Electric vehicle relay market will exceed 16.79 billion in 2022
Market research firm markets and markets forecasts that the automotive relay market will grow from US $12.39 billion in 2017 to US $16.79 billion in 2022, with a compound annual growth rate of 6.2%. The main factors that stimulate the rapid value-added of the market are: the influence of the trend of automobile electrification, strict emission standards and fuel efficiency standards, the increasing demand for high-end and medium price passenger cars, and the increasing comfort and luxury applications of cars.
According to product types, relays can be divided into six categories: PCB Relay, plug-in relay, high voltage relay, protection relay, signal relay and time relay.
Hybrid electric vehicle (HEV) will become the largest application sector of electric vehicle relay market. In addition to electric motors and batteries, HEV also uses internal combustion engines to generate electricity. Therefore, compared with Bev and PHEV, the number of relays in HEV will increase. Relays used in electric vehicles have different voltage levels and power levels from 1kW to 5kW, depending on the application. For example, in ice passenger cars, the alternator is used to provide 12V power.
LCV will become the fastest growing application department of automotive relay. LCV production in North America is expected to grow rapidly. In the United States, LCV production is expected to increase from 3.3 million in 2017 to 4.4 million in 2022. OEM manufacturers focus on adding high-quality electronic functions to LCV, which stimulates the relay market of LCV. The application of heating air conditioning, automobile skylight, starting motor, power seat, door lock and so on in LCV models is gradually spreading out. It can be predicted that the relay market of the vehicle will grow at the fastest annual compound growth rate in the forecast period.
Asia Oceania will become the core region of automotive relay market and dominate the market. The region has China, Japan, South Korea, India and other countries with the highest automobile production in the world. According to publications by oica, an international organization, these countries accounted for about 53% of global automobile production in 2016. In addition, countries like China and India have become automobile manufacturing centers. India is also expected to be the fastest growing market due to the increase in per capita disposable income. Light vehicle sales in India showed a healthy development trend in the second quarter of 2016, with new models and compact SUVs driving the demand for vehicles.
The main players in the automotive relay market include te connectivity (Switzerland), Panasonic (Japan), Denso Corporation (Japan), Omron Corporation (USA) and American Zettler (USA).