High demand of automotive PCB relays in Asia Pacific and Europe has induced an immense potential to the automotive relay market size. Stringent government regulations in Europe regarding incorporation of safety features into vehicles, replacement of obsolete technologies, and fuel efficiency standards will further gain an advantage in the automotive relay market over the forecast time frame.
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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PCBs are projected to acquire over 75% of the total automotive relay market till 2024. The high revenue generation is attributed to the rising demand for compact devices across the automobile industry. Moreover, benefits such as their high current carrying capacity and significant space saving due to the miniaturized will escalate the industry over the forecast timespan. Manufacturers of PCB relays focus on penetration into potential business and continuous innovations in their products to diversify their product line.
Industry Growth drivers:
1 Considerable automobile safety regulations
2 Growing electronic content in vehicles
Driver information demand from automotive relay market crossed 200 million units in 2016. Increasing need of driver information systems (DIS) in vehicles for weather & traffic information, location services, etc., has favored the segment growth over the past few years and is anticipated to continue the same over the forecast time frame. Rising smartphone penetration will further foster the installation rate of these systems. Powertrain systems is anticipated to account for approx. 23.5% automotive relay market revenue share during forecast period due to high usage of plug-in relays in these systems.
The extensive demand for highly customized, tech-driven relays in passenger & commercial cars is certain to propel automotive relay market to greater heights. In recent times, subject to the massive growth in the domains of power electronics, consumer electronics, telecom, defense & aerospace, and medical electronics, the deployment of general purpose relays has nevertheless, been observing an exponential rise. Furthermore, the advent of IoT has commendably impacted the penetration of automotive relay industry in particular, given the rapid next-gen advancements in the automotive sector, such as vehicle electrification, connected cars, and autonomous driving.
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Convenience system, such as keyless entry system, electronic power steering, and sunroof control, require relays on a large-scale for providing efficient control. They are increasingly used in the safety and security systems, such as car security alarm and anti-lock braking systems (ABS), owing to the rising road safety concerns.
Automotive Relay Market by Product
- PCB Relay
- Plug-in Relay
Automotive Relay Market by Application
- Powertrain systems
- Body and chassis
- Safety & Security
- Driver information
The presence of prominent automobile manufacturers in the North America is expected to substantially increase the product demand in the region. Research in fact, claims North America automotive relay market to grow at a rate 5% over the coming seven years, having amassed a revenue of more than USD 2 billion in 2016. The rapidly growing demand for relays, especially in the automotive aftermarket in countries such as Mexico is expected to massively augment the regional business expansion.
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Automotive relay manufacturers include Denso Corporation, Eaton Corporation, ABB, Microsemi Corporation, Fujitsu, and Omron Electronics. Major strategies adopted by the players are collaborations and partnerships with the automakers to uphold and increase the product sales. The supply chain includes raw material suppliers, manufacturers, and product suppliers, e-commerce, and end-users.