Automotive Relay Market Size, Share & Trends Analysis Report By Product (PCB Relay, Plug-in Relay, High Voltage Relay, Others), By Vehicle Type, By Application (Resistive Loads, Capacitive Loads, Inductive Loads), By Region, And Segment Forecasts, 2023 -

Automotive Relay Market Size, Share & Trends Analysis Report By Product (PCB Relay, Plug-in Relay, High Voltage Relay, Others), By Vehicle Type, By Application (Resistive Loads, Capacitive Loads, Inductive Loads), By Region, And Segment Forecasts, 2023 - 2030

Automotive Relay Market Growth & Trends

The global automotive relay market size is expected to reach USD 24.97 billion by 2030, registering a CAGR of 8.1% during the forecast period, according to a new report by Grand View Research, Inc. Increasing vehicular safety regulations in various regions across the globe is driving the automotive relay market. Further, increasing adoption of electric vehicles amongst passenger car segment end users has made automotive electronics including the automotive relay industry to gain significant market share.

Systems such as advanced driver assistance systems (ADAS), electronic stability control, electronic steering systems, brake-by-wire systems, and airbags are gaining momentum across the globe, owing to their safety and comfort benefits. Strict safety guidelines employ substantial pressure on Tier-1 suppliers and the OEMs to design improved safety systems for automobiles. Furthermore, there is a growing demand for enhanced comfort and convenience in automobiles.

Many governments provide lucrative offers to promote the selling and usage of Electric Vehicles EVs. Tax benefits are provided at the time of purchase. However, the extent of the exemption depends on the size of the batteries used in the vehicle. In the United States, insurance companies provide discounts on insurance policies to customers, and utility companies are offering low electricity rates. Also, few states offer credits to electric vehicle manufacturers and buyers for their costs and purchase of charging equipment. Many European countries follow incentive-based programs for promoting EVs. Countries, like Germany and Austria, offer tax exemptions and reductions.

Automotive Relay Market Report Highlights

• The increasing vehicular safety norms across the globe and the growing adoption of electric passenger car vehicles amongst end-users are expected to drive the market.
• Electric automotive parts have diversified over the past decade, leading to an increase in the number of relays used as switching devices as well as variation in the required features of each relay
• Asia Pacific is a key revenue-generating region and captured a significant market share in 2022. The region exhibits a high growth potential, which may be attributed to high vehicle demand in this region.

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