Electronics is an important facet in modern vehicles. Advances in automotive technology has led to the adoption of new-age electronic systems in both passenger and commercial vehicles. The factors mentioned above have created significant market opportunities for relays in the automotive sector.

Segmental Analysis

Segmental analysis of the Automotive Relay Market has been conducted based on electric vehicle type, load type, type and region.

On the basis of electric vehicle type, the market has been segmented into battery electric vehicle, plug-in hybrid electric vehicle and hybrid electric vehicle. On the basis of load type, protective, time, high volt, PCB and plug-in. The PCB segment is expected to exhibit a strong growth in the projected future. PCB relays have a broad application range which covers electric steering, cruise control, sunroof and power windows. Preference for PCB relay is also on the rise owing to its heavy-duty performance capacity.

Regional Analysis

The market has been covered across Asia Pacific (APAC), North America, the Middle East & Africa (MEA), South America and Europe. Of these, the market is expected to remain most attractive in APAC. During the forecast period, the APAC automotive relay market is set to exhibit an impressive. Growth of the automotive manufacturing sector in China coupled with the rising sales of vehicles is supporting the market in Asia Pacific. Rising standard of living, increased per-capita income and rapid urbanization are factored in as well. In recent years, domestic production of commercial and passenger vehicles has increased significantly in Asia.

North America is likely to retain its second spot in the global automotive relay market over 2023. Presence of various prominent OEMs in the region provides an impetus to the North America automotive relay market. Moreover, increased focus towards invigorating domestic production is likely to create market opportunities during the forecast period.

Competition Analysis

Some of the top-notch companies functioning in the market include Omron Corporation (Japan), Fujitsu (Japan), Denso Corporation (Japan), ABB Group (Switzerland), Sharp Corporation