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Automotive Relay Global Market Report 2022
Major players in the automotive relay market are Fujitsu Ltd. , Denso Electronics Corporation, Panasonic Corporation, TE Connectivity, Omron Corporation, HELLA GmbH & Co. KGaA, Littelfuse Inc, Microchip Technology Inc.
New York, June 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Relay Global Market Report 2022" - https://www.reportlinker.com/p06284139/?utm_source=GNW
, Robert Bosch GmbH, Eaton Corporation PLC, ABB Ltd, Sharp Corporation, NEC Corporation, Daesung Electric, and Mouser Electronics Inc
The global automotive relay market is expected to grow from $13.72 billion in 2021 to $15.20 billion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The automotive relay market is expected to grow to $19.83 billion in 2026 at a CAGR of 6.9%.
The automotive relay market consists of sales of the automotive relays by entities (organizations, sole traders, and partnerships) that use electromagnetism to operate a higher current circuit in automobiles.The automotive relays are electronically operated switches that open and close circuits electronically.
It is designed for DC voltages in retainment systems and passenger consolation that can control power levels in adverse environments.
The main products in the automotive relays are PCB relays, plug-in relays, and others.Plug-in relays permit an easy exchange within the system and are utilized in applications such as wipers and pumps, energy management, fans, and heaters.
The various vehicle types are passenger vehicles, commercial vehicles, and electric vehicles. The different relay types include solid-state relays (SSR), hybrid, electromechanical that are used in applications such as powertrain systems, body, and chassis, convenience, safety and security, and driver information.
Asia Pacific was the largest region in the automotive relay market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive relay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing production of commercial and passenger vehicles is expected to propel the growth of the automotive relays market going forward.Passenger vehicles are motor vehicles that transport passengers, whereas commercial vehicles transport a larger number of people for commercial purposes.
The high production requires a large number of automotive parts including automotive relays to be installed in the new vehicle, thereby promoting the automotive relay market growth. For instance, according to the China Association of Automobile Manufacturers 2021, the production of passenger vehicles was approximately 21.408 million in 2021, up 7.1% year on year. Therefore, the increasing production of commercial and passenger vehicles is driving the growth of the automotive heat exchanger market.
Product innovations have emerged as the key trend gaining popularity in the automotive relay market.Major players operating in the automotive relay market are developing innovative products to strengthen their position.
For instance, in January 2021, New Yorker Electronics, a US-based company that provides electronic components developed a new CIT relay and RoHS compliant A6 Series of automotive relays.This is a lightweight and small relay series that offers low coil power consumption, solderability of +260°C for 5 seconds, and switching current up to 30A, 1A, and 1C contact configurations.
It also possesses an electrical life of 100K cycles with 10M mechanical life cycles.
In August 2021, Faurecia, a France-based automobile company acquired a 60% stake in Hella for an undisclosed amount.Through this acquisition, Faurecia aims to accelerate profitable growth by combining both company’s product portfolios and market reach to improve the strategic positioning of the company through innovation in electronic and software content.
Hella is a Germany-based company that manufactures electronic components including automotive relays.
The countries covered in the automotive relay market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06284139/?utm_source=GNW
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