Automotive Relay Market Size By Product (PCB Relay, Plug-in Relay), By Application (Powertrain Systems, Body & Chassis, Convenience, Safety & Security, Driver Information) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Sep 2017 | Report ID: GMI619 | Authors: Ankita Bhutani, Pallavi Bhardwaj
Automotive Relay Market size valued at USD 13 billion in 2016 and is projected to grow at over 4% CAGR from 2017 to 2024.
U.S. Automotive Relay Market Size, By Application, 2016 & 2024 (USD Million)
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High implementation of electronic content in commercial & passenger vehicles is witnessing continuous rise for numerous applications, supporting the industry growth till 2024. These applications need high power distribution system that generates demand for automotive relays. Furthermore, high-power requirement for heavy equipment that operates in harsh environment will escalate the product penetration. Desire to possess lighter, faster, less energy consuming, smaller, and devices with enhanced functionality makes the users more productive in designing the vehicles. Rising interest in clean energy, electrification of auxiliary loads, and need to meet energy efficiency standards will induce immense potential to automotive relay market size over the next eight years.
Highly customized, technology driven, and integrated nature of these devices has forced the manufacturers to invest heavily in certification and ensure proper functioning of the system they are embedded in. Industry penetration is further strengthening owing to advancements in vehicles such as connected car, autonomous driving, and vehicle electrification. Advancements in premium cars involves development of highly customized tools and specialized expertise.
|Base Year:||2016||Market Size in 2016:||371 Million (USD)|
|Historical Data for:||2013 to 2016||Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||4%||2024 Value Projection:||14 Billion (USD)|
|Pages:||365||Tables, Charts & Figures:||369|
|Geographies covered (25):||U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, China, India, Japan, South Korea, Vietnam, Australia, Thailand, Brazil, Argentina, Egypt, Iran, South Africa, Turkey|
|Segments covered:||Product, Application and Region|
|Companies covered (33):||ABB, American Zettler Inc, Beta Electric Industry Co. Ltd., Coto Technology, Inc., Crydom Inc., Cynergy, Components Corporation, Daesung Electric, Deltrol Controls, Denso Corporation, Eaton Corporation, Fujitsu, Good Sky Electric Co. Ltd., Guardian Electric Manufacturing Company, Idec Corporation, International Rectifier Corporation, Littelfuse, Inc., Megatone Electronics Corp., Microsemi Corp., Naidian Group, NEC Corporation, Nippon Aleph Corporation, OEN India, Omron Corporation, Panasonic Corporation, Relpol S.A., Salzer Electronics, Sanyou Relays, Sharp corporation, TE Connectivity, Teledyne Relays, TianBo Relay, Vishay Intertechnology, Weidmuller Interface|
|Pitfalls & Challenges:||
Automotive Relay Market, By Product
PCB relays are projected to exhibit the highest revenue share and grow at over 5% CAGR over the forecast timespan owing to the rising investments for continuous development and innovation of the products possessing the capability to carry higher current loads. Additionally, miniaturized size helps in saving considerable space in the automobile junction box. Major application areas of these products are power steering, sunroof, power windows, ABS, cruise control, and doors. Government initiatives for adoption of electric vehicles is likely to further propel the industry growth till 2024.
Plug-in relays are estimated to register an automotive relay market size of over USD 4 billion in 2016. These relays are installed in applications where the requirement to sustain high temperatures, voltage fluctuations, and extreme vibrations arise, for instance, the powertrain systems. Multiple relays are deployed in engine compartment owing to its ability to function properly in varying temperatures and moisture. These products will witness considerable demand from 2017 to 2024.
Automotive Relay Market, By Application
Driver information is anticipated to witness a demand of more than 300 million units till 2024. Industry growth is attributed to the emergence of advanced technologies including weather & traffic information, GPS, location, and navigation services in vehicles. Relay usage in convenience application is estimated to record around 5% CAGR over the forecast timeframe owing to increasing demand from these systems such as electronic power steering, mirror control, seat control, communication systems, keyless entry systems, sunroof control, and infotainments systems.
High implementation of these products in safety and security systems will result in increased production. Mandatory installation of safety devices such as theft protection equipment, defogging systems, power windows, air bags, and windshield wiping systems is likely to propel the industry growth. Smartphone proliferation coupled with increasing communication speeds is expected to further bolster the adoption of these systems, which in turn is expected to increase automotive relay installation.
Automotive Relay Market, By Region
Europe automotive relay market is anticipated to account for more than 20% industry share over the forecast timeframe owing to stringent regulations pertaining to driver safety. Well-established business has strengthened the product penetration across the region. Rising implementation of the product in safety and security is gaining prominence which will drive the regional growth over the forecast time line.
Asia pacific is expected to register a growth of over 4.5% from 2017 to 2024 owing to rising awareness of safety and security in the vehicle. Emergence of various industry participants in developing economies such as China and India will strengthen the business. Moreover, rising investments of the OEM’s in these countries and favorable regulatory landscape will fuel the regional demand.
Competitive Market Share
Automotive relay market players are Denso, Eaton, Fujitsu, ABB Ltd., Idec Corporation, Littelfuse Inc., TE Connectivity, and Omron Corporation. Other notable players include Sharp Corporation, NEC Corporation, Nippon-Aleph, and Daesung Electric.
The industry participants focus on alliances and strategic partnerships for strengthening their foothold. They are engaged in operational improvement, driven by cost reduction initiatives and capturing mergers and acquisitions synergies.
Industry participants have proven track record in developing new products and technologies. The players are recognized by their channel partners and customers for supply chain and manufacturing capabilities providing exceptional quality. Operational excellence will continue to be a foundational element for a company’s success.
Manufacturers are investing heavily to increase their production. New product developments will build strong product portfolio for a company and build competitive advantage with diverse customer base and established relationships with OEMs and its channel partners. Differentiated technologies will lead to cost competitive global manufacturing that will support in long term organic growth of the industry. High implementation of the product in China has fueled the industry growth tremendously. Growth in safety and security features demand will further spur the automotive relay industry size by 2024.
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