Market Research firm MarketS and Markets forecasts that the automotive relay market will grow from $12.39 billion in 2017 to $16.79 billion in 2022, with a compound annual growth rate of 6.2% over the same period. The main factors stimulating the rapid market appreciation are: the impact of automotive electrification trends, stringent emissions regulations and fuel efficiency standards, increased demand for mid - and high-end passenger vehicles, and increased automotive comfort and luxury applications.
Relays can be divided into 6 categories according to product type: PCB relays, plug-in relays, high voltage relays, protection relays, signal relays, and time relays.
Hybrid electric vehicle (HEV) will become the largest application field of electric vehicle relay market. In addition to electric motors and batteries, hybrid cars also use internal combustion engines to generate electricity. Therefore, compared with pure electric vehicles and hybrid vehicles, the number of relays in hybrid vehicles will increase. Relays used in electric vehicles have different voltage levels, with power levels ranging from 1kW to 5kW, depending on the application. For example, in an internal-combustion passenger car, an alternator is used to provide 12V power.
LCV will become the fastest developing automotive relay application field. LCV production in North America is expected to grow rapidly. In the United States, LCV production is expected to increase from 3.3 million units in 2017 to 4.4 million units in 2022. Oems' commitment to adding high quality electronic functionality to the LCV stimulated the relay market in the LCV segment. Hvac, car sunroof, starter motor, power seat, door lock and other applications in LCV models are gradually popularized. The relay market for this vehicle type is expected to grow at the fastest cagR during the forecast period.
Asia - Oceania will become the core area of the automotive relay market, leading the market. The region is home to the world's largest car production countries, including China, Japan, South Korea and India. These countries accounted for about 53 percent of global vehicle production in 2016, according to data released by OICA, an organization of international organizations. In addition, countries like China and India have become auto manufacturing centers. India is also expected to be the fastest growing market as per capita disposable income increases. New Delhi: Light vehicle sales in India showed a healthy trend in the second quarter of 2016, with demand driven by new models and compact SUVs.
The major players in the automotive relay market include: TE Connectivity(Switzerland), Panasonic (Japan), Denso Corporation (Japan), Omron Corporation (United States) and Zettler(United States) and other automotive relay manufacturers.