Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global Automotive Relay Market size is expected to reach $20.7 billion by 2028, rising at a market growth of 5.3% CAGR during the forecast period.
The PCB segment acquired maximum revenue share in the Global Automotive Relay Market by Product in 2021 thereby, achieving a market value of $9.1 billion by 2028. The rise in the growth of the segment is primarily owing to the compact size of this type of relay. Smaller devices capable of supporting higher current loads are required as the demand for electronic control units and electronic components rise.
The Passenger Cars segment is showcasing a CAGR of 4.9% during (2022 - 2028). Government spending on intentional initiatives to promote the use and sale of electric vehicles is probably going to be a major factor for the automotive relay market. The growing preference for electronic e-fuses over electromagnetic alternatives as a result of automotive modernization is another important factor that contributes to this segment's dominance in the automotive relay market.
The Internal Combustion Engine (ICE) segment is leading the Global Automotive Relay Market by Propulsion in 2021 thereby, achieving a market value of $15.1 billion by 2028. The rapidly increasing growth of the segment is owing to the fact that ICE-operated vehicles are the most traditionally prevalent type of vehicle in the market. Moreover, due to the rising concerns about sustainability, a number of manufacturers are increasingly introducing several technological advancements in the contemporary ICE systems.
The Powertrain System segment has shown the growth rate of 4.5% during (2022 - 2028). The growth of the segment is significantly rising due to the extensive use of plug-in relays in these systems. Relays with plug-in connections are favored in powertrain systems because they can withstand high temperatures, temperature variations, and vibrations.
The Asia Pacific market dominated the Global Automotive Relay Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7.7 billion by 2028. The North America market is exhibiting a CAGR of 5.1% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 4.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/automotive-relay-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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