Global Relay Market Size, Share, Opportunities, And Trends By Product Type (Solid State, Electromechanical, Hybrid, Others), By End-User (Automotive, Consumer Electronics, Aerospace and Defense, Manufacturing, Others), And By Geography - Forecasts From 2023 To 2028

The global relay market is projected to grow at a CAGR of 7.55% to reach US$2,751.33 million in 2028 from US$1,652.778 million in 2021.

An electronically controlled switch is a relay that is made up of a set of operating contact terminals and a set of input terminals for one or more control impulses. Any number of contacts in various contact types, such as make contacts, break contacts, or combinations of both, may be present on the switch. Due to their ability to control high-power devices with low-power signals, relays are now a common fixture in automotive, industrial, and electronic uses.

Furthermore, by keeping delicate electronic devices isolated from high voltage and current sources, they offer insulation and security to those devices. Several key factors, including the rise in power consumption, the expanding use of electric vehicles, the deployment of smart power grids, and the rising acceptance of vehicle safety technology, are anticipated to boost the global relay market growth during the forecasted period.

Global Relay Market Drivers

• The rising demand for solid-state relays will boost the market growth.

As the market for hybrid and electric vehicles expands globally, manufacturers are being forced to spend more on producing solid-state relays than more conventional heavy electromechanical relays. This is due to the increased demand for advanced relays with lightweight and high-performance characteristics, which will also benefit future market development.

The market for solid-state relays has benefited from the expansion of the industrial sector over the past few decades, particularly in developing regions like Asia Pacific and Latin America. For instance, in August 2022, the National Bureau of Statistics of China reported that industrial output in China increased by 4.2% YoY as opposed to the reading of 3.8% in July, as after the pandemic, industrial output increased for four months in a run. As the demand for solid-state relay applications in industrial production and manufacturing increases, it will also boost the global relay market growth.

• Increasing demand in the automobile industry will boost market growth.

Vehicles enabled by software instead of hardware are becoming more common in the automotive sector, and the typical amount of electronics and software in each vehicle is rising quickly. The relays for automotive uses are designed to manage power levels in challenging environments and direct current (DC) voltages in passenger comfort and infotainment systems. Most harnesses and box modules in a car, including the powertrain, passenger and engine compartments, door, seat, roof, and fan modules, use relays. As electric vehicle sales increase, the demand for relays will also grow.  

According to the International Energy Agency (IEA), electric vehicle sales in 2021 reached 6.6 million units, showing a sales share of approximately 9% compared to 2020. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, the production of cars globally has increased from 7,76,50,152 units in 2020 to 8,50,16,728 units in 2022, showing a variation of a 10% increase. This demonstrates that demand for relays will increase due to the increased development and sales of electric vehicles and cars in automotive worldwide, which will drive the global relay market growth.

Global Relay Market – Geographical Outlook

• During the forecast period, the Asia Pacific region is expected to dominate the market.

During the projection period, Asia-Pacific is expected to dominate the relay market. The relay market will be driven by rapidly rising investments, production capacity, and sales of automotive vehicles. Additionally, automakers throughout the area are being encouraged to engage in electric vehicles (EVs) by governments' stricter emission regulations. As a result, numerous manufacturers are making huge investments in creating and introducing new EVs. According to the IEA data, the registration of battery EVs in China increased from 931 thousand units in 2020 to 2734 thousand units in 2021, showing the EV market share increased from 5% to 16% in a year. In October 2021, Tata Motors announced that private equity company TPG and Abu Dhabi's ADQ had agreed to invest USD 1 billion in its electric vehicle sector. These factors add to market growth in the Asia Pacific region's growing auto sector, boosting the global relay market growth.

Global Relay Market Key Developments.

• In May 2022, Texas Instruments launched a new portfolio of solid-state relays, including automotive-qualified isolated drivers and switches, to deliver industry-leading reliability to help make electric vehicles safer. The new isolated solid-state relays also have small solution sizes to lower powertrain bill-of-materials (BOM) costs and 800-V battery-management systems.

Global Relay Market Scope:

 

Report Metric	Details
Market Size Value in 2021	US$1,652.778 million
Market Size Value in 2028	US$2,751.33 million
Growth Rate	CAGR of 7.55% from 2021 to 2028
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Million
Segments Covered	Product Type, End-User, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	TE Connectivity, American Zettler, Churod Electronics, Omron Corporation, Panasonic Corporation, Circuit Interruption Technology Inc, Fujitsu Limited, Song Chuan Group Company, KEMET Corporation, Phoenix Contact
Customization Scope	Free report customization with purchase

 

The Global Relay Market is segment and analyzed as follows:

• By Product Type
  • Solid State
  • Electromechanical
  • Hybrid
  • Others
• By End-User
  • Automotive
  • Consumer Electronics
  • Aerospace and Defense
  • Manufacturing
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY 

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis

5. GLOBAL RELAY MARKET ANALYSIS, BY PRODUCT TYPE

5.1. Introduction

5.2. Solid State

5.3. Electromechanical

5.4. Hybrid

5.5. Others

6. GLOBAL RELAY MARKET ANALYSIS, BY END-USERS

6.1. Introduction

6.2. Automotive

6.3. Consumer Electronics

6.4. Aerospace and Defense

6.5. Manufacturing

6.6. Others

7. GLOBAL RELAY MARKET ANALYSIS, BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. USA

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Others

7.4. Europe

7.4.1. UK

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Others

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. UAE

7.5.3. Others

7.6. Asia Pacific

7.6.1. China

7.6.2. Japan

7.6.3. India

7.6.4. South Korea

7.6.5. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. COMPANY PROFILES

9.1. TE Connectivity

9.2. American Zettler

9.3. Churod Electronics

9.4. Omron Corporation

9.5. Panasonic Corporation

9.6. Circuit Interruption Technology Inc

9.7. Fujitsu Limited

9.8. Song Chuan Group Company

9.9. KEMET Corporation

9.10. Phoenix Contact 

TE Connectivity

American Zettler

Churod Electronics

Omron Corporation

Panasonic Corporation

Circuit Interruption Technology Inc

Fujitsu Limited

Song Chuan Group Company

KEMET Corporation

Phoenix Contact