Electric Vehicle Relay Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Electric Vehicle Relay Market
The electric vehicle relay market size was valued at USD 3.18 billion in 2022, and the market is now projected to grow from USD 5.34 billion in 2023 to USD 12.45 billion by 2030, exhibiting a CAGR of 16.6% during the forecast period of 2023-2030.
The COVID-19 pandemic significantly impacted the automotive relay industry, in particular in the course of 2020 and 2021, due to lockdowns and a sharp decline in automobile sales. However, electric automobile income, along with battery and hybrid fashions, progressed publish-June 2020, driving demand for EV relays. This market growth is expected to retain with new EV fashions and advancing era.
The adoption of advanced technology for protection and luxury in vehicles is boosting the automotive relay marketplace. Manufacturers are integrating greater relays into electronic structures because of the rising use of ADAS, which includes functions like adaptive cruise manipulate, lane-retaining help, and automatic emergency braking. These technologies beautify motive force safety and vehicle consolation, driving market growth.
The rising demand for higher switching capacity relays for electric and hybrid vehicles is boosting market boom. Manufacturers are enhancing relay performance, reliability, and lifespan to fulfill EV needs, focusing on high-voltage DC additives important for numerous applications like battery control and protection structures. The worldwide shift closer to renewable strength similarly drives the call for HVDC relays, increasing the market.
Comprehensive Analysis of Electric Vehicle Relay Market
The electric vehicle relay market growth is rising at an exponential rate due to its market segmentation. This marketplace enlargement successfully affords an in-depth local exam thinking about the dominant deliver and demand forces that effect the enterprise. These segmentations are methodically segregated by vehicle type analysis, by propulsion type analysis, by type analysis, by application analysis. By vehicle type analysis include, passenger car and commercial vehicle. By propulsion type analysis include, Battery Electric Vehicle (BEV) and Hybrid Vehicle (HV). By type analysis include, PCB relay and plug-in relay. By application analysis include, heating, lamps, solenoids, motors and pumps, and others.
The Asia Pacific region lead the electric vehicle relay market share by benefitting a market size of USD 1.63 billion in 2022 due to growing demand for electric vehicles in the region has created a favorable environment for developing and producing EV relays.
The pinnacle players inside the market play a critical function in the enterprise assuring market growth and placing marketplace requirements. These players include, Panasonic Corp. (Japan), TE Connectivity Ltd. (Switzerland), HELLA GmbH & Co. KGaA (Germany), Fujitsu Limited (Japan), Hongfa Technology Co Ltd. (China), Willow Technologies Limited (U.K.), Zettler Group (U.S.), Denso Corporation (Japan), Tara Relays Private Limited (India), Song Chuan Group Company (Taiwan), Jiangxi Weiqi Electric Co., Ltd. (China), Ningbo Forward (China), and Omron (Japan) these market players provide a level-playing competitive landscape.
In April 2023, Fujitsu Components America introduced the FTR-G3, a compact 14 VDC PCB automotive relay, ideal for limited-space applications and capable of switching 30 A for power windows, defoggers, seat heaters, lighting, and wipers.
Segmentation Table
Attribute Details
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 16.6% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Vehicle Type
Passenger Car
Commercial Vehicle
By Propulsion Type
Battery Electric Vehicle (BEV)
Hybrid Vehicle (HV)
By Type
PCB Relay
Plug-in Relay
By Application
Heating
Lamps
Solenoids
Motors and Pumps
Others
By Region
North America (By Vehicle Type, By Propulsion Type, By Type, By Application)
U.S.(By Vehicle Type)
Canada (By Vehicle Type)
Mexico (By Vehicle Type)
Europe (By Vehicle Type, By Propulsion Type, By Type, By Application)
U.K. (By Vehicle Type)
Germany (By Vehicle Type)
France (By Vehicle Type)
Rest of Europe (By Vehicle Type)
Asia Pacific (By Vehicle Type, By Propulsion Type, By Type, By Application)
China (By Vehicle Type)
India (By Vehicle Type)
Japan (By Vehicle Type)
Rest of Asia Pacific (By Vehicle Type)
Rest of the World (By Vehicle Type, By Propulsion Type, By Type, By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 4. Key Insights
- 4.1. Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- 4.2. Latest Technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Supply Chain Analysis
- 4.5. Quantitative Insights - Impact of COVID-19 Pandemic on Global Powersports Market
- 5. Global Powersports Market Analysis, Insights and Forecast, 2019-2032
- 5.1. 5.1 Key Findings / Definition
- 5.2. Market Analysis, Insights and Forecast - By Vehicle Type
- 5.2.1. ROVS
- 5.2.2. Heavyweight motorcycles
