North America automotive relay market to exhibit 5% CAGR in the projected time line owing to the matured automobile industry in the region.

Sellbyville, DE -- (SBWire) -- 01/29/2019 --Automotive Relay Market to grow at over 4% CAGR with USD 18 billion by 2024.Powertrain systems are anticipated to account for approximately 23.5% automotive relay market revenue share over the forecast timeline owing to high usage of plug-in relays in these systems. Plug-in relays are preferred in powertrain systems due to its features such as ability to sustain in elevated temperatures, fluctuations, and vibrations. The powertrain systems are susceptible to frequent voltage fluctuations along with high surge loads, thus require high switching capacity, and escalating the industry demand over the next eight years.

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For the uninitiated, relays are mainly deployed in safety & security systems, convenience systems, powertrains, and body electronics and ADAS systems to enhance their efficiency. Convenience systems, in fact, are specifically expected to mark a footprint in automotive relay industry over the coming seven years. As per estimates, in 2016, convenience systems procured almost 34% of the overall automotive relay market in terms of shipments. Driven by the surging demand for space saving, large switching capacity, electronic power steering, high level of compatibility, sunroof control, and infotainment, it has been forecast that convenience system would continue to be a major revenue pocket for automotive relay industry in the coming years.

Automotive Relay Market by Application

Powertrain systems
Body and chassis
Convenience
Safety & Security
Driver information

With the emergence of smart tech, of late, it has been observed that automotive giants are increasingly concentrating on forging strong alliances to bring innovations in their vehicle model with regards to lightweight materials, power trains, active safety & assisted driving, and connectivity. Citing an instance, Magna International has recently teamed up with China based Huayu Automotive Systems, in a bid to strengthen its footprint in China market. Reportedly, the deal comes of the heels of their planning to produce electric drive powertrain systems for a renowned German automaker. Needless to say, with increasing automotive players' focus on integrating powertrain technology in the designing of the vehicle, automotive relay market from this particular vertical is sure to gain remarkable proceeds in the ensuing years.

North America industry was valued at over USD 2 billion in 2016 and is expected to exhibit 5% CAGR in the projected time line owing to the matured automobile industry in the region. Moreover, the presence of well-established players will strengthen the regional business position over the next eight years. Rising product aftermarket demand from countries like Mexico will further induce immense potential to the automotive relay market growth rate till 2024.

Asia Pacific automotive relay market is anticipated to dominate the industry revenue share over the forecast timeframe. This growth is attributed to increased vehicle manufacturing across the region, especially in emerging economies including India, China, and Indonesia. China is a substantial contributor in the regional industry revenue generation. Increasing automobile production coupled with rising domestic demand will propel the country's share over the projected time span.

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Merely a month ago, Japan's automotive behemoths, Toyota, Mazda, and Denso joined hands to develop battery-powered cars for reducing GHG emissions and improving the overall vehicle performance. Pursuing the path set by these giants, other automobile manufacturers have also been incorporating connected technologies in passenger vehicles, light trucks, minivehicles, and SUVs. The automotive sector, with the proliferation of smart tech, has been emerging as a transformative new domain, as automobile manufacturers have been keenly bringing about innovation in lightweight materials, power trains, active safety & assisted driving, and connectivity, which would ultimately create lucrative avenues for automotive relay industry.

ABB, TE Connectivity, Cynergy3 Components Corporation, Denso Corporation, Fujitsu, Eaton Corporation, Omron Corporation, Littelfuse, and NEC Corporation are among the prominent players in the automotive relay market share. Other notable players include Idec Corporation, Panasonic Corporation, Relpol, Sharp Corporation, Salzer Electronics, Microsemi Corporation, and Rectifier Corporation.

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