Automotive relay market will observe a steady growth at 6.5% CAGR and is expected to surpass USD 14 billion by 2024 with shipments forecast to exceed 4 billion units.

Sellbyville, DE -- (SBWire) -- 10/31/2018 --The automotive relay market can be segmented based on application and products. Based on application, the driver information systems are projected to exhibit nearly 8% CAGR as the technology includes weather and traffic information, as well as navigation. Mandatory installation of safety and security systems such as theft protection system, car alarms, ABS is also expected to increase the industry demand.

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APAC automotive relay market is forecast to surpass USD 7 billion in revenue on account of substantial number of regional sales in the convenience application & powertrain system sectors and growth in vehicle production and increase in the domestic demand. Europe automotive relay market demand will showcase a sluggish behavior due to regional vehicle production trends.

Automotive relay market will observe a steady growth at 6.5% CAGR and is expected to surpass USD 14 billion by 2024 with shipments forecast to exceed 4 billion units. Vehicle manufacturers have established dedicated research facilities, and institutes for developing innovative products & technologies to help improve production processes specifically in the field of driver information systems, which, coupled with rapid technological advancements are helping drive the automotive relay market.

Increasing adoption of effective in-vehicle electronic equipment have increased the demand for relays required by the vehicles, thereby boosting the automotive relay market. Some of the essential safety devices used in the vehicles include on/off switches for airbags, energy-absorbing steering system, back up sensing system, head restraints, passenger sensing system, seatbelts, heads-up display, and electrochromatic mirrors. With the growing trend of miniaturization, plug-ins witness preference over the PCB based designs. However, the dearth of standardization measures may hamper the automotive relay market growth.

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The PCB relay industry is responsible for over 75% of the total demand and is anticipated to hold dominance over the forecast timeline. Plug-in products are expected to witness a significant growth over the forecast timeframe owing to their benefits to withstand extreme voltage fluctuations, vibrations and voltage fluctuations. These relays are an ideal choice for powertrain systems. However, many original equipment manufacturers have prioritized replacement of traditional products by smaller high quality miniature PCB relays to save space in the junction box which is helping the overall automotive relay market growth. In addition, the convenience application sector is projected to grow at a CAGR of 6.5% due to the demand for electronic power steering, interior lighting, keyless entry systems, communications, infotainment systems, seat control, sunroof control and mirror control in the industry.

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Companies operating in the industry include Denso, ABB Ltd., Eaton, American Zettler, Fujitsu, Daesung, Panasonic, Salzer electronics, Deltrol Controls, Nippon- Alegh, NEC Corporation, TE Connectivity, Omron, etc. M&As rank among the major growth strategies as companies look to achieve consolidation. Players are also focusing on new product developments to acquire high share. For instance, Cynergy3 Components Corp. launched a range of pressure transducers to support its existing flow sensors, reed relays and float switches.

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