According to a new market research report published by Acute Market Reports “Automotive Relays Market (by Product Type: PCB Relays and Plug-in Relays; By Application: Power Train, Body & Chassis, Lighting & Security and Infotainment Systems; By Vehicle Type: Conventional Fuel Vehicles and Electric Vehicles) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the automotive relays market was valued US$ 13.43 Bn in 2017 and estimated to grow with a CAGR of 5.8% during the forecast period from 2018 to 2026.
The complete report is available at https://www.acutemarketreports.com/report/automotive-relays-market
Advancement in electric cars along with automotive industry achieved significant growth after attaining stability from 2008 and 2011 economic crisis. In 2017, approximately 79 Mn passenger cars were sold and the number is projected to cross 81 Mn mark in 2018 out which 2 Mn cars are expected to be electric. With automotive sector crossing new milestones, industries associated with the sector such as OEM and aftermarket parts market are also witnessing momentous growth and evidencing further growth in coming years. Automotive relay market is one such market greatly benefited by the surge in demand for automobiles across the globe. The component was not a part of standard automobile earlier, however, modern-day automobiles are sophisticated & complex machines and automotive relays have become an indispensable part of an automobile. Several automobile relays are used in a single vehicle catering different electric circuits for powertrain, body & chassis, lighting & security and infotainment systems among others. Consequently, flourishing automotive industry acts as a catalyst for bolstering the growth of automotive relays market.
Trends such as intelligent cars, electric cars, and driver assistance require a completely new breed of automotive relays. Perpetual development in manufacturing processes and advanced sensor technology expedited the performance of automotive relays making them suitable for ultra-modern automobiles. Asia Pacific is home to several automotive giants including Toyota, Honda, Hyundai, Suzuki, and Mitsubishi among others. Flourishing automotive industry Asia pacific propose unmatched growth opportunities to automotive OEMs and other adjacent industries. Companies from all over the world are keen to participate and grab the business opportunities offered by this region. Thus, Asia Pacific emerged as a leader in global automotive relays market and projected to dominate the market throughout the forecast period from 2018 to 2026.
Automotive relay market is one of the most fragmented markets in overall OEM industry. Several international, as well as local automotive relay manufacturers, compete with each other to claim their market share in this highly competitive market. These companies often adopt strategies such as technological innovations and long-term partnership with major automotive manufacturers to provide automotive relays in order to maintain their market positions. Few of the major automotive relay manufacturers includes ABB Group, American Zettler, Inc., Denso Corporation, Delphi Automotive LLP, Eaton Corporation plc, Fujitsu Limited, Good Sky Electric Co., Ltd., Hella KGaA Hueck & Co. (HELLA), IDEC Corporation, NEC Corporation, Omron Corporation, Panasonic Corporation, Robert Bosch GmbH, Siemens AG, and TE Connectivity Ltd. among others.
Key Analysis Covered:
- Latest trends in automotive relays market and growth opportunities for automotive relay manufacturers
- Growth in electric and hybrid vehicles promoting the automotive relays market
- Different range of products offered by leading manufacturers for different vehicle type and class
- Largest and fastest growing segments in terms of product type, applications, and vehicle type
- Prominent geographical regions/ countries for the automotive relays market
- Positive and negative effects of government policies and regulation on market value for automotive relays market
Key questions answered in this report
- What are the current market trends and dynamics in the automotive relays market and valuable opportunities for emerging players?
- Estimated forecast and market projections up to 2029
- Which segment accounts for the fastest CAGR during the forecast period?
- Which is the largest regional market for automotive relays?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- The worldwide market value of the automotive relays market in 2019 and 2020
- Which are the key trends driving the global automotive relays market growth?
- Who are the leading service providers in the automotive relays market worldwide?
About Acute Market Reports
Acute Market Reports is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.