Market Size of Europe Automotive Relay Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.50 % |
Fastest Growing Market | Europe |
Largest Market | Europe |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Automotive Relay Market Analysis
The European automotive Relay Market was valued at USD 2,789.53 million in the current year and is projected to grow to USD 3,846.32 million by the next five years, registering a CAGR of 5.5% in terms of revenue during the forecast period.
Over the medium term, As customers are becoming more aware of new safety systems and technology, they are increasingly selecting vehicles with improved safety features. Automotive manufacturers have been forced to equip their vehicles with more electrical products, which in turn is likely to witness major growth for the market during the forecast period.
The electric vehicle market has been witnessing healthy growth rates in recent years. This spike in sales is the result of an increase in regulatory norms by various organizations and governments to control emission levels and to propagate zero-emissions vehicles. These norms have propelled the automakers to increase their expenditure on the R&D of electric vehicles. Electric vehicles have reached par (sometimes surpassed) with IC engine vehicles in terms of performance, maintenance, and the initial cost of purchase. For instance, Tesla has manufactured electric cars, which were claimed to have greater acceleration, power, and top speed than an average IC engine/hybrid car.
The demand for advanced relays with lightweight and high-performance characteristics is compelling manufacturers to invest in producing more solid-state relays, compared to traditional heavy electromechanical relays, owing to the growing demand for hybrid and electric vehicles in the region.
The consistent rise in the demand for fuel-efficient vehicles and technological advancements in vehicle electronics are some of the major driving factors for the growing demand for relays in automobiles.
Europe Automotive Relay Industry Segmentation
A relay acts as a switch, and it is used to switch connections between different circuits. Relays 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.
The Europe Automotive Relay Market is segmented into type, application, vehicle type, and country. Based on the Type, the market is segmented into PCB Relay and Plug-in Relay. Based on the Application, the market is segmented into Locking Systems, Engine Management modules, Motors and Pumps, and Others (power window, sunroof, ABS control, etc.)). Based on the Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on the Country, the market is segmented into Germany, the United Kingdom, France, Italy, Spain, and the Rest of Europe.
For each segment, the market sizing and forecast have been done based on the value (USD).
By Type | |
PCB Relay | |
Plug-in Relay |
By Application | |
Locking System | |
Engine Management Module | |
Motors & Pumps | |
Other Applications |
By Vehicle Type | |
Passenger Cars | |
Commercial Vehicle |
By Country | |
Germany | |
United Kingdom | |
France | |
Italy | |
Spain | |
Rest of Europe |
Europe Automotive Relay Market Size Summary
The European automotive relay market is poised for significant growth, driven by the increasing demand for vehicles equipped with advanced safety and electronic features. As consumers become more conscious of safety systems, automotive manufacturers are compelled to integrate more electrical components into their vehicles, thereby boosting the demand for relays. The rise of electric vehicles, spurred by stringent regulatory norms and government incentives, further propels this market. Electric vehicles are now comparable to internal combustion engine vehicles in terms of performance and cost, leading to a surge in their adoption. This shift necessitates the production of advanced relays, particularly solid-state relays, to meet the requirements of hybrid and electric vehicles, which are gaining popularity across Europe.
Technological advancements in vehicle electronics, such as ADAS, digital cockpit systems, and infotainment systems, are also contributing to the market's expansion. The push towards autonomous and smart vehicles, which offer enhanced safety and connectivity features, is increasing the demand for sophisticated electronic systems, including relays. Government initiatives to promote electric vehicles, coupled with the automotive industry's focus on innovation and sustainability, are expected to drive the market forward. Key players in the region are investing heavily in research and development to introduce new products that cater to these evolving demands. As a result, the European automotive relay market is set to experience robust growth in the coming years, supported by the ongoing transition towards electric and technologically advanced vehicles.
Europe Automotive Relay Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 By Type
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2.1.1 PCB Relay
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2.1.2 Plug-in Relay
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2.2 By Application
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2.2.1 Locking System
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2.2.2 Engine Management Module
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2.2.3 Motors & Pumps
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2.2.4 Other Applications
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2.3 By Vehicle Type
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2.3.1 Passenger Cars
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2.3.2 Commercial Vehicle
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2.4 By Country
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2.4.1 Germany
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2.4.2 United Kingdom
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2.4.3 France
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2.4.4 Italy
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2.4.5 Spain
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2.4.6 Rest of Europe
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Europe Automotive Relay Market Size FAQs
What is the current Europe Automotive Relay Market size?
The Europe Automotive Relay Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Europe Automotive Relay Market?
Robert Bosch GmbH, Denso Corporation, TE Connectivity, Fujitsu Ltd. and Panasonic Corporation are the major companies operating in the Europe Automotive Relay Market.