At 4% Gains, Automotive Relay Market to Value US$18bn by 2024 | Dominating Manufacturers: Fujitsu Global, NEC Corporation, Panasonic, TE Connectivity, DENSO, Eaton, ABB
Global Market Insights, Inc. quotes, "High demand of automotive PCB relays in APAC and Europe has induced an immense potential to the automotive relay market demand."
SELBYVILLE, Del., Oct. 23, 2018 /PRNewswire-PRWeb/ -- Powertrain systems are anticipated to account for 23%+ automotive relay market revenue share over the forecast timeline owing to high usage of plug-in relays in these systems. Plug-in relays are preferred in powertrain systems due to its features such as ability to sustain in elevated temperatures, fluctuations, and vibrations. The powertrain systems are susceptible to frequent voltage fluctuations along with high surge loads, thus require high switching capacity, and escalating the industry demand over the next eight years.
Convenience systems holds the highest industry revenue share and will continue its dominance over the forecast timeframe. The modern HVAC systems in vehicles are equipped with numerous switches for the ease of driver. In 2016, convenience systems accounted for over 34% of the automotive relay market share in terms of unit shipments.
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Convenience system, such as keyless entry system, electronic power steering, and sunroof control, require relays on a large-scale for providing efficient control. They are increasingly used in the safety and security systems, such as car security alarm and anti-lock braking systems (ABS), owing to the rising road safety concerns.
PCBs are projected to acquire over 75% of the worldwide automotive relay market till 2024. The high revenue generation is attributed to the rising demand for compact devices across the automobile industry. Moreover, benefits such as their high current carrying capacity and significant space saving due to the miniaturized will escalate the industry over the forecast timespan. Manufacturers of PCB relays focus on penetration into potential business and continuous innovations in their products to diversify their product line.
High demand of automotive PCB relays in Asia Pacific and Europe has induced an immense potential to the automotive relay market size. Stringent government regulations in Europe regarding incorporation of safety features into vehicles, replacement of obsolete technologies, and fuel efficiency standards will further gain an advantage in the automotive relay industry over the forecast time frame.
Driver information demand from automotive relay crossed 200 million units in 2016. Increasing need of driver information systems (DIS) in vehicles for weather & traffic information, location services, etc., has favored the segment growth over the past few years and is anticipated to continue the same over the forecast time frame. Rising smartphone penetration will further foster the installation rate of these systems.
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North America automotive relay market was valued at over USD 2 billion in 2016 and is expected to exhibit 5% CAGR in the projected time line owing to the matured automobile industry in the region. Moreover, the presence of well-established players will strengthen the regional business position over the next eight years. Rising product aftermarket demand from countries like Mexico will further induce immense potential to the automotive relay market growth rate till 2024.
Automotive relay market manufacturers include Denso Corporation, Eaton Corporation, ABB, Microsemi Corporation, Fujitsu, and Omron Electronics. Major strategies adopted by the players are collaborations and partnerships with the automakers to uphold and increase the product sales. The supply chain includes raw material suppliers, manufacturers, and product suppliers, e-commerce, and end-users. Automotive relay manufacturers procure raw materials from different suppliers to minimize the risk of delay in manufacturing of the vehicles. Many automakers are dependent on a single supplier for procuring the standardized relays, primarily having long-term agreements signed with the suppliers. Th industry paticipants are mostly forward integrated involving manufacturing and distribution of the product.
Relay manufacturers focus on improving the product specifications to satisfy the ever-increasing need for enhanced car electronics and versatility in numerous relays for space saving and high voltage cut-off.
Browse key industry insights spread across 365 pages with 360 market data tables & 9 figures & charts from the report, "Automotive Relay Market Size By Product (PCB Relay, Plug-in Relay), By Application (Powertrain Systems, Body & Chassis, Convenience, Safety & Security, Driver Information) Industry Analysis Report, Regional Outlook (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-relay-market
Table of Contents (ToC) of the report:
Chapter 5 Automotive Relay Market, By Application
5.1 Global automotive relay market share by application, 2016 & 2024
5.2 Powertrain systems
5.2.1 Market estimates and forecast for powertrain systems, 2012 – 2024, (Million Units) (USD Million)
5.2.2 Market estimates and forecast for powertrain systems by region, 2012 – 2024, (Million Units) (USD Million)
5.3 Body & chassis
5.3.1 Market estimates and forecast for body & chassis, 2012 – 2024, (Million Units) (USD Million)
5.3.2 Market estimates and forecast for body & chassis by region, 2012 – 2024, (Million Units) (USD Million)
5.4 Convenience
5.4.1 Market estimates and forecast for convenience, 2012 – 2024, (Million Units) (USD Million)
5.4.2 Market estimates and forecast for convenience by region, 2012 – 2024, (Million Units) (USD Million)
5.5 Safety & security
5.5.1 Market estimates and forecast for safety & security, 2012 – 2024, (Million Units) (USD Million)
5.5.2 Market estimates and forecast for safety & security by region, 2012 – 2024, (Million Units) (USD Million)
5.6 Driver information
5.6.1 Market estimates and forecast for driver information, 2012 – 2024, (Million Units) (USD Million)
5.6.2 Market estimates and forecast for driver information by region, 2012 – 2024, (Million Units) (USD Million)
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-relay-market
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