Increased use in automotive convenience applications is expected to favorably impact market growth.
San Francisco, California (PRWEB) January 08, 2015
The global automotive relay market is expected to reach USD 12.58 billion by 2020, according to a new study by Grand View Research, Inc. Electrical automotive parts have significantly diversified over the last five years which has consequently increased the number of switching relays from 20 to approximately 30 per vehicle. Variation in features required for each relay has also undergone considerable transition to address different specifications required for different applications.
Regulatory boards worldwide, for instance, The National Highway Traffic Safety Administration in the U.S., have mandated installation of certain safety equipment in automobiles to curb fatalities resulting from road accidents. Additional relays needed for switching safety devices are expected to favorably impact automotive relay market growth.
Lack of standardization in the automotive industry, particularly in developing countries, is expected to pose a challenge to market growth. However, efforts have been taken on a global scale to standardize the automotive industry, owing to which the market is not expected to be impacted in the long run.
Browse full research report on Automotive Relay Market at http://www.grandviewresearch.com/industry-analysis/automotive-relay-market
Further key findings from the study suggest:
- Global demand for automotive relay was estimated to be 2.62 billion units in 2013 and is expected to reach 3.69 billion units by 2020, growing at a CAGR of 5.1% from 2014 to 2020.
- Increased emphasis on automobile weight reduction to enhance fuel efficiency has driven PCB automotive relays demand owing to their growing miniaturization and improved current handling capabilities. PCB relays accounted for over 70% of the global shipments. Conventional plug-in relays are still preferred in Powertrain systems due to their inherent robustness and ability to withstand high temperatures, voltage fluctuations and vibrations.
- Convenience applications accounted for over 30% of the market volume in 2013. Growing emphasis on in-vehicle entertainment and comfort systems has triggered the use of relays for switching these devices. Installation of safety & security systems is expected to witness high growth over the forecast period owing to increased government regulation pertaining to vehicular safety, which in-turn is expected to drive relay installations. Use of relays in driver information systems is expected to increase significantly over the forecast period.
- Transformation of Asia Pacific into an automobile manufacturing hub has driven the automotive relay market in this region, which contributed to a considerable percentage of global shipments in 2013. The North American market is expected to witness steady growth over the forecast period.
- PCB relay manufacturers have tapped new potential markets and launched new product lines in order to diversify. Growing number of strategic alliances and mergers & acquisitions for gaining competitive advantage has been a highlight of the automotive relay industry.
More insights about Global Automotive Relay Market at http://www.grandviewresearch.com/industry-analysis/automotive-relay-market
For the purpose of this study, Grand View Research has segmented the global automotive relay market on the basis of product, application, and region:
Automotive Relay Product Outlook (Volume, Million Units & Revenue, USD Million; 2012 – 2020)
- PCB relay
- Plug-in relay
Automotive Relay Application Outlook (Volume, Million Units & Revenue, USD Million; 2012 – 2020)
- Powertrain Systems
- Body & Chassis
- Safety & Security
- Driver Information Systems
Automotive Relay Regional Outlook (Volume, Million Units & Revenue, USD Million; 2012 – 2020)
- North America
- Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519
Web: Grand View Research