The global automotive relay market revenue was around US$ 16.48 billion in 2022 and is estimated to reach US$ 27.37 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2031.
An automotive relay is an electronically managed switch. They physically move a switch to complete or disrupt an electrical circuit utilizing a magnetic device. An automotive relay is an electronic device utilized in vehicles to control high voltages and high currents. It acts as a switch that allows a little current to control a greatly larger current.
Market Driving Factors
An increase in the implementation of electronic systems in vehicles is expected to drive the market. This is mainly due to the multiple manufacturers installing more electronics in their vehicles due to the increase in demand for more suitable and smart operability of various functions in automobiles. In addition, superior comfort, connectivity, efficiency, and safety are provided by the use of electronics in passenger cars and light & heavy commercial vehicles. As a result, it is projected that in the future, electronics will create a significant share of the total cost of cars.
A surge in demand for safety features is estimated to boost the market. Road accidents are a primary cause of death worldwide and tremendous surge in death rates due to road accidents. As a result, companies operating in the automobile sector are creating and introducing safety features to fulfill the requirements of customers. Furthermore, demand for safety features, such as collision avoidance systems, lane departure warnings, tire pressure monitors, and airbags is experiencing an upward trend, due to a surge in the number of road accidents globally.
An increase in demand for electric vehicles is estimated to boost the market growth. This is due to factors such as climate change and efforts to achieve net zero emissions. In addition, favorable policies and incentives introduced by governments of various countries to promote electric vehicles also boost the growth of the EV industry. As a result, the automotive relay market is directly related to the growth of automotive production and sales of electric vehicles as these vehicles are equipped with large circuits, which need junction boxes and relays for their operations.
Automotive relays inability to function in harsh weather, such as extremely cold or extremely hot temperatures, is the main factor impeding the market.
Regional Analysis
Asia Pacific dominated the market in terms of growth rate and is estimated to continue its dominance. This can be attributed to the surge in the penetration of automobiles in developing economies like China and the adoption of strict safety standards in several Asian nations. The increased demand for vehicles is driving the region's significant growth potential, especially in China and Japan. The region's automotive sector observed a surged trend in vehicle demand, which is anticipated to propel the market expansion in the region.
South America is estimated to dominate the market in terms of revenue. This is mainly due to the surge of electric mobility services, such as car-sharing and ride-sharing platforms. Additionally, these services have gained popularity in urban centers, providing convenient and environmentally friendly transportation options. Furthermore, automotive relays are expected to become more and more necessary as electric mobility services establish themselves throughout South America to support their growing fleet of electric automobiles.
Segmentation Insights
Vehicle Type Insight
The passenger cars segment dominates the market in terms of the largest revenue share. This is due to the surging demand for electronic e-fuse over electromagnetic alternatives owing to the vehicle's modernization. Furthermore, the constant advancements in automotive technology have led to the integration of sophisticated electronic systems and features in passenger cars. Moreover, modern passenger cars have multiple electronic vehicle types that need reliable and efficient power distribution.
Product Insight
The PCB relay segment dominates the market in terms of revenue. This is mainly owing to the increase in demand for hybrid and electric vehicles. These eco-friendly vehicles heavily depend on electronic systems for efficient power management and control. As a result, PCB relays are important vehicle types in battery management systems, electric vehicle charging systems, and motor control units, ensuring these vehicles' safe and reliable operation.
The high-voltage relay segment is estimated to dominate the market in terms of growth rate. This is primarily owing to that they are utilized in various many applications in hybrid and electric vehicles. In addition, automotive manufacturers and original equipment manufacturers (OEMs) integrate the relays in the vehicle’s circuit based on separate applications. They form tie-ups and partnerships with service centers to guarantee proper maintenance and component replacement.
Prominent Companies
Segmentation Outline
The global automotive relay market segmentation focuses on the Propulsion, Vehicle Type, Application, Product, and Region.
By Propulsion
By Vehicle Type
By Application
By Product
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL AUTOMOTIVE RELAY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AUTOMOTIVE RELAY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AUTOMOTIVE RELAY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AUTOMOTIVE RELAY MARKET, BY PROPULSION
5.1 OVERVIEW
5.2 ICE
5.3 ELECTRIC AND HYBRID
6 GLOBAL AUTOMOTIVE RELAY MARKET, BY VEHICLE TYPE
6.1 OVERVIEW
6.2 PASSENGER CARS
6.3 LIGHT COMMERCIAL VEHICLES
6.4 HEAVY COMMERCIAL VEHICLES
7 GLOBAL AUTOMOTIVE RELAY MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 POWERTRAIN SYSTEM
7.3 BODY AND CHASSIS
7.4 CONVENIENCE
7.5 SAFETY AND SECURITY
7.6 OTHERS
8 GLOBAL AUTOMOTIVE RELAY MARKET, BY PRODUCT
8.1 OVERVIEW
8.2 PCB
8.3 PLUG-IN RELAY
8.4 HIGH VOLTAGE RELAY
8.5 OTHERS
9 GLOBAL AUTOMOTIVE RELAY MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL AUTOMOTIVE RELAY MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 XIAMEN LEVEL KING KEEP ELECTRONICS
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 SONG CHUAN PRECISION COMPANY
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 ROBERT BOSCH
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 MITSUBA CORPORATION
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 HELLA KGAA HUECK AND CO.
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 PANASONIC
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 DENSO
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 CIT RELAY & SWITCH
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 TE CONNECTIVITY
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 OMRON CORPORATION
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 AMERICAN ELECTRONIC COMPONENTS
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 GOODSKY
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 HONGFA
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 LS AUTOMOTIVE
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 FUJITSU
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 AMERICAN ZETTLER
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 LITTELFUSE
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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