The global automotive relay market is
anticipated to reach USD 19.5 billion by 2025, according to a new report by
Grand View Research, Inc. Increasing vehicular safety regulations in various
regions across the globe is driving the automotive relay market. Further,
increasing adoption of electric vehicles amongst passenger car segment end
users has made automotive electronics including the automotive relay industry
to gain significant market share.
Systems such as advanced driver assistance
systems (ADAS), electronic stability control, electronic steering systems,
brake-by-wire systems, and airbags are gaining momentum across the globe, owing
to their safety and comfort benefits. Strict safety guidelines employ
substantial pressure on Tier-1 suppliers and the OEMs to design improved safety
systems for automobiles. According to General Safety Regulation (EC) No
661/2009 of Europe, from 1 November 2014, several new safety features have been
made obligatory for light trucks, heavy commercial vehicles and new passenger
cars. Furthermore, there is a growing demand for enhanced comfort and
convenience in automobiles.
Many governments provide lucrative offers
to promote the selling and usage of Electric Vehicles EVs. Tax benefits are
provided at the time of purchase. However, the extent of exemption depends on
the size of batteries used in the vehicle. In the United States, insurance
companies provide discounts on insurance policies to customers and utility
companies are offering low electricity rates. Also, few states offer credits to
electric vehicle manufacturers and buyers for their costs and purchase of
charging equipment. Many European countries follow incentive-based programs for
promoting EVs. Countries, like Germany and Austria, offer tax exemptions and
reductions.
Browse full report by Grand View
Research :
http://www.grandviewresearch.com/industry-analysis/automotive-relay-market
http://www.grandviewresearch.com/industry-analysis/automotive-relay-market
Further key findings from the report suggest:
·
The increasing vehicular safety norms
across the globe and growing adoption of electric passenger car vehicles
amongst end users are expected to drive the market.
·
Electric automotive parts have diversified
over the past decade, leading to an increase in the number of relays used as
switching devices as well as variation in the required features of each relay
·
Asia Pacific is a key revenue generating
region and captured a significant market share in 2016. The region exhibits a
high growth potential, which may be attributed to high vehicle demand in this
region.
·
The key players in the market include ABB
Group, Denso Corporation, Eaton Corporation plc, Fujitsu Limited, Hella KGaA
Hueck & Co. (HELLA).
Browse more reports of this category by Grand View
Research: https://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the
automotive relay market based on product, application, vehicle type and
regions:
Product Outlook (Revenue, USD Million; 2014 - 2025)
·
PCB Relay
·
Plug-in Relay
·
High Voltage Relay
·
Others
Vehicle Type Outlook (Revenue, USD Million; 2014 - 2025)
·
Passenger vehicles
·
Commercial vehicles
·
Electric vehicles
Application Outlook (Revenue, USD Million; 2014 - 2025)
·
Resistive loads
·
Capacitive loads
·
Inductive loads
Regional Outlook (Revenue, USD Million; 2014 - 2025)
·
North America
o U.S.
o Canada
o Mexico
·
Europe
o Germany
o UK
·
Asia Pacific
o China
o India
o Japan
·
South America
o Brazil
·
Middle East and Africa (MEA)
Access press release by
Grand View Research:
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.
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