Theautomotive relay market is expected to growby USD 3.27 billion during 2020-2024, according to the latest market researchreport by Technavio.
Advancement in technology, innovation, and design, in the automotiveindustry, has resulted in an increase in the demand for better features, safetydevices, and infotainment systems. Moreover, the rise in the number of injuriesand deaths from road accidents has induced regulatory bodies across the worldto implement regulations mandating the integration of various safety devices invehicles. Safety devices, such as airbags, power windows, theft protectionequipment, defogging systems, and windshield wiping systems, have becomeessential components of every automobile. Automotive relays play a significantrole in the functionality of these safety systems. Thus, the increase in numberof electronic systems and safety equipment will drive the growth of the market.
As per Technavio, the development of smart relays will have a positiveimpact on the market and contribute to its growth significantly over theforecast period. This research report also analyzes other significant trendsand market drivers that will influence market growth over 2020-2024.
Automotive Relay Market : Development of Smart Relays
The constantly changing demand and expectations of customers are drivingthe automotive market to innovate and develop new products. As a result, themarket has witnessed the development of intelligent relays that perform manytasks in a single timeframe and eliminate the need for multiple relays, timers,and push-buttons. The intelligent/smart relay can support around 12 to 320inputs, making it more efficient and effective. The intelligent vehicles areequipped with small, powerful, and easy-to-program intelligent relays. Therelays are freely configurable, programmable, and help to enable variousapplications in a single vehicle. The intelligent relays are programmed beforeinstallation, which ensures that all the integrated relays are tested for theirreliability, durability, and consistency. The development of smart relays isexpected to drive the growth of the market during the forecast period.
Automotive Relay Market: Segmentation Analysis
This market research report segments the automotive relay market byproduct (PCB relays and plug-in relays), and geography (North America, APAC,Europe, South America and MEA).
The APAC region led the automotive relay market in 2019, followed byEurope, North America, MEA and South America. During the forecast period, theAPAC region is expected to register the highest incremental growth due to asthe increase in sales of PVs and medium and heavy commercial vehicles.
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