Market Size of Automotive Relay Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | 5.22 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive Relay Market Analysis
The automotive relay market is expected to register a CAGR of over 5.22% during the forecast period 2022-2027.
The COVID-19 pandemic has disrupted the automotive parts ecosystem owing to halted manufacturing of automobile units across the globe. The sluggish demand during the pandemic resulted in flattening the annual revenue curve of major relay manufacturers. However, after Q2 2021, the market has seen demand grow. In 2022, the market is expected to regain its growth and set new highs.
· The consistent rise in the demand for fuel-efficient vehicles and technological advancements in vehicle electronics are major driving factors for the growing demand for relays in automobiles.
· The demand for advanced relays with light-weight and high-performance characteristics is compelling manufacturers to invest in producing more solid-state relays, compared to traditional heavy electromechanical relays, owing to the growing demand for hybrid and electric vehicles in the region.
· The market for automotive relays is highly competitive due to the presence of both international and domestic relay suppliers in the region. The companies are investing heavily in R&D projects and launching new products.
