Some of the key players in Automotive Relay Market include ABB, Denso, Fujitsu, Goodsky, Hella KGaA Hueck & Co, Hongfa, Littelfuse, LS Automotive, Mitsuba Corporation, Omron Corporation, Panasonic, Robert Bosch, Siemens Ag, Song Chuan Precision Company and TE Connectivity.
— Some of the key factors propelling the market growth are rising sales of electric and hybrid vehicles and growing demand for safety and comfort. However, lack of standardization in relay design is the restraining factor for the growth of the market.
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Automotive relay allows a small current flow circuit to control a higher current in the automobiles. Power relays, mini relays, micro relays, relay connectors, and solid state relays are some of the different types of relays. They act as a switch and are used to switch connections between various circuits. They consist of an electromagnet, wherein the input current causes the coil to generate a magnetic field, which causes the contacts to meet, and thus, the circuit is established. If the input voltage is insufficient, then the contacts may not come together, due to the weak magnetic field.
By relay type, Printed Circuit Board Relay (PCB) segment is expected to grow at the significant market share during the forecast period due to the rising demand for electronic control modules and components which has lead to the requirement for smaller devices that are capable of carrying large amount of current loads. It also saves space in the automobile junction box.
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On the basis of geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to increasing disposable income that has changed consumer buying preferences. Consumers are demanding advanced technologies and features in vehicles which lead to the usage of relays, thereby driving the market.
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