Automotive Relay Market size is expected to reach USD 14.57 billion by 2023; according to a new research report by Global Market Insights, Inc.
Rapid technological innovation is anticipated to drive automotive relay market size from 2016 to 2023. Evolution of automobile electronics from simple switches for windshield wipers & headlights to incorporation of high-frequency signals on microwave & millimeter-wave will favorably impact industry growth.
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Enhanced driving experience and substantial safety offered by these devices are expected to propel the automotive relay market over the forecast timeline. Development of advanced vehicular electronics has resulted in growing number of relays in the average vehicle. Furthermore, improvisation and additions in various devices such as emergency assist, communications systems, location-based services, GPS, Internet access, safe airbag deployment notification as well as remote diagnostics is expected to propel demand.
U.S. Automotive Relay Market size, by application, 2012 - 2023 (USD Million)
Swift development in PCBs (printed circuit board) have resulted in replacement of cumbersome plug-in devices with lighter PCB relays. Global PCB relay market was over USD 6 billion in 2015 and is likely to remain the dominant segment. Miniaturization has enabled installation in congested spaces, thus increasing utility.
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Rising government regulations regarding incorporation of safety features into vehicles to curb the number of fatalities is forecast to fuel automotive relay market growth from 2016 to 2023. These devices play a key role in switching between safety systems such as airbags, energy-absorbing steering system, head restraints, electro-chromatic mirror/auto dimming mirrors, padded knee bolster, heads-up display and seatbelts. Lack of technically skilled personnel for effective diagnosis of malfunctioning products may pose a challenge to growth.
Browse key industry insights spread across 175 pages with 94 market data tables & 81 figures & charts from the report, “Automotive Relay Market Size By Application (Body & Chassis, Powertrain, Safety & Security, Driver Information, Convenience), By Product (PCB Relay, Plug-In Relay), Industry Analysis Report, Regional Outlook (U.S., Mexico, Canada, UK, Germany, France, Spain, India, China, Japan, Brazil), Application Potential, Competitive Landscape & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Global automotive relay industry is anticipated to reach 4.3 billion units by 2023, at 5.3 CAGR from 2016 to 2023.
- Driver information segment accounted for over 5% of the global automotive relay market share in 2015. Rising adoption of technologies such as navigation, GPS, location services and weather & traffic information will drive growth.
- Convenience applications are anticipated to grow at 6.5% CAGR. Surging demand for interior lighting, keyless entry systems, electronic power steering (EPS), seat control, communications, sunroof control, infotainment systems, and mirror control is predicted to fuel demand.
- Asia Pacific automotive relay market share is likely to grow at over 7% CAGR from 2016 to 2023. Low labor costs & availability of raw materials have transformed the region into an automobile manufacturing hub.
- Key industry participants include American Zettler Inc., ABB Ltd., Daesung, Denso, Deltrol Controls, Fujitsu and Eaton. Other prominent industry partners are NEC Corporation, Nippon-Aleph, Panasonic, TE Connectivity and Omron.
- Key participants focus on new product development in order to gain competitive edge. For instance, in 2014, Cynergy3 Components Corporation launched range of pressure transducers in order to support its existing float switches, flow sensors and reed relays.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.