Automotive Relay Market to Reach Promising $24.3 Billion Valuation by 2028, Strong Demand for Two-wheelers, Buses, and other EVs to Drive Growth

The automotive relay market is expected to reach $24.3 billion by 2028, rising at 6.1% CAGR, thanks to growing demand for electric vehicles. According to the International Energy Agency (IEA), the sales of electric vehicles witnessed a record growth in 2019, surpassing an already record year in 2018. The IEA reports that the electric vehicles accounted for 7.2% of global vehicles in 2020, rising from 2.6% in 2019. The increase in electric vehicle sales jumped by 40% y-o-y growth between 2019-2020. According to the IEA report, the significant expansion of EVs into new arenas like two-wheelers, trucks, and buses promises to remain a major driver for growth during the 2020-2030 period. Moreover, the IEA also predicts more stability in the global EV market, as governments around the world have moved from subsidies to rely more regulatory, and other structural measures. The IEA reports that this will likely result in clear, long-term goal setting for manufacturing of EV vehicles.

According to the IEA estimates, in 2019, 7.2 million EVs were spotted on the road. This represented a major increase from 2010, wherein only 17,000 EVs took to the roads. Furthermore, the growth of EV remains dominated by manufacturing in China, but many countries are taking strong initiative to introduce EVs to consumers. For example, IEA reported that over 9 countries had more than 100,000 EVs on the road in 2019, while at least 20 countries had reached EV market penetration above 1%.

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Global Automotive Relay Market:By Product
PCB
Plug in
High Voltage Relay

Global Automotive Relay Market:By Vehicle Type
Commercial
Passenger
Electric

Global Automotive Relay Market:By Application
HVAC
Engine
Lights
Others

Global Automotive Relay Market: Key Players
ABB Group
Coto Technology
American Zettler Inc.
Deltrol Controls
IDEC Corporation
Hella KGaA Hueck & Co. (HELLA)
NEC Corporation
Littelfuse Inc.
Omron Corporation
Panasonic Corporation

Global Automotive Relay Market: Regions
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
• Asia Pacific (China, Japan, India, Southeast Asia and Australia)
• Latin America (Brazil, Argentina and Colombia)
• Middle East and Africa

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The demand for electric two-wheelers also keeps presenting myriad of opportunities for players in the automotive relay market. Two-wheelers due to their economic promise remain a promising niche for players in the automotive relay market. Two-wheelers require many electric switches similar to three-wheelers. Moreover, due to their low-costs, these are unlikely to switch to automated switches, making way for cost-effective conventional automotive relay products. The IEA estimates that currently the stock for electric two-wheelers stands at around 350 million. Countries like China have introduced bans on internal combustion engines for two-wheelers. Moreover, today, 600 cities around the world in over 50 countries exhibit strong demand for electric two-wheelers. The growing promise of trends like shared mobility, mass demand for two-wheelers in emerging countries, and promising regulatory support for sustainability goals will drive tremendous growth for players in the automotive relay market.

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