LONDON--(BUSINESS WIRE)--The global electric vehicle relays market is expected to post a CAGR over 33% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The number of relays deployed for electric vehicles has increased due to the shift from mechanical parts-based automotive components to electronic parts-based automotive components. Relays have multiple applications including specific and generic applications. The increase in need for safety components such as anti-lock braking system (ABS), electronic brakeforce distribution (EBD), and airbags among others is also driving the demand for relays. Thus, the increase in electronics and safety requirements in electric vehicles will boost the growth of the electric vehicle relays market during the forecast period.
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As per Technavio, the rising adoption of advanced electric vehicle charging systems, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Electric Vehicle Relays Market: Rising Adoption of Advanced Electric Vehicle Charging Systems
Manufacturers are developing technologically advanced charging systems due to the increase in competition among manufacturers and need for constant innovations in the electric vehicle market. In addition, battery electric vehicles or pure electric vehicles and plug-in hybrid electric vehicles are equipped with chargers. Some of the major advances in electric vehicle charging are bi-directional charging and wireless charging. This has increased the number of relays by about 5% per vehicle. Thus, with the rising adoption of advanced electric vehicle charging systems, the market for electric vehicle relays is expected to showcase a positive outlook during the forecast period.
“Apart from the rising adoption of advanced electric vehicle charging systems, advancements in relay design and consolidation of relay market are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Electric Vehicle Relays Market: Segmentation Analysis
This market research report segments the global electric vehicle relays market by relay terminal (PCB and plug-in) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increase in electronic content in electric vehicles and growing demand for these vehicles.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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