Sales Forecast of Automotive Relay Market Reveals Positive growth Through 2020-2026
Category: #business  By Rahul Varpe  Date: 2021-03-31
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Sales Forecast of Automotive Relay Market Reveals Positive growth Through 2020-2026

A surge in the number of collaborative strategies by major industry participants for aligning with the recent trends of autonomous driving and electric mobility is touted to drive the global automotive relay market through the forthcoming years. In 2019, Hella, a Lippstadt-based automotive lighting and electronics supplier, had initiated plans for the sale of its car relay business to an automotive relay manufacturer, Hongfa, based in China.

The transaction intended to correspond to the production and development activities of two Hella companies situated in Xiamen, China. The deal, involving an amount of around € 10 million, also brought about the transfer of 280 employees to Hongfa, which is one of the largest relay suppliers with total sales being around € 1.2 billion in 2018.

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According to the latest research by Global Market Insights Inc., the global automotive relay market size is projected to surpass USD 18 billion by 2024.

This growth is primarily attributed to the advent of nascent technology in the automobile sector which is likely to introduce advanced electronic devices over the ensuing years. The product is expected to offer multiple advantages comprising space consumption, intelligent transportation systems, and automobile safety, further assisting the improvement of efficiency, quality, functionality, flexibility, and production timetables.

Numerous developments in the areas of semiconductors and the Internet of Things are also poised to fuel the demand for various automotive relay types through the analysis period.

Few major trends propelling automotive relay market outlook comprise:

Surging government norms for the improvement of safety and security to boost automotive relay industry growth

The escalating formulation of government norms for the enhancement of safety and security in vehicles will drive the demand for automotive relay boxes and automotive relay panels through the anticipated period. The increasing number of regulatory mandates for the installation of automobile safety systems are further likely to augment automotive relay market share to a remarkable extent.

Considering an instance, numerous regulatory bodies such as the NHTSA (National Highway Traffic Safety Administration) in the U.S. have directed the obligatory installation of these devices in vehicles in the country. The incorporation of road safety features into fuel efficiency standards as well as automobiles by the European Commission is additionally expected to stimulate automotive relay industry outlook over the assessment period.

Increasing efforts toward improvement of automobile functioning to enhance business landscape

Prominent automotive relay manufacturers, comprising Denso Corporation, Fujitsu, Eaton Corporation, NEC Corporation, ABB, Sharp Corporation, Microsemi Corporation, Panasonic Corporation, Rectifier Corporation, and others, are focusing on product enhancements for the improvement of automobile functioning and driver experience.

These players are also witnessing intense competition in the areas of innovation, design expertise, and distribution channels. Several automakers have started paying attention to the reduction of the carbon footprint as a corporate priority, in turn boosting automotive relay market share over the forecasted period.

Additionally, the accreditation of numerous automotive relay manufacturers with standards including ISO/TS16949 for addressing the cost performance and overall quality management systems are further set to support ongoing improvements through the coming years.

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Escalating demand for high switching capacity to impel powertrain systems segment growth

The susceptibility of powertrain systems to frequent voltage fluctuations and high surge loads has been creating the requirement for higher switching capacity, further bolstering automotive relay product demand over the anticipated span.

The powertrain systems segment is estimated to account for a commendable share of almost 23.5 per cent through the projected period. This contribution is attributed to the high deployment of plug-in relays owing to numerous features such as the capability to sustain vibrations, elevated temperatures, and fluctuations.

On the whole, rising number of advancements in high contact capability development and miniaturization for addressing various car relay problems are likely to escalate automotive relay industry size, stimulating revenue expansion through the ensuing years.

Table of Contents (ToC) of the report:

Chapter 1    Methodology & Scope

1.1    Methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry Insights and validation

1.1.4    Scope, definitions, and forecast parameters    Definitions    Vehicle Production Methodology    Market Engineering    Estimated automobile production capacity of various countries in 2015    Key information gained from primary sources    To further validate our research, there had been a vivid study on automobile pricing in various countries    Forecast and parameters

1.2    Data Sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2    Automotive Relay Market Summary

2.1    Automotive relay industry 3600 synopsis, 2012 – 2024

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Application trends

2.1.4    Regional trends

Chapter 3    Automotive Relay Market Insights

3.1    Industry segmentation

3.2    Industry landscape, 2012 – 2024

3.3    Industry ecosystem analysis

3.3.1    Raw material suppliers

3.3.2    Manufacturers

3.3.3    Profit margin analysis

3.3.4    Distribution channel analysis    B2B    Aftermarket

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About Author

Rahul Varpe    

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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