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Increasing Modernization of Vehicles to Impact the Relay Market

Increasing Modernization of Vehicles to Impact the Relay Market

The LCV relay segment is projected to grow at the fastest growth rate during the forecast period from 2017 to 2022. The North America region is estimated to witness a high growth in LCV production. In the U.S., the LCV production is projected to increase from 3.3 million units in 2017 to 4.4 million units by 2022. OEMs are focused on adding premium electronic features in LCVs, which influences the relay market for LCV segment. The adoption of applications such as HVAC, sunroof, starter motor, power seats, door lock, and others is also increasing at high growth rates. Hence, the relay market for this vehicle segment is estimated to grow at the fastest CAGR during the forecast period.

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Premium Car Segment to Have the Largest Market Size in the Automotive Relay Market

Premium Car Segment to Have the Largest Market Size in the Automotive Relay Market

The automotive relay market is projected to grow at a CAGR of 6.20% during the forecast period, to reach a market size of USD 16.75 Billion by 2022. The key factors driving the market are increasing demand for vehicle electrification and increasing sales of electric and hybrid vehicles, leading to increased demand for high voltage relays.

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Increasing Electrical & Electronic Applications to Drive the global Market

Increasing Electrical & Electronic Applications to Drive the global Market

The HEV segment is estimated to hold the largest market size in the electric vehicle relay market in 2017. HEVs have a combustion engine in addition to the electric motor and battery. On the other hand, in a BEV, the combustion engine gets replaced with an electric motor. Hence, in HEVs, the normal electronic applications will continue to exist along with a few additional electronic applications. Hence, the number of relays will increase in HEVs as compared to BEVs and PHEVs. The relays employed in electric vehicles have different voltage levels, with the power rating ranging from 1kW to 5kW depending on the application.

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