Global Automotive Relay Market Was Valued At USD 15.0 Billion in 2020, Growing At a CAGR Of 6.0% During 2021-2027.

The global automotive relay market was valued at USD 15.0 billion in 2020 and is expected to reach USD 22.3 billion by 2027, growing at a CAGR of 6.0% during 2021-2027. The extensive adoption of electric content in passenger & commercial vehicles is supporting the upliftment in the growth of various applications that is further contributing towards the growth of global automotive relay market. 

Automotive relays of different shapes and sizes are used in both sea and land vehicles. The automotive relays have greater applicability in car alarm systems, flashlights, antennas, horns, anti-locking brake systems and intermittent wipers as a result to extensive demand automotive relay market is witnessing significant growth globally.

Increasing demand for luxury & comfort, extensive adoption of electric vehicles and vehicular safety technique are the key factors that are driving the growth of global automotive relay market. Several systems that require enhancing the safety feature of their vehicle along with providing comfort to the passengers can avail it by installing automotive relay systems. Moreover, increasing demand for comfort and safety system is another factor accentuating the demand of global automotive relay market.

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Geographically, Asia-Pacific is expected to generate largest revenue of by 2027. The APAC market is growing due to the extensive penetration of automobiles in emerging countries such as China along with implementation of safety principles. 

North America is anticipated to witness highest CAGR during the forecast period. The growth of automotive relay market in this region is attributed towards increasing investments attributed towards OEMs in order to create electric vehicles. 

Key players in the global automotive relay market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. The key players operating in automotive relay market are entering into strategic partnerships and alliances in order to gain competitive efficiencies. 

Some of the major players operating in the global automotive relay market are Mouser Electronics, Inc., Fujitsu, Omron Corporation, Eaton Corporation plc, Hella KGaA Hueck & Co., ABB Group, TE Connectivity Corporation, Denso Corporation, Panasonic Corporation, American Zettler, Nippon-Aleph, NEC Corporation, Daesung Electric, and Sharp Corporation.

Source: VynZ Research