LONDON--(BUSINESS WIRE)--The automotive relay market is expected to grow by USD 3.27 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Advancement in technology, innovation, and design, in the automotive industry, has resulted in an increase in the demand for better features, safety devices, and infotainment systems. Moreover, the rise in the number of injuries and deaths from road accidents has induced regulatory bodies across the world to implement regulations mandating the integration of various safety devices in vehicles. Safety devices, such as airbags, power windows, theft protection equipment, defogging systems, and windshield wiping systems, have become essential components of every automobile. Automotive relays play a significant role in the functionality of these safety systems. Thus, the increase in number of electronic systems and safety equipment will drive the growth of the market.
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As per Technavio, the development of smart relays will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Relay Market : Development of Smart Relays
The constantly changing demand and expectations of customers are driving the automotive market to innovate and develop new products. As a result, the market has witnessed the development of intelligent relays that perform many tasks in a single timeframe and eliminate the need for multiple relays, timers, and push-buttons. The intelligent/smart relay can support around 12 to 320 inputs, making it more efficient and effective. The intelligent vehicles are equipped with small, powerful, and easy-to-program intelligent relays. The relays are freely configurable, programmable, and help to enable various applications in a single vehicle. The intelligent relays are programmed before installation, which ensures that all the integrated relays are tested for their reliability, durability, and consistency. The development of smart relays is expected to drive the growth of the market during the forecast period.
“Factors such as technological innovations, and the introduction of electric vehicle relays for high voltage applications will have a positive impact on the growth of the automotive relay market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Relay Market: Segmentation Analysis
This market research report segments the automotive relay market by product (PCB relays and plug-in relays), and geography (North America, APAC, Europe, South America and MEA).
The APAC region led the automotive relay market in 2019, followed by Europe, North America, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to as the increase in sales of PVs and medium and heavy commercial vehicles.
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Some of the key topics covered in the report include:
- PCB relays
- Plug-in relays
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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