Latest News- Electric Vehicle Relays Market: PCB is expected to lead the Type segment during 2024-2028

The Electric Vehicle Relays Market is being driven by Solid-state relays to become low-cost in the long run

The Electric Vehicle Relays Market is expected to grow at a CAGR of 63.49% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 377323.1 million. Market consolidation, characterized by mergers and acquisitions, partnerships, and strategic collaborations, is a significant trend in various industries, including the Electric Vehicle Relays Market. Consolidation enables organizations to reap numerous benefits, such as expanded revenue, broader geographic reach, extended product lines, and resource sharing. Notably, during the 2009-2011 period, the global Electric Vehicle Relays Market witnessed notable consolidation activities. For instance, American Zettler Inc. (American Zettler) expanded its portfolio by acquiring the relay business of Greenwich Electronics in 2009. Similarly, Hella GmbH and Co. KGaA (Hella) bolstered its presence in China by completing the acquisition of Xiamen Hongfa Electroacoustic, its relay joint venture. These strategic moves not only enhanced the financial position of these companies but also expanded their offerings and geographic reach in the Electric Vehicle Relays Market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • PCB
  • Plug-in
• Vehicle Type
  • PLDVs
  • LCVs
  • Buses and trucks
• Geography
  • APAC
    • China
  • Europe
    • France
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Solid-state relays to become low-cost in the long run
• Increase in electronics and safety requirements in electric vehicles
• Increasing adoption of battery electric vehicles and plug-in hybrid electric vehicles

However, the market also witnesses some limitations, which are as follows:

• Recall of electric vehicles over defective relays and related components
• Availability of alternatives for relays
• Supply-demand imbalance amid demand uncertainties across the supply chain

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Market Scope in Electric Vehicle Relays Market Research Report

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Research Analysis Overview

The Electric Vehicle (EV) Relay Market is witnessing significant growth due to the increasing adoption of EVs in various passenger vehicle types, including trains and automobiles. In railway systems, relays play a crucial role in maintaining and inspecting braking systems, axles, and other critical components. These systems operate based on electromagnetism, using electrical current to switch electrical circuits. In passenger vehicles, relays are essential for various functions, such as passenger consolation systems, DC voltage distribution, and advanced safety features like 3-point seatbelts and Vehicle Stability Management. The stresses and forces experienced by relays in these applications can be immense, requiring them to be made from robust materials like steel. Moreover, the shift towards reducing CO2 emissions has led to the increased use of EVs in passenger transportation, further fueling the demand for reliable and efficient relay systems. With the continuous development of advanced safety features, the role of relays in ensuring vehicle safety is becoming increasingly important. Overall, the EV relay market is poised for continued growth as the adoption of EVs expands across various vehicle types and applications.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in this sector include the surge in electronic components utilization in automobiles, primarily due to the rising sales of electric vehicles, motorcycles, and passenger cars, which have significantly boosted the demand for electronic control units (ECUs) and other electrical components over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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