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.
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.
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.
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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