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Electric cars are too hot, the automotive relay market will exceed 16.79 billion in 2022

Electric cars are too hot, the automotive relay market will exceed 16.79 billion in 2022

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  • Time of issue:2020-09-29 09:49
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Electric cars are too hot, the automotive relay market will exceed 16.79 billion in 2022

(Summary description)Market research firm marketsandmarkets predicts that the automotive relay market will grow from USD 12.39 billion in 2017 to USD 16.79 billion in 2022, with a compound annual growth rate of 6.2% durin

  • Categories:Company News
  • Author:
  • Origin:
  • Time of issue:2020-09-29 09:49
  • Views:0
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Market research firm marketsandmarkets predicts that the automotive relay market will grow from USD 12.39 billion in 2017 to USD 16.79 billion in 2022, with a compound annual growth rate of 6.2% during the period. The main factors stimulating the rapid value-added of the market are: the influence of the trend of automobile electrification, strict emission regulations and fuel efficiency standards, the increasing demand for high-end and medium-priced passenger cars, and the increase in car comfort and luxury applications.

According to product types, relays can be divided into 6 categories: PCB relays, plug-in relays, high voltage relays, protection relays, signal relays, and time relays.

Hybrid electric vehicles (HEV) will become the largest application sector in the electric vehicle relay market. In addition to electric motors and batteries, HEVs also use internal combustion engines to generate electricity. Therefore, compared with BEV and PHEV, the number of relays in HEV will increase. Relays used in electric vehicles have different voltage levels, with power levels ranging from 1kW to 5kW, depending on the application. For example, in ICE passenger cars, an alternator is used to provide 12V power.

LCV models will become the fastest growing application sector for automotive relays. LCV production in North America is expected to grow rapidly. In the United States, LCV production is expected to increase from 3.3 million units in 2017 to 4.4 million units in 2022. OEM manufacturers focus on adding high-quality electronic functions to the LCV, which stimulates the relay market in the LCV part. The application of heating and air conditioning, car sunroofs, starter motors, power seats, door locks and other applications in LCV models is gradually spreading. It can be expected that the relay market of this vehicle will grow at the fastest average annual compound growth rate during the forecast period. .

Asia-Oceania will become the core region of the automotive relay market and dominate the market. The region has countries with the highest auto production in the world, including China, Japan, South Korea and India. According to the publication of the International Organization of International Organizations (OICA), these countries contributed about 53% of global automobile production in 2016. In addition, countries like China and India have become automobile manufacturing centers. As per capita disposable income increases, India is also expected to become the fastest growing market. India's light vehicle sales showed a healthy development trend in the second quarter of 2016, and new models and compact SUVs are driving demand for cars.

Major players in the automotive relay market include: TE Connectivity (Switzerland), Panasonic (Japan), Denso Corporation (Japan), Omron Corporation (United States) and American Zettler (United States) and other automotive relay manufacturers.

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