The Latin America, Middle East and Africa Surface Mount Reed Relays Market would witness market growth of 7.2% CAGR during the forecast period (2022-2028).
Despite supply chain snags and the Covid-19 outbreak, electric vehicle (EV) sales set a record in 2021. Sales increased almost double to 6.6 million compared to 2020, with the total number of EVs on the road to 16.5 million. According to the Net Zero Emissions by 2050 Scenario, there will be 300 million electric cars on the road by 2030, and new automobile sales will be 60% of electric vehicles. Consequently, EVs must raise their sales share by approximately 6% percentage points annually to stay on pace with the Net Zero Scenario. This will expedite the demand for surface mount reed relays further.
The use of reed relays and sensors have also increased in recent years owing to rising government initiatives to protect endangered fish species and rising innovation in reed sensors for monitoring oil level in the automobile industry. Also, by utilizing reed sensors to analyze fish migration patterns, fish farming can be revived to increase the number of endangered species.
Also, using reed sensors for measuring liquid level detection, coolant level, brake pressure, tire pressure monitoring, windscreen, and other things is possible. Moreover, reed sensors are employed for various things, including airbags, automatic door locks, power steering, and engine management. The need for reed sensors is rising due to the expansion of safety, security, and other functionality in public structures and automobiles.
The UAE is steadily building its reputation in the LAMEA region as a technology hub. Several international firms, like Google and Microsoft, refer to Dubai as a metropolis with a growing tech zone. Also, well-known innovators like Apple are choosing to launch some of their latest and most popular products in this Middle Eastern region now that they are informed of the region's expanding economic potential. In the UAE, demand for consumer electronics has soared in recent years. Regional businesses are also accelerating the adoption of automation in their respective sectors. Hence, the market's growth is fueled by the increased use of consumer electronics products and the quick uptake of automation.
The Brazil market dominated the LAMEA Surface Mount Reed Relays Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7,722.4 Thousands by 2028. The Argentina market is experiencing a CAGR of 7.8% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 7% during (2022 - 2028).
Based on End User, the market is segmented into Telecommunications, Automotive Electronics, Industrial Automation, Healthcare, Aerospace & Defense and Others. Based on Coil Voltage, the market is segmented into 24 Volt, 6 Volt to 12 Volt and 3 Volt to 5 Volt. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Surface Mount Reed Relays Market is Projected to reach USD 476.1 Million by 2028, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Omron Corporation, Yageo Corporation (KEMET Corporation), Sensata Technologies Holdings PLC, Standex International Corporation, Comus International, Hamilton Electronics Pvt. Ltd., Misensor Tech Co., Ltd., Hasco Relays and Electronics International Corp., Pickering Electronics Limited (Pickering Group Ltd), and Reed Relays and Electronics India Limited.
By End User
By Coil Voltage
By Country
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