29 November 2018, Global Automotive Relay Market is anticipated to reach USD 12 billion by 2020, as per a
new research report by Hexa research. Rising need for high-frequency signals in
automotive industry is expected to drive demand. These relays enhance driving
experience and provide greater safety for consumers. Escalating adoption rate
of sophisticated electronic equipment coupled straight government initiatives
regarding safety is likely to favor automotive relay market growth prospects.
However, lack of standardization in components is likely to challenge industry
participants.
PCB replay was the leading
product segment and was valued USD 5,500 million in 2013. It is expected to
gain significant market share and reach USD 8,500 million at a CAGR of 6% from
2014 to 2020. Miniaturization of electromechanical relays is likely to promote
its demand. Plug-in relays were the second largest product segment and
accounted for over 32% share of the overall revenue in 2013. Increasing usage
of electronic control modules along with electronic components are factors
responsible for demand growth.
Key report insights suggest:
- Global automotive relay market was valued
USD 8,372.0 million in 2013 and is likely to reach USD 12,584.5 million by 2020
growing with an estimated CAGR of 6.2% from 2014 to 2020.
- Global demand in convenience was USD
885.4 million in 2013 which is expected to reach USD 1,255.8 million by 2020,
growing at a CAGR of 5.3% from 2014 to 2020. Driver information is projected to
be fastest growing application segment and accounted for 5% of the industry
share in 2014 growing at an estimated CAGR of 6.7 % from 2014 to 2020.
Increasing communication coupled with smartphone proliferation is expected to
be the key driving force for the growth.
- Asia Pacific dominated the regional
demand with an estimated market share of 50% in 2013. This region is also
expected to be the fastest growing region, growing at a CAGR of 7% from 2014 to
2020. Availability of raw materials and low labor costs are driving factors for
the region. Europe is the second largest regional segment and is expected to
reach USD 2,733.3 by 2020.
- China is the largest contributor for
automated relay market growing at a CAGR of 6.5 over the forecast period. India
is expected to be the fastest growing region owing to increasing disposable.
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Reports @ https://www.hexaresearch.com/research-category/semiconductors-and-electronics-industry
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