Global EV Relay Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global EV Relay Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

EV relays are electrical switches in electric vehicles that are operated by a computer or control module to provide various electrical functions to the vehicle. The EV relay controls the circuit according to the electromagnetic principle, automatically turns on and off the circuit at a specific time, can effectively act as a switch or amplifier of the current, maintain the DC voltage in the system and control the power level in harsh environments. EV relays are used in many vehicle components such as dashboard lights, headlights, engine and car heaters, etc.

Market Overview:

The latest research study on the global EV Relay market finds that the global EV Relay market reached a value of USD 1937.28 million in 2022. It’s expected that the market will achieve USD 10882.89 million by 2028, exhibiting a CAGR of 33.33% during the forecast period.

The electric vehicle industry is booming

The rapid development of the electric vehicle industry has driven the market demand for EV relays. Due to the global shortage of fossil fuels and increasingly stringent carbon emission requirements, the automotive industry has chosen to develop electric vehicles to switch to renewable energy sources such as electricity. The U.S. Department of Energy pointed out that electric vehicles can convert more than 77% of electrical energy into power for the wheels, while traditional gasoline vehicles can only convert about 12%–30% of the energy stored in gasoline into power. Moreover, electricity from nuclear, hydro, solar or wind power plants does not produce air pollutants, better able to meet today's sustainable development requirements. Electric motors run quieter and smoother than internal combustion engines, and are economical with low maintenance. In addition, the tax rebates and car purchase subsidy policies adopted by governments of various countries are conducive to their market expansion. The Biden administration in the United States has proposed a goal of electric vehicles accounting for 50% of all car sales in the United States by 2030, and the bipartisan infrastructure law invested $7.5 billion to establish a national network of 500,000 electric vehicle chargers. Electric vehicles need to be equipped with EV relays to run the circuit, so the growing sales of electric vehicles will continue to drive the development of EV relay industry.

Rising importance of car safety

Consumers' emphasis on vehicle safety is conducive to the development of the electric vehicle relay industry. According to the World Health Organization report in 2022, about 1.3 million people die in road traffic accidents every year, and the losses caused by road traffic accidents account for 3% of the gross domestic product of most countries. In order to reduce traffic accidents caused by automobiles, the automobile industry is vigorously developing advanced driver assistance systems and semi-autonomous driving systems, using computer networks to realize early warning and building a safer driving system. Relays are important modules in automotive automation systems. It can play an important role such as automatic deceleration, automatic start of headlights when the wiper is started, and start of the anti-collision mechanism when the front and rear distances are too close, improving the stability of the driver's control of the vehicle. In addition, relay companies are also constantly developing more advanced products to improve vehicle safety. In May 2022, TI demonstrated a new solid-state relay for EV safety that can make high-voltage automotive systems operate safer by disconnecting and connecting loads in microseconds through a single isolation barrier. Therefore, increasing safety requirements for electric vehicles will drive the growth of electric vehicle relay market share.

Electronic devices used in cars increase

With the continuous enhancement of personal consumption ability, the market demand for mid-to-high-end cars is constantly expanding, and mid-to-high-end cars often have more electronic devices to ensure the comfort of users. Electronics account for 40 percent of the total cost of a new car, according to Deloitte analysis, a proportion that will continue to increase as the trend of automotive interiors shifting from mechanical to electronic components intensifies. In equipment such as power seats, power folding mirrors, adaptive cruise control systems, infotainment systems, and passive entry systems, relays are needed to complete safe and reliable circuit switching. 2022 Omron's G8PM Relay Relay is a unique P-in relay to PCB relay replacement on the market for applications such as seat heaters, door locks, seat controls and defrosters in commercial vehicles. The automotive industry will shift from hardware dominance to software dominance to achieve higher levels of automation for automakers, which is conducive to market expansion for electric vehicle relays.

Region Overview:

In 2021, the share of the EV Relay market in Asia Pacific stood at 69.57%.

Company Overview:

Panasonic, Xiamen Hongfa Electroacoustic, Denso were the top 3 players in the EV Relay market in 2022, taking up a market share of 66.23% together.

Segmentation Overview:

By type, Main Relay segment accounted for the largest share of market in 2021.

Application Overview:

By application, the BEV segment occupied the biggest share from 2017 to 2022.

Key Companies in the global EV Relay market covered in Chapter 3:

Denso
TE Connectivity
Song Chuan Precision
Sanyou Relays
Sensata
Shanghai SCII
Panasonic
Shenzhen Busbar
Xiamen Hongfa Electroacoustic
BYD
Omron
YM Tech

In Chapter 4 and Chapter 14.2, on the basis of types, the EV Relay market from 2018 to 2029 is primarily split into:

Main Relay
Quick Charge Relay
Auxiliary relay
Pre-charge Relays
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the EV Relay market from 2018 to 2029 covers:

BEV
PHEV

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)