Rising presence of electronic devices is favoring the sales of automobiles. Manufacturers of passenger cars are increasing the presence of electronic devices, which is incidentally boosting the adoption of automotive relays. On an average, every vehicle available commercially will be having at least 20 automotive relays. This number is increasing for specific offerings, owing to improving compatibility of relays in boosting the vehicle’s overall performance. Fact.MR’s latest study on the global automotive relay market offers a forecast on how automotive relays will incur reforms due to consumer preferences, manufacturing strategies, regulations, and government initiatives.
By the end of 2022, the global Sales of automotive relays will reflect a steady growth at steady CAGR and bring in US$ 15.6 Bn in revenues.
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Automotive relays are small components and do not cost a lot on the manufacturing side. Automakers can switch to different types of automotive relays without flexing their spending. In 2017, the global automotive relays market is expected to reach a value of US$ 12 Bn. Increasing dependency of other on-board electronic features in vehicles on automotive relays is also driving their demand.
Global Automotive Relay Market Size and Forecast By Product Type, 2012-2022
- PCB Relay Automotive Relay
- Plug-in Relay Automotive Relay
Global Automotive Relay Market Size and Forecast By Vehicle Type
- PC Automotive Relay
- LCV Automotive Relay
- HCV Automotive Relay
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Global Automotive Relay Market Size and Forecast By Application
- Powertrain System Automotive Relay
- Body & Chasis Automotive Relay
- Driver Information System Automotive Relay
- Safety & Security Automotive Relay
- Convenience Automotive Relay
Global Automotive Relay Market Size and Forecast By Sales Channel
- OEM Automotive Relay
- Aftermarket Automotive Relay
Key Country-wise Inclusions
• US Automotive Relays Market
• Canada Automotive Relays Sales
• Germany Automotive Relays Production
• UK Automotive Relays Industry
• France Automotive Relays Market
• Japan Automotive Relays Supply Assessment
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Following highlights from Fact.MR’s forecast on the global automotive relays market will project the market’s future prospects.
- In 2017, over US$ 9 Bn worth of automotive relays sold in the world were PCB relays. Demand for PCB relays over their plug-in counterparts is expected to remain higher.
- Passenger car manufacturers from around the world are actively adopting automotive relays, as opposed to the makers of commercial vehicles. By 2022, passenger vehicles will contribute more than US$ 10 Bn in revenues to the global automotive relays market.
- Application of automotive relays in powertrain systems is gaining traction. The report expects that global revenues amassed from sales of automotive relays in powertrain application will register a healthy CAGR over the forecast period.
- Region-wise, the largest market for automotive relays is the Asia-Pacific excluding Japan (APEJ) region. APEJ countries such as China and India are leading contributors to global automobile production. Through 2022, the APEJ automotive relays market will soar vigorously at a soaring CAGR.
- North America’s automotive relays market is also expected to witness substantial growth during the forecast period. Rising sales of EVs equipped with advanced automotive relays is expected to drive the region’s global market presence. In 2017, more than US$ 2.4 Bn worth of revenues were netted through sales of automotive relays across the US and Canada.
- Europe will also be observed as a lucrative region for automotive relay manufacturers. Greater inclination of European customers towards electronically-equipped vehicles is slated to drive the adoption of automotive relays. Going forward, revenues accounted by Europe in the global automotive relays market will incur a speedy yet steady growth at stable CAGR.
- The report indicates that largest sales channel for automotive relays will be aftermarkets. Through aftermarket sales, the global automotive relays market is expected to witness an influx of nearly US$ 8 Bn revenues by the end of 2017.
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