The Latin America, Middle East and Africa Automotive Relay Market would witness market growth of 6.5% CAGR during the forecast period (2022-2028).
A key component of many advanced driver assistance systems (ADAS) technologies, automotive semiconductors, and relays enable ADAS systems to operate effectively, identify and categorize items in the path of moving vehicles, and warn drivers of their immediate surroundings and road conditions. On the basis of calculations done using semiconductors & related components, these systems can also autonomously slow down or stop vehicles based on the road conditions. A digital or electromechanical controlled switch known as an automotive relay is made for DC voltages in safety systems.
Relays are also utilized when software needs to shift from a high to a low current (or vice versa) in the same circuit. Relays can also operate numerous systems simultaneously, such as turning on the lamps when the wipers come on or extending the antenna when the radio comes on. Automotive relays are therefore commonly employed in car safety features as a result of these advantages. Automotive relay demand is anticipated to increase significantly during the forecast period owing to the rising demand for safety features in automobiles.
The South African automotive industry is estimated to grow at a rapid pace with the fading effect of the COVID-19 pandemic. According to the International Trade Administration, the overall contribution of the South African automotive industry to the GDP in 2020 was 4.9% (2.8% manufacturing and 2.1% retail), lower than 6.4% in 2019, showing the severe effects of COVID-19 on automotive manufacture and retail due to the country's lockdown limitations throughout the year. The production of vehicles and automotive components, the country's largest manufacturing sector, contributed a significant 18.7% of the value added to the nation's manufacturing output, maintaining the industry's position as a major participant in South Africa's industrialization process.
The Brazil market dominated the LAMEA Automotive Relay Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $369.3 million by 2028. The Argentina market experiencing a CAGR of 7.1% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 6.2% during (2022 - 2028).
Based on Product, the market is segmented into PCB, Plug-in Relay, High Voltage Relay, and Others. Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Based on Propulsion, the market is segmented into Internal Combustion Engine (ICE) and Electric & Hybrid. Based on Application, the market is segmented into Powertrain System, Body & Chassis, Safety & Security, Convenience, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Automotive Relay Market is Predict to reach $20.7 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TE Connectivity Ltd., Fujitsu Limited, Omron Corporation, Panasonic Corporation, Robert Bosch GmbH, Littelfuse, Inc., Denso Corporation, MITSUBA Corporation, LS Automotive Technologies Co., Ltd., and Xiamen Hongfa Electroacoustic Co., Ltd.
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