EV Relay Market Analysis

Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)

The passenger car segment is likely to account for EV relay market share of around 6.7% by 2037. Passenger cars have been increasingly popular among drivers due to their fashionable styling, small size, and affordability. In many developed nations, passenger vehicles are the most popular form of transportation. Global customer preferences are changing due to improved lifestyles, more disposable income, increased brand recognition, and a strengthening economy driving up passenger car sales.

In light of this, automakers are putting more of an emphasis on cutting-edge safety measures for cars to meet the growing demand for them. An anti-lock braking system (ABS), electronic stability control (ESC), tire pressure monitoring system (TPMS), lane departure warning system (LDWS), etc. are a few examples of common active safety systems. Furthermore, government initiatives to encourage the manufacture of far safer automobiles fuel the EV relay market's expansion. For example, the Bharat New Car Assessment Programme (Bharat NCAP) was introduced by the Ministry of Road Transport & Highways in August 2023. The government's initiative to increase road safety by bringing India's motor vehicle safety standards up to 3.5 tons is a major advancement in that direction.

Application (Heating, Lamps and Filter Capacitors, Solenoids, Motors and Pumps, Others)

In EV relay market, heating segment is set to capture revenue share of over 41.9% by 2037. The demand for more performance-enhancing and energy-efficient solutions will push the usage of relay products in a variety of applications. In electric vehicles, EV relays guard against open-circuit and short-circuit situations that could harm the electrical system or result in injuries if they come into contact with excessive voltage.

Furthermore, by offering controlled switching between two modes, which lowers engine load, these devices, in comparison to conventional systems, assist limit power usage. During the forecast period, these factors are anticipated to propel industry growth, especially in North America and Europe, where demand has been steadily increasing due to increased production of electric vehicles, growing consumer awareness of better driving experiences, as well environmental benefits associated with lower carbon emissions from automobile manufacturing plants worldwide.

Our in-depth analysis of the EV relay market includes the following segments: