Increasing usage of electronic equipment in the vehicles will majorly drive the automotive relay market over the next eight years. Rising demand for enhanced driving experience coupled with favorable regulatory framework regarding the vehicle safety across the globe has induced immense potential to the industry size. The industry players focus on the technological advancements in their products which have resulted in high replacement frequency of plug-in relays with PCBs, supporting the industry growth till 2024. Increasing speed of communication along with proliferating acceptance of smartphones across the globe will further propel the automotive relay market size.
Automotive relay provides the drivers with enhanced experience and greater safety. High acceptance of sophisticated electronic equipment has resulted in increased number of relays per vehicle.
PCBs are projected to acquire over 75% of the total automotive relay market till 2024. The high revenue generation is attributed to the rising demand for compact devices across the automobile industry. Moreover, benefits such as their high current carrying capacity and significant space saving due to the miniaturized will escalate the industry over the forecast timespan. Manufacturers of PCB relays focus on penetration into potential business and continuous innovations in their products to diversify their product line.
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Driver information demand from automotive relay crossed 200 million units in 2016. Increasing need of driver information systems (DIS) in vehicles for weather & traffic information, location services, etc., has favored the segment growth over the past few years and is anticipated to continue the same over the forecast time frame. Rising smartphone penetration will further foster the installation rate of these systems.
Convenience system, such as keyless entry system, electronic power steering, and sunroof control, require relays on a large-scale for providing efficient control. They are increasingly used in the safety and security systems, such as car security alarm and anti-lock braking systems (ABS), owing to the rising road safety concerns.
High demand of automotive PCB relays in Asia Pacific and Europe has induced an immense potential to the industry size. Stringent government regulations in Europe regarding incorporation of safety features into vehicles, replacement of obsolete technologies, and fuel efficiency standards will further gain an advantage in the automotive relay industry over the forecast time frame.
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Automotive relay manufacturers include Denso Corporation, Eaton Corporation, ABB, Microsemi Corporation, Fujitsu, and Omron Electronics. Major strategies adopted by the players are collaborations and partnerships with the automakers to uphold and increase the product sales. The supply chain includes raw material suppliers, manufacturers, and product suppliers, e-commerce, and end-users. Automotive relay manufacturers procure raw materials from different suppliers to minimize the risk of delay in manufacturing of the vehicles. Many automakers are dependent on a single supplier for procuring the standardized relays, primarily having long-term agreements signed with the suppliers. Th industry paticipants are mostly forward integrated involving manufacturing and distribution of the product.
Relay manufacturers focus on improving the product specifications to satisfy the ever-increasing need for enhanced car electronics and versatility in numerous relays for space saving and high voltage cut-off.