The automotive relay market is expected to generate $26.88 billion by 2031:
Portland, OR, Aug. 08, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the automotive relay market generated $15.58 billion in 2021 and is expected to raise $26.88 billion by 2031, registering a CAGR of 5.8% from 2022 to 2031. The report offers a detailed analysis of the changing trends of the market, major segments, major investment pockets, value chain, regional landscape, and competitive scenario. The report is a useful source of information for major market players, new entrants, investors and stakeholders in developing strategies for the future and taking action to strengthen their position in the market.
Automotive Relay Industry Report Coverage and Details:
|Year of reference||2021|
|Market size in 2021||$15.58 billion|
|Market size in 2031||$26.88 billion|
|Number of pages in the report||398|
|Segments Covered||Propulsion, vehicle type, application, product and region|
|Drivers||Increase in demand for electric and hybrid vehicles|
|Increase in demand for security devices|
|Opportunities||Increased implementation of electronic systems in vehicles|
|Rise in demand for connected vehicles|
|Constraints||Operational failures in extreme climatic conditions|
|High initial cost and complex structure|
- The Covid-19 outbreak has had a negative impact on the global automotive relay market. Government-imposed lockdowns and bans on importing and exporting goods have led to a sudden drop in the availability of important raw materials for vehicle components.
- Disruption to the raw material supply chain and production schedules has taken a heavy toll on aviation production and sales.
- The pandemic has also led to a sharp drop in travel, which has affected the car relay market.
- However, vaccination initiatives by governments around the world have resulted in increased economic activities and more domestic and international travel. Consequently, the market is recovering and gaining momentum.
The report offers detailed segmentation of the global market automotive relay market depending on drive, vehicle type, application, product and region. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors, and new entrants determine which sub-segments should be leveraged to achieve growth in the coming years.
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Drive-based, the ICE segment accounted for 94.5% of the total market share in 2021 and is expected to reign the roost by the end of 2031. The electric and hybrid segment, however, would cite the fastest CAGR of 12.1% on the whole market. forecast period.
Based on vehicle type, the passenger car segment accounted for more than three quarters of the total market share in 2021 and is expected to maintain its leading status by the end of 2031. The same segment would cite the fastest CAGR of 6.2% throughout the forecast period. Other vehicle types discussed in the report are light-duty vehicles and heavy-duty vehicles.
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Based on the application, the transmission systems segment accounted for more than two-fifths of the total market share in 2021 and is expected to lead by the end of 2031. The other segments, however, would cite the CAGR le faster by 6.3% throughout the forecast period. Other applications discussed in the report are body and chassis; convenience; and safety and security.
Based on product, the PCB segment contributed nearly two-fifths of the total market revenue in 2021 and is expected to lead by 2031. The high-voltage relay segment, on the other hand, would grow at CAGR the fastest by 6.6% from 2022 to 2031. The other two products discussed in the report include plug-in relays and others.
Based on the region, the Asia-Pacific market contributed more than two-fifths of the total market share in 2021 and is expected to lead the way during the forecast period. The same segment would grow at the fastest CAGR of 6.6% from 2022 to 2031. The other two provinces discussed in the report include North America, Europe, and LAMEA.
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The major market players analyzed in the global automotive relay market report are American Electronic Components, American Zettler, Inc., Circuit Interruption Technology, Inc, Denso Corporation, Fujitsu, Goodsky Electric Co. Ltd., HELLA GmbH & CO. KGAA, Xiamen Hongfa. Electroacoustic Co., Ltd, Littlefuse Inc, LS Automotive, Mitsuba Corporation, Omron Corporation, Panasonic Corporation, Robert Bosch Gmbh, Song Chuan Precision Company, TE Connectivity and Xiamen Level King Keep Electronics.
The report analyzes these key players of the global automotive relay market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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