Global automotive relay market is expected to reach around US $18.46 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, the major factors that primarily drive the automotive relay market growth include growth of the global automotive industry, as well as the surging demand for electric vehicles. The increasing demand for luxury and comfortable automobiles along with strict government regulations pertaining to vehicular safety would also boost the adoption of automotive relay systems, thus augmenting market share.
Other factors driving automotive relay market growth are rising disposable income, changing lifestyles, and advancements in technology. New emerging markets, evolving consumer demographics, and strict government regulations would present industry majors in the automotive relay market with new opportunities over the ensuing years.
In terms of regional growth, the Asia-Pacific market captured the highest share in the worldwide automotive relay market in 2017. Key factors anticipated to drive growth in the region include established automotive industry, high investment in R&D, and technological advancements. The imposition of stringent government mandates for vehicular and road safety will also accelerate the adoption of automotive relays in the coming years.
Furthermore, economic growth in developing countries such as China and India will further spur the adoption of automotive relays in the region. Expansion of global players in these countries in a bid to tap market potential would also boost industry outlook. The high penetration of electric vehicles within the region will further encourage the adoption of automotive relays.
For the record, Asia-Pacific leads the global electric vehicle market owing to its burgeoning population of vehicles and increasing adoption of vehicular emission standards. Furthermore, concerns pertaining to intensifying pollution levels have also fast-tracked the adoption of electric vehicles, thereby augmenting automotive relay market share in the region, cites the report.
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The industry majors profiled in the global automotive relay market report comprise of Delphi Automotive PLC, Fujitsu Limited, Denso Corporation, ABB Group, Hella KGaA Hueck & Co., Eaton Corporation, Robert Bosch GmbH, Siemens AG, NEC Corporation, and TE Connectivity Ltd. The growth strategies employed by these companies consist of new product launch and collaborations with other market leaders in order to innovate and introduce new products to fulfill the evolving consumer demands.
The report also delivers a comprehensive analysis of the automotive relay market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of relay type, vehicle type, application spectrum, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.