Automotive Relay Market to Grow at a CAGR of 5.8% from 2022 to 2031: Allied Market Research

Automotive Relay Market to Grow at a CAGR of 5.8% from 2022 to 2031: Allied Market Research

According to a new report published by Allied Market Research, “The automotive relay market garnered $15.58billion in 2021, and is expected to accrue a sum of $26.88 billion by 2031, exhibiting a CAGR of 5.8% during the forecast period, 2022 to 2031.

Automotive relays are common type of electromechanical relays that find use in all vehicles, including cars, trucks, vans and trailers. They enable a small current flow circuit to run a higher circuit in vehicular applications. The number of relays in a vehicle may depend on the features that come with the vehicle.

The key factors that stimulate the growth of the automotive relay market include growing demand for electric vehicles, rise in demand for safety features and the economy of the market. China, India, Brazil and South Africa are the growing economies and the manufacturing sector experiences a robust growth in these countries. Moreover, the automobiles sales is increasing in some undeveloped countries, which support the growth of the market.

The automotive relay market is segmented on the basis of propulsion, vehicle type, application, product and region. Based on propulsion, the market is bifurcated into ICE and electric & hybrid. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Based on application, the market is bifurcated into powertrain system, body & chassis, convenience, safety & security, and others. Based on product, the market is divided into PCB, plug-in relay, high voltage relay, and others. Region wise, the market is segmented into North America, Europe, Asia-Pacific and LAMEA.

The COVID-19 pandemic outbreak led governments to implement lockdowns and ban on import and export of essential raw material items for most of 2020 and few months of 2021. Consequently, there was a sudden shortage of raw materials for vehicle components.Due to disruption in supply chains and production schedules, aviation production and sales suffered vigorously, which negatively impacted the automotive relay market.Also, with strict lockdowns and social distancing measures being made mandatory, several organizations began work from home programs as precautionary measures. This resulted in a reduced demand for traveling globally, which affected the market.However, vaccination initiative by governments across the globe helped resume the economic activitiesand domestic and international travels. Travel recovered soon with the ease of restrictions, which boosted the automotive relay market growth.

Key findings of the study

  • Based on propulsion, the electric and hybrid segment is expected to register a significant growth during the forecast period.
  • Based on vehicle type, the passenger cars segment is likely to maintain its dominance during the forecast period.
  • Application wise, the others segment would lead the trail by 2031.
  • Based on product, the high voltage relay segment is expected to lead the global automotive relay market by 2031.
  • On a regional level, Asia-Pacific would register the highest CAGR during the forecast period.

The leading players operating in the automotive relay market include American Electronic Components, American Zettler, Inc., Circuit Interruption Technology, Inc, Denso Corporation, Fujitsu, Goodsky Electric Co. Ltd., HELLA GmbH & CO. KGAA, Xiamen Hongfa Electroacoustic Co., Ltd, LittlefuseInc, LS Automotive, Mitsuba Corporation, Omron Corporation, Panasonic Corporation, Robert Bosch Gmbh, Song Chuan Precision Company, TE Connectivity, Xiamen Level King Keep Electronics, among others.

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