Pune, India., Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global electric vehicle relay market size was USD 3.18 billion in 2022. The market is anticipated to grow from USD 5.34 billion in 2023 to USD 12.45 billion by 2030, exhibiting a CAGR of 16.6% over the study period. The expansion is driven by an increase in technological developments and the surging adoption of EVs. Additional factor fueling industry expansion is the growing safety feature demand.
The global electric vehicle relay market research reports offer a comprehensive and insightful analysis of electric vehicle relay industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as electric vehicle relay market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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Drivers & Restraints-
Rise in Market Value Owing to Growing Adoption of Advanced Technology for Safety Concerns
Several automakers are incorporating advanced technologies in their vehicles. These systems provide blind spot detection, automatic emergency braking, lane-keeping assistance, and adaptive cruise control. The technology adoption is directly proportional to the relay demand. These factors are set to propel the electric vehicle relay market growth over the study period. However, the inconsistencies in design may cause variations in the characteristics of relays such as switching times, contact materials, contact ratings, and coil voltage. This may hamper industry expansion to some extent.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 16.6% |
| 2030 Value Projection | USD 12.45 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 5.34 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Key Companies Devise New Strategies to Strengthen Industry Footings
Major market players are centered on adopting numerous strategies to expand their product reach. Some of these include mergers, acquisitions, research activities, and the launch of new solutions. Additional steps comprise an increase in the formation of alliances and growing participation in trade activities.
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Segments-
Passenger Car Segment to Gain Traction Driven by Considerable Demand for Mid-range Vehicles
On the basis of vehicle type, the market for electric vehicle relays is fragmented into commercial vehicle and passenger car. The passenger car segment held a leading market share in 2022 and is set to exhibit substantial growth over the estimated period. The rise is driven by the soaring popularity of electric passenger cars on account of increasing government incentives.
BEV Segment to Hold Key Share Impelled by Rising Vehicle Adoption
By propulsion type, the market for electric vehicle relays is subdivided into into Battery Electric Vehicle (BEV) and Hybrid Vehicle (HV). The BEV segment is anticipated to register notable expansion throughout the projected period. The segment held a dominating market value in 2022. The expansion is impelled by the presence of manufacturing and charging infrastructure across various regions.
PCB Relay Segment to Hold Major Share Propelled by Increasing Technological Advancements
On the basis of type, the market for electric vehicle relays is categorized into plug-in relay and PCB relay. The PCB relay segment accounted for the largest market share in 2022 and is set to exhibit notable growth throughout the forecast period. The expansion is impelled by the escalating advancements in technology such as improved contact material, higher switching capacities, and decreased power consumption.
Motor and Pump Segment to Register Notable Upsurge Driven by Advanced EV Features
Based on application, the market is classified into lamps, heating, motors and pumps, solenoids, and others. The motors and pumps segment held a dominating share in the market in 2022 and is estimated to record appreciable growth over the study period. The surge can be attributed to the increasing adoption of advanced features in electric vehicles by carmakers. On the basis of geography, the market for electric vehicle relays has been studied across Asia Pacific, North America, Europe, and the rest of the world.
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Regional Insights-
Asia Pacific to Emerge as a Prominent Region Driven by Efficient Production of EV Relays
Asia Pacific holds a dominant position in the electric vehicle relay market share and is estimated to register substantial growth over the projected period. The rise can be credited to the efficient production of EV relays on account of a robust manufacturing base.
The Europe market is slated to exhibit an appreciable CAGR over the study period. The surge is driven by the increasing consumer awareness and preference and corporate activities in the region.
Report Coverage:
The report gives an analysis of the key driving and restraining factors. Furthermore, it discusses about the latest trends in the market and the impact of COVID-19 pandemic on industry expansion. It also provides an account of the vital strategies adopted by leading industry players for expanding the reach of their products.
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A list of prominent Electric Vehicle Relays manufacturers operating in the global market:
- Panasonic Corp. (Japan)
- TE Connectivity Ltd. (Switzerland)
- HELLA GmbH & Co. KGaA (Germany)
- Fujitsu Limited (Japan)
- Hongfa Technology Co Ltd. (China)
- Willow Technologies Limited (U.K.)
- Zettler Group (U.S.)
- Denso Corporation (Japan)
- Tara Relays Private Limited (India)
- Song Chuan Group Company (Taiwan)
- Jiangxi Weiqi Electric Co., Ltd. (China)
- Ningbo Forward (China)
- Omron (Japan)
COVID-19 Impact:
Rising Inclination of OEMs toward EV Adoption Helped Revival of Industry Growth amid COVID-19 Pandemic
The coronavirus pandemic impacted the automotive and aviation industries considering the decline in the number of on-road vehicles. However, the lifting of lockdown restrictions in the period following June 2020 helped improve the sales of electric vehicles. This boosted the demand for relays considering their increasing adoption in electric vehicles. These factors helped positively influence industry expansion amid the pandemic period.
Notable Industry Development:
- June 2022 – Hongfa Technologies Co. launched OBC (on board charger) relays. The solutions provide safe performance for on-board chargers by strong current-carrying performance and mature production technology.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Development
- Impact of Covid-19
- Automotive Relay Supplier Data
- Global Electric Vehicle Relay Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HV)
- Market Analysis, Insights and Forecast – By Type
- PCB Relay
- Plug-in Relay
- Market Analysis, Insights and Forecast – By Application
- Heating
- Lamps
- Solenoids
- Motors and pumps
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Electric Vehicle Relay Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HV)
- Market Analysis, Insights and Forecast – By Type
- PCB Relay
- Plug-in Relay
- Market Analysis, Insights and Forecast – By Application
- Heating
- Lamps
- Solenoids
- Motors and pumps
- Others
- Market Analysis – By Country
- The U.S.
- By Propulsion Type
- Canada
- By Propulsion Type
- Mexico
- By Propulsion Type
- The U.S.
- Market Analysis, Insights and Forecast – By Vehicle Type
- Europe Electric Vehicle Relay Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HV)
- Market Analysis, Insights and Forecast – By Type
- PCB Relay
- Plug-in Relay
- Market Analysis, Insights and Forecast – By Application
- Heating
- Lamps
- Solenoids
- Motors and pumps
- Others
- Market Analysis – By Country
- The U.K
- Propulsion Type
- Germany
- Propulsion Type
- France
- Propulsion Type
- Rest of Europe
- Propulsion Type
- The U.K
- Market Analysis, Insights and Forecast – By Vehicle Type
- Asia Pacific Electric Vehicle Relay Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HV)
- Market Analysis, Insights and Forecast – By Type
- PCB Relay
- Plug-in Relay
- Market Analysis, Insights and Forecast – By Application
- Heating
- Lamps
- Solenoids
- Motors and pumps
- Others
- Market Analysis – By Country
- China
- Propulsion Type
- India
- Propulsion Type
- Japan
- Propulsion Type
- Rest of Asia Pacific
- Propulsion Type
- China
- Market Analysis, Insights and Forecast – By Vehicle Type
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