North America Automotive Relay Market to grow at over 5% CAGR To 2024
Date: 2019-01-25   Author: Ronak Bora  Category: #market

North America Automotive Relay Market to grow at over 5% CAGR To 2024

Automotive relay market in Asia Pacific is anticipated to dominate the industry revenue share over the forecast timeframe. This growth is attributed to increased vehicle manufacturing across the region, especially in emerging economies including India, China, and Indonesia. China is a substantial contributor in the regional industry revenue generation. Increasing automobile production coupled with rising domestic demand will propel the country’s share over the projected time span.

North America industry was valued at over USD 2 billion in 2016 and is expected to exhibit 5% CAGR in the projected time line owing to the matured automobile industry in the region. Moreover, the presence of well-established players will strengthen the regional business position over the next eight years. Rising product aftermarket demand from countries like Mexico will further induce immense potential to the automotive relay market growth rate till 2024.

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Powertrain systems are anticipated to account for approximately 23.5% automotive relay market revenue share over the forecast timeline owing to high usage of plug-in relays in these systems. Plug-in relays are preferred in powertrain systems due to its features such as ability to sustain in elevated temperatures, fluctuations, and vibrations. The powertrain systems are susceptible to frequent voltage fluctuations along with high surge loads, thus require high switching capacity, and escalating the industry demand over the next eight years.

High demand of automotive PCB relays in Europe has induced an immense potential to the industry size. Stringent government regulations in Europe regarding incorporation of safety features into vehicles, replacement of obsolete technologies, and fuel efficiency standards will further gain an advantage in the automotive relay industry over the forecast time frame.

PCBs are projected to acquire over 75% of the total automotive relay market till 2024. The high revenue generation is attributed to the rising demand for compact devices across the automobile industry. Moreover, benefits such as their high current carrying capacity and significant space saving due to the miniaturized will escalate the industry over the forecast timespan. Manufacturers of PCB relays focus on penetration into potential business and continuous innovations in their products to diversify their product line.

Convenience system, such as keyless entry system, electronic power steering, and sunroof control, require relays on a large-scale for providing efficient control. They are increasingly used in the safety and security systems, such as car security alarm and anti-lock braking systems (ABS), owing to the rising road safety concerns.

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Driver information demand from automotive relay crossed 200 million units in 2016. Increasing need of driver information systems (DIS) in vehicles for weather & traffic information, location services, etc., has favored the segment growth over the past few years and is anticipated to continue the same over the forecast time frame. Rising smartphone penetration will further foster the installation rate of these systems.

Increasing usage of electronic equipment in the vehicles will majorly drive the automotive relay market over the next eight years. Rising demand for enhanced driving experience coupled with favorable regulatory framework regarding the vehicle safety across the globe has induced immense potential to the industry size. The industry players focus on the technological advancements in their products which have resulted in high replacement frequency of plug-in relays with PCBs, supporting the industry growth till 2024. Increasing speed of communication along with proliferating acceptance of smartphones across the globe will further propel the automotive relay market size.

Automotive relay provides the drivers with enhanced experience and greater safety. High acceptance of sophisticated electronic equipment has resulted in increased number of relays per vehicle.

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Automotive relay manufacturers include Denso Corporation, Eaton Corporation, ABB, Microsemi Corporation, Fujitsu, and Omron Electronics. Major strategies adopted by the players are collaborations and partnerships with the automakers to uphold and increase the product sales. The supply chain includes raw material suppliers, manufacturers, and product suppliers, e-commerce, and end-users.



About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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