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The automotive relay market is projected to grow from USD 12.2 billion in 2022 to USD 15.5 billion by 2027, at a CAGR of 5.0% for the same period. The base year for the report is 2021, and the forecast period is considered from 2022 to 2027.

The market is expected to witness growth mainly because of the increasing demand for premium and advanced comfort, entertainment and safety features in vehicles of all segment. Furthermore, increasing safety and emission regulations, the growth of the electric vehicles, and other factors drive the growth of the automotive relay market.

To know about the assumptions considered for the study download the pdf brochure

The automotive relay market is led by globally established players such as TE Connectivity (Switzerland), Omron Corporation (Japan), Panasonic Corporation (Japan), Denso Corporation (Japan), Fujitsu Component Limited (Japan) and Hongfa Technologies Co. (China). These companies adopted expansion strategies and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in the automotive relay market. These players have presence across all major countries in the global market, serving the OE demand with a market share of 70-80% around the world.

TE Connectivity has followed their development strategy with various joint ventures, acquisitions and collaborations. The company has used this as their primary strategy to remain dominant in automotive relay market. For instance, in April 2019, TE Connectivity signed a definitive agreement to acquire the Kissling Group of Companies, a provider of high-power relays and ruggedized switches used in commercial vehicles, transportation, industrial, military, and aviation industries, along with other applications. This acquisition helped TE Connectivity to expand its product portfolio of specialty relays and switches to support the needs of industrial and commercial transportation customers. Furthermore, the company also invests in research and development for increasing its product portfolio. For instance, in 2021, the company invested around 4.5% of its total revenue in research and development. The company also launched new products for electric and hybrid vehicles. Their product portfolio includes automotive, truck, bus & off-road relays; high voltage relays; power relays; protective relays; relay accessories; signal relays; and time delay relays. Relays specific to automotive applications offered by the company are High Current Relay HCR 100, High Current Relay HCR 150, High Current Relay HCR 200, Micro Relay A, Micro Relay Low Noise, Mini K HV Precharge Relay, Power Relay B, Power Relay F, Power Relay F A, and sockets for the relays. Some major customers of TE Connectivity are Audi, BMW, Porsche, Volvo Cars, Volkswagen, Renault, and Citroen.

Omron Corporation has a diversified product portfolio and a strong supply network in 150 offices across 40 countries. The company is one of the key market player in high-voltage DC relays used in hybrid and electric vehicles. It also provides one of the smallest and lightest DC power relays to improve the performance of hybrid vehicles. The company is actively involved in expansion strategy to cater the regional market. For instance, it recently expanded its Shenzhen factory to 36 production lines for products such as relays, switches, and connectors. Furthermore, the company emphasizes more on the R&D for innovations and technologies as company spent 6.6% for R&D expenditure of total revenue in 2021. The company focuses on expanding its manufacturing facilities to meet the demands and increase its market share.

Panasonic offers an extensive range of relays such as plug-in and PC board terminal arrangements. for various application such as batteries, headlamps, safety systems, engine control systems, etc. The company primarily focuses on research and development activities. For instance, it spent around 7.1% of its total revenue on research and development activities. This enables the company to develop innovations and compete with the latest technologies in the market. The company offers a wide product portfolio that includes a variety of automotive relays, which are designed to operate with the ampere range of 20A to 300A. The company is also actively expanding its services worldwide and currently has a presence in many countries across the Americas, Europe, and Asia Pacific and holds a total workforce of 240,198 employees.

Denso is one of the oldest companies that offers various automotive components. The company is strategically involves in joint ventures for enhancing its product portfolio. For instance, the joint venture between Denso Corporation and Toyota Motor Corporation aimed to enhance the research and development in-vehicle semiconductors. The joint venture also aimed to develop electronic components by implementing power modules for electric vehicles and periphery monitoring sensors for automated vehicles, contributing to the future of mobility. Furthermore, the company supplies its products to automotive manufacturers including GM, Ford, and many others. Moreover, the company is also involved in expansions activities. For instance, the company is setting up optimal production system centers in China and Thailand to meet the growing demand.

Fujitsu Component Limited offers a broad portfolio of automotive relays for ICE and electric vehicles. Their products are suited for passenger cars, trucks, and buses. The company has a strong focus on R&D to develop innovative products and differentiate its offerings in the highly competitive market. For instance, the company is actively involved in product launches, with two new products in 2020, FBR53-HC and FTR-K%. Earlier in June 2019, the company launched their automotive relay FTR-K5 Series. The company has good expertise and customer perception for making quality and reliable products.

Related Reports:

Automotive Relay Market by Relay Type, Application, Ampere, Vehicle Type, Electric Vehicle Relay Market by Ampere, Electric Vehicle Relay Market by Relay Type, Electric Vehicle Relay Market by Vehicle Type, Region - Global Forecast to 2027

Contact:
Mr. Aashish Mehra
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