Rockville, MD -- (SBWIRE) -- 03/27/2018 -- Automotive relays are electrically-operated switches that use electromagnets for mechanically operating a switch. Automotive relays are primarily available in two designs – Single-Pole, Single-Throw (SPST) and Single-Pole, Double-Throw (SPDT). Automotive relays can be produced in all shapes and sizes, and are generally used to enable a low amperage circuit that can switch on instruments such as headlights or A/C vents.
The Fact.MR report projects a steady growth for the global automotive relay market, expecting it to reach US$ 15.7 Bn value by the end of 2022.
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Resistance to change a challenge in automotive relay market
Vehicle suppliers and OEM's have taken cognizance of the fact that the need to shift to newer technologies will arise sooner or later. The rapid advancements in areas such as FCEV, BEV, and ICE have been recognized but there is a great degree of reluctance on the part of manufacturers to adopt to the 21st century. While ICE's have been naturalized to a great extent, technology has also impacted BEV's. The uncertainty is expected to continue for some time and this will impact the automotive relay market. The reluctance of end-users and automakers means that the influence of new technologies will be somewhat limited. The global automotive relay market is poised to grow to nearly US$ 15.7 billion in 2022, recording a healthy CAGR.
PCB relay and Plug-in relay have similar share in automotive relay market
The PCB relay segment of the automotive relay market is anticipated to grow with a robust CAGR and reach a value of US$ 9.3 billion in 2022. The revenue share of PCB relay segment is expected to gain traction at the end of 2017, while that of plug-in relay will also witness marginal changes. The plug-in relay segment should grow at a moderate CAGR and rise to a market value of US$ 6.4 billion at the end of the forecast period. APEJ is the largest regional contributor for both PCB relays and plug-in relays and it accounts for more than two-fifth of the automotive relay market in either case.
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PC most lucrative by vehicle type in automotive relay market
The PC segment of the automotive relay market is predicted to touch an impressive value over the course of the five year study, from US$ 8 billion in 2017 with a steady CAGR. The revenue share of PC segment is larger than both LCV as well as HCV's. APEJ represents the largest opportunity for PC segment in the automotive relay market as it is estimated to cross US$4.4 billion within five years. The LCV segment on the other hand, is projected to be worth slightly under US$ 4 billion in 2022. However, it would not be wise to entirely overlook the HCV segment in favour of PC's and LCV's as it also represents a healthy incremental opportunity in 2022. Even though it has a comparatively smaller revenue share, key stakeholders can derive customized products for HCV customers and achieve the desired level of success.
High CAGR in powertrain segment makes segment more attractive
The powertrain segment of the automotive relay market is likely to grow at a healthy CAGR from 2017-2022, making it more attractive for key stakeholders when compared to body and chassis, driver information system, and safety and security applications. With a relatively large revenue share and a potential market size of US$ 1.5 billion in APEJ alone by the end of the forecast period, manufacturers are naturally focusing their attention on powertrains.
Competition Tracking
Delphi Automotive Plc., HELLA KGaA Hueck & Co., Eaton Corporation PLC, TE Connectivity Ltd, Panasonic Corporation, Denso Corporation, Fujitsu Limited, and Infineon Technologies AG are key companies in the global automotive relay market, which are comprehensively profiled in the report.
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