November 23, 2021 09:15 EST | Source: Verified Market Research Verified Market Research
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Jersey City, New Jersey, November 23, 2021 (GLOBE NEWSWIRE) - Verified Market Research recently released a report, "Automotive Relay Market" by product (PCB relay, plug-in relay), by relay type (solid state relay) (SSR), hybrid and electromechanical), and by geography. According to the data of Verified Market Research, the global automotive relay market is worth 13.52 billion U.S. dollars in 2020 and is expected to reach 19.89 billion U.S. dollars by 2028, with a compound annual growth rate of 4.81% from 2021 to 2028.
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Global Automotive Relay Market Overview
Urbanization, pollution regulation, increasing popularity of charging stations, government incentives, and improvements in battery technology are some of the key factors driving the growth of global electric vehicle sales. The surge in demand for electric vehicles in Europe is mainly due to a supportive regulatory framework. Many countries have strengthened key policies such as carbon dioxide emission standards. In addition, many European governments have increased their subsidy programs for electric vehicles. As a result, generous subsidies, punitive legislation and shorter commuting times have all led to an increase in sales of electric vehicles in Europe. Therefore, with the increase in sales of electric vehicles worldwide, the demand for automotive relays is expected to increase. Some countries/regions offer incentives to switch to electric vehicles. This has been one of the key drivers of the rising adoption rate of electric vehicles in Europe.
However, many factors related to the design of different types of relays may hinder market growth during the forecast period. Electromagnetic relays have negative factors that affect the growth of market segments, such as noise during switching, arc formation, voltage surges during switching, and a limited shelf life that will hinder market growth.
The main players in the market are Fujitsu Co., Ltd., Denso Corporation, Panasonic Corporation, TE Connectivity Ltd., OMRON Corp., HELLA GmbH & Co. KGaA, Littelfuse Inc., Microchip Technology Inc., Xiamen Hongfa Sound Co., Ltd., Zettler Inc. of the United States, etc.
Verified Market Research has segmented the global automotive relay market based on product, relay type, and geographic location.
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