- 5.2.3. PWC (Jet skis)
- 5.2.4. Snowmobiles
- 5.3. Market Analysis, Insights and Forecast - By Application Type
- 5.3.1. On-Road
- 5.3.2. Off-Road
- 5.3.3. Others (water and Snow)
- 5.4. Market Analysis, Insights and Forecast - By Fuel Type
- 5.4.1. Gasoline
- 5.4.2. Diesel
- 5.4.3. Electric
- 5.5. Market Analysis, Insights and Forecast - By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Rest of the World
- 6. North America Powersports Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 6.1.1. ROVS
- 6.1.2. Heavyweight motorcycles
- 6.1.3. PWC (Jet skis)
- 6.1.4. Snowmobiles
- 6.2. Market Analysis, Insights and Forecast - By Application Type
- 6.2.1. On-Road
- 6.2.2. Off-Road
- 6.2.3. Others (water and Snow)
- 6.3. Market Analysis, Insights and Forecast - By Fuel Type
- 6.3.1. Gasoline
- 6.3.2. Diesel
- 6.3.3. Electric
- 6.4. Market Analysis, Insights and Forecast - By Country
- 6.4.1. U.S. (By Application Type)
- 6.4.2. Canada (By Application Type)
- 6.4.3. Mexico (By Application Type)
- 7. Europe Powersports Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 7.1.1. ROVS
- 7.1.2. Heavyweight motorcycles
- 7.1.3. PWC (Jet skis)
- 7.1.4. Snowmobiles
- 7.2. Market Analysis, Insights and Forecast - By Application Type
- 7.2.1. On-Road
- 7.2.2. Off-Road
- 7.2.3. Others (water and Snow)
- 7.3. Market Analysis, Insights and Forecast - By Fuel Type
- 7.3.1. Gasoline
- 7.3.2. Diesel
- 7.3.3. Electric
- 7.4. Market Analysis, Insights and Forecast - By Country
- 7.4.1. U.K. (By Application Type)
- 7.4.2. Germany (By Application Type)
- 7.4.3. France (By Application Type)
- 7.4.4. Rest of the Europe (By Application Type)
- 8. Asia Pacific Powersports Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 8.1.1. ROVS
- 8.1.2. Heavyweight motorcycles
- 8.1.3. PWC (Jet skis)
- 8.1.4. Snowmobiles
- 8.2. Market Analysis, Insights and Forecast - By Application Type
- 8.2.1. On-Road
- 8.2.2. Off-Road
- 8.2.3. Others (water and Snow)
- 8.3. Market Analysis, Insights and Forecast - By Fuel Type
- 8.3.1. Gasoline
- 8.3.2. Diesel
- 8.3.3. Electric
- 8.4. Market Analysis, Insights and Forecast - By Country
- 8.4.1. China (By Application Type)
- 8.4.2. Japan (By Application Type)
- 8.4.3. India (By Application Type)
- 8.4.4. South Korea (By Application Type)
- 8.4.5. Rest of APAC (By Application Type)
- 9. Rest of the World Powersports Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 9.1.1. ROVS
- 9.1.2. Heavyweight motorcycles
- 9.1.3. PWC (Jet skis)
- 9.1.4. Snowmobiles
- 9.2. Market Analysis, Insights and Forecast - By Application Type
- 9.2.1. On-Road
- 9.2.2. Off-Road
- 9.2.3. Others (water and Snow)
- 9.3. Market Analysis, Insights and Forecast - By Fuel Type
- 9.3.1. Gasoline
- 9.3.2. Diesel
- 9.3.3. Electric
- 9.4. Market Analysis, Insights and Forecast - By Country
- 10. Competitive Analysis
- 10.1. Global Market Rank Analysis (2023)
- 10.2. Competitive Dashboard
- 11. Company Profiles
- 11.1. Polaris Inc. (U.S.)
- 11.1.1. Overview
- 11.1.2. Products & Services
- 11.1.3. SWOT Analysis
- 11.1.4. Recent Developments
- 11.1.5. Strategies
- 11.1.6. Financials (Based on Availability)
- 11.2. Textron Inc. (U.S.)
- 11.2.1. Overview
- 11.2.2. Products & Services
- 11.2.3. SWOT Analysis
- 11.2.4. Recent Developments
- 11.2.5. Strategies
- 11.2.6. Financials (Based on Availability)
- 11.3. Artic Cat Inc. (U.S.)
- 11.3.1. Overview
- 11.3.2. Products & Services
- 11.3.3. SWOT Analysis
- 11.3.4. Recent Developments
- 11.3.5. Strategies
- 11.3.6. Financials (Based on Availability)
- 11.4. Honda Motor Co., Ltd. (Japan)
- 11.4.1. Overview
- 11.4.2. Products & Services
- 11.4.3. SWOT Analysis
- 11.4.4. Recent Developments
- 11.4.5. Strategies
- 11.4.6. Financials (Based on Availability)
- 11.5. BRP (Canada)
- 11.5.1. Overview
- 11.5.2. Products & Services
- 11.5.3. SWOT Analysis
- 11.5.4. Recent Developments
- 11.5.5. Strategies
- 11.5.6. Financials (Based on Availability)
- 11.6. Harley Davidson (U.S.)
- 11.6.1. Overview
- 11.6.2. Products & Services
- 11.6.3. SWOT Analysis
- 11.6.4. Recent Developments
- 11.6.5. Strategies
- 11.6.6. Financials (Based on Availability)
- 11.7. Kawasaki Heavy Industries, Ltd. (Japan)
- 11.7.1. Overview
- 11.7.2. Products & Services
- 11.7.3. SWOT Analysis
- 11.7.4. Recent Developments
- 11.7.5. Strategies
- 11.7.6. Financials (Based on Availability)
- 11.8. KYMCO (Taiwan)
- 11.8.1. Overview
- 11.8.2. Products & Services
- 11.8.3. SWOT Analysis
- 11.8.4. Recent Developments
- 11.8.5. Strategies
- 11.8.6. Financials (Based on Availability)
- 11.9. Suzuki Motor Corporation (Japan)
- 11.9.1. Overview
- 11.9.2. Products & Services
- 11.9.3. SWOT Analysis
- 11.9.4. Recent Developments
- 11.9.5. Strategies
- 11.9.6. Financials (Based on Availability)
- 11.10. Yamaha Motor Co., Ltd. (Japan)
- 11.10.1. Overview
- 11.10.2. Products & Services
- 11.10.3. SWOT Analysis
- 11.10.4. Recent Developments
- 11.10.5. Strategies
- 11.10.6. Financials (Based on Availability)
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