Global Automotive Relay Market Report and Forecast 2024-2032

Global Automotive Relay Market Outlook

The global automotive relay market size reached around USD 14.10 billion in 2023. The market is projected to grow at a CAGR of 5.7% between 2024 and 2032, reaching almost USD 23.22 billion by 2032.

Key Takeaways:

• The production of energy-efficient relays is expected to become a key priority for automotive relay manufacturers.

• Relays that enhance the functioning of engine management modules are expected to become increasingly popular.

• Signal relays are expected to witness a surge in demand over the forecast period.

The transition towards connected and automated vehicles is expected to increase the cost of electronic vehicle components by 19% by 2025, reaching a value of 35%. This is expected to revolutionise the global automotive relay market. For instance, relays that can connect vehicle occupants with the nearest emergency centre in case of an accident are expected to become increasingly popular among automotive manufacturers. Moreover, high voltage relays that facilitate quick charging of EV battery systems are witnessing rapid innovations. This is expected to propel the global automotive relay market expansion in the forecast period.

Sustainability has emerged as one of the key concerns for automotive relay manufacturers globally. This is prompting companies to manufacture lightweight models of relays (even for small cars), which consume less power.

North America is expected to constitute a major portion of the automotive relay market share. This is because of the anticipated expansion of the domestic manufacturing industry in the United States and Canada. The robust infrastructure that supports the development of electrical automotive components is expected to further aid the market growth. Increasing research and development of compact and high-performing relays is expected to become one of the major automotive relay market trends in the coming years.

Market Segmentation

Global Automotive Relay Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Relay Type

• Printed Circuit Board (PCB) Relays

• Plug-In Relays

• High Voltage Relays

• Protective Relays

• Time Relays

• Signal Relays

Market Breakup by Vehicle Type

• Passenger Cars

• Commercial Vehicles

• Electric Vehicles

Market Breakup by Ampere

• 5A – 15A Relay

• 16A – 35A Relay

• >35A Relay

Market Breakup by Application

• Locking System

• ABS Control

• Engine Management Modules

• Lamps/Lights

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The key global automotive relay market players are Robert Bosch GmbH, TE Connectivity Ltd., Denson Corp., Panasonic Holdings Corp., Fujitsu Ltd., Nidec Corporation, Mitsuba Corp., Hella GmbH & Co. KGaA, Zettler Group, BETA Electric Industry Co. Ltd., Hongfa Technology Co. Ltd., and Song Chuan Group Company (Song Chuan USA Inc.), among others.

Key Highlights of the Report