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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