The worldwide Automotive Relay Market is anticipated to reach around USD 18.46 billion by 2026 according to a new research published by Polaris Market Research. In 2017, Asia-Pacific accounted for the majority share in the global Automotive Relay market.
The expanding global automotive industry, along with increasing
demand for electric vehicles majorly drives the market growth. The adoption of
automotive relay systems has increased significantly owing to increasing demand
for luxury and comfortable vehicles, and introduction of stringent government
regulations regarding vehicular safety. Other factors driving the market growth
include growing disposable income, technological advancements, and changing
lifestyles. New emerging markets, emerging consumer demographics, and stringent
government regulations would provide growth opportunities for Automotive Relay
market in the coming years.
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In 2017, Asia-Pacific accounted for the highest share in the
global Automotive Relay market. Established automotive industry, technological
advancements, and high investment in R&D are factors expected to drive the
market growth in the region. The introduction of stringent government
regulations for vehicular and road safety accelerates the adoption of
automotive relays. The increasing economic growth in countries such as China
and India further increases the adoption of automotive relays in the region.
Expansion of global players into these countries to tap market potential boosts
the market growth. The high penetration of electric vehicles in the region
promotes the adoption of automotive relays. Asia-Pacific dominates the electric
vehicle market due to the increasing population of vehicles and adoption of
vehicular emission standards of the U.S. and European Union by Asia-Pacific
countries. Moreover, concerns about rising pollution levels have accelerated
the adoption of electric vehicles market in this region, thereby supporting the
growth of the automotive relay market.
The leading companies profiled in the automotive
relay market report include Delphi Automotive PLC,
Denso Corporation, Fujitsu Limited, ABB Group, Eaton Corporation, Hella KGaA
Hueck & Co., Robert Bosch GmbH, NEC Corporation, Siemens AG, and TE
Connectivity Ltd. These companies launch new products and collaborate with
other market leaders to innovate and launch new products to meet the increasing
needs and requirements of consumers.
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