (Printed Circuit Boards), lighter PCB relays are gradually replacing complicated plug-in devices. This factor is likely to increase the global PCB relay market. Also, PCB relays are expected to remain the dominant segment of the global relay market in the forecast period. Government regulations to include safety components in automobiles to lessen the number of casualties is forecasted to drive the automotive relay market during the forecast period. These devices can be used in safety systems like head restraints, heads-up displays, steering systems, seatbelts, and airbags. With the increase in the use of technologies like GPS, weather, temperature and traffic information, demand for automotive relays is expected to grow at a high CAGR. With the increase in demand for comfort levels, concepts like sunroof control, keyless entry systems, mirror control and infotainment systems have emerged. The increase in the demand for the Hybrid Electric Vehicle (HEV) segment is also a key factor that is likely to drive the growth of global Automotive Market.
In the automotive industry, lack of standardization is a factor that can restrain the growth of Automotive Relay Market. Automotive relays are weaker compared to the conventional plug-in relays when factors like the ability to withstand voltage fluctuations, vibrations, and high temperature, and robustness are considered. Hence, in many applications, especially powertrain systems, conventional plug-in relays are still preferred. This factor may also restrain the growth of Automotive Relay Market in the forecast period.
Automotive Relay Market: Market Segmentation
Automotive Relay Market can be segmented based on product type, application type and regions.
Based on the application type, Automotive Relay Market is segmented into:
Body & Chassis
Safety & Security
Driver Information Systems
Based on product type, Automotive Relay Market is segmented into:
Based on regions, Automotive Relay Market is segmented into:
Automotive Relay Market: Regional Outlook
Automotive Relay Market share of Europe was 24% from the total global revenue in 2016. Convenience applications and powertrain systems are largely responsible for the regional sales in the Asia Pacific region. The Asia-Pacific region is expected to show a moderate CAGR in the growth of Automotive Relay Market during the forecast period. The Asia-Pacific region is gradually being called the automobile manufacturing hub because of the ease of availability of raw materials and comparatively lower labor costs. Owing to high demand and significant vehicle production in China, China is estimated to show significant growth trends in the Automotive Relay Market. LCV (Light Commercial Vehicle) relay segment is also estimated to grow at a high CAGR in the forecast period. Specifically, the North America region is one of the regions where this growth is expected to be witnessed.
Automotive Relay Market: Key Players
Some of the major players of the Automotive Relay Market are:-
Salzer Electronics Ltd.
American Zettler Inc.
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