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.
