The automotive relay market is poised to grow at more than 4% CAGR through 2024. Growing penetration of convenience system, such as electronic power steering, car security alarm, sunroof control and keyless entry system, which require relays extensively in order to provide efficient control, is estimated to transform automotive relay business outlook over the analysis period. Moreover, given the intensifying focus on road safety, alarmed by rising number of road accidents, vehicles are progressively being equipped with anti-lock braking systems (ABS), which is likely to further fuel automotive relay industry trends over the projected time frame.
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PCBs (printed circuit boards) are estimated to hold over 75% of the total automotive relay market volume over the forecast timespan. The product segment is expected to garner considerable proceeds in automotive relay industry owing to the rising demand for compact devices across automobile industry. Additionally, PCBS are aligned with various benefits, including high current carrying capacity, which favors product penetration across use end use cases.
Furthermore, due to miniaturization of the product, PCBS facilitate significant space saving, which will positively impact industry growth over the coming years. PCB manufacturers are directing continuous efforts towards innovating new products and diversifying their product portfolios in order to pursue potential business opportunities.
Consumers have demonstrated heightened interest towards the utilization of sophisticated automotive features such as DIS (driver information systems) for accessing information related to traffic, weather, location services, and others, which will support segmental growth in the coming years.
Moreover, expanding user base of smartphones have evoked greater interest in installation of such systems, which will create a conducive environment for automotive relay market growth. As per estimates, in 2016, demand for driver information from automotive relay industry crossed 200 million units.
Stringent regulatory norms pertaining to vehicle safety coupled with paradigm shift towards enhanced driving experience is anticipated to fuel automotive relay industry trends over 2017-2024. Increasing utilization of electronic equipment in vehicles will further boost automotive relay industry growth.
APAC automotive relay market is slated to witness a CAGR 4.5% by 2024. The superfluity of prominent automotive market giants in APAC belt is expected to position the region as one of the most lucrative growth avenues for automotive relay industry. This is on account of the fact, that these automakers have been increasingly focusing on bringing tailor made features in the vehicle designs that has substantially led to increased product demand. In addition, favorable initiatives undertaken by the regional government with regards to emission control and product improvement would also complement the business proliferation.
North America automotive relay market to grow at a rate 5% over the coming seven years. The presence of prominent automobile manufacturers in the North America is expected to substantially increase the product demand in the region. The rapidly growing demand for relays, especially in the automotive aftermarket in countries such as Mexico is expected to massively augment the regional business expansion.
Key industry players in the automotive industry have been emphasizing on technological advancements of products, which has resulted in high replacement frequency of plug-in relays with printed circuit boards (PCBs), hence supplementing automotive relay industry share over the coming years.
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Some Point from Table of Contents:
TABLE 1. Automotive relay industry 3600 synopsis, 2012 – 2024
TABLE 2. Global automotive relay market estimates and forecast, 2012 – 2016, (Million Units) (USD Million)
TABLE 3. Global automotive relay industry estimates and forecast, 2017 – 2024, (Million Units) (USD Million)
TABLE 4. Global automotive relay industry volume estimates and forecast by product, 2012 – 2016 (Million Units)
TABLE 5. Global automotive relay industry volume estimates and forecast by product, 2017 - 2024 (Million Units)
TABLE 6. Global automotive relay industry revenue estimates and forecast by product, 2012 – 2016 (USD Million)
TABLE 7. Global automotive relay market revenue estimates and forecast by product, 2017 - 2024 (USD Million)
TABLE 8. Global automotive relay industry volume estimates and forecast by application, 2012 – 2016 (Million Units)
TABLE 9. Global automotive relay market volume estimates and forecast by application, 2017 - 2024 (Million Units)
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