Automotive Relay Market Projected to reach $21.8 billion by 2027
The report “ Automotive Relay Market by Type (PCB, Plug-In, High Voltage, Protective, Signal, Time), Ampere (5A-15A, 16A-35A, >35A), Application, Vehicle Type, EV Relay Type (Main, Precharge, Quick Charge, Normal, HV), 48V Relay, and Region – Global Forecast to 2027″ The automotive relay market is projected to grow to USD 21.8 billion by 2027 from USD 14.2 billion in 2019, at a CAGR of 5.5%. The increasing demand for safety, luxury, and comfort and increasing electric vehicle sales will drive the growth of the automotive relay market. HEV is estimated to hold the largest share in the electric vehicle relay market Increased tail pipe emissions have triggered stringent emission and fuel efficiency regulations. There would be an increased focus from OEMs on electric vehicles to curb these emissions. The power supply circuit of electric vehicles must be equipped with high voltage DC relays with very strong arc extinguishing abilities of the safety interruption eq...