Electric Vehicle Relay Market Size
| Study Period | 2018-2028 |
| Market Size (2024) | USD 11.78 Billion |
| Market Size (2028) | USD 27.23 Billion |
| CAGR (2024 - 2028) | 14.10 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Vehicle Relay Market Analysis
The Electric Vehicle Relay Market size is estimated at USD 11.78 billion in 2024, and is expected to reach USD 27.23 billion by 2028, growing at a CAGR of 14.10% during the forecast period (2024-2028).
The market is expected to be driven by the rising adoption of electric vehicles. Moreover, initiatives taken by the government to boost sales of electric vehicles and stringent policies to reduce CO2 emissions will drive the market growth. Hence, there has been widespread utilization of these technologies in various automotive applications.
For instance, according to the International Energy Agency, more than 10 million electric cars will be sold worldwide in 2022, and sales are expected to grow by another 35% to reach 14 million in 2023.
Relay plays an important role in various kinds of applications such as on-board chargers, lamp controls, various motor controls, heater controls, and solenoid controls. With the high demand for electric vehicles, relay manufacturers are focusing on technological advancements in their products.
For example, in May 2022, Texas Instruments (TI) is rolling out two solid-state relay chips designed to replace traditional automotive mechanical relays.
Asia Pacific is expected to hold the highest share. In India, EV and component manufacturing is ramping up, supported by the government’s USD 3.2 billion incentive program that has attracted investments totaling USD 8.3 billion in 2022. Thailand and Indonesia are also strengthening their policy support schemes, potentially providing valuable experience for other emerging market economies seeking to foster EV adoption.
Thus, the above factors will likely drive market growth.
Electric Vehicle Relay Market Trends
Passenger Car holds Highest Share in the Market
Passenger cars have gained immense popularity among drivers over the past few years due to features such as stylish design, compact size, and economic value. Passenger cars are the most common mode of transportation in numerous advanced countries. The improving lifestyles, increasing disposable income, raising brand awareness, and economy are leading to customer preference changes across the globe, resulting in high sales of passenger cars.
The increasing adoption of relays in passenger vehicles for driver convenience is favorably impacting the growth of the market studied. This is also attributed to the rising demand for vehicle safety and comfort components. Various Government measures and car crash test organizations like the Global New Car Assessment Program (GNCAP), which publishes car safety ratings, have created awareness among many car buyers regarding the importance of building quality vehicles and other safety features.
Considering this, the automakers are focusing more on advanced safety features in vehicles to cater to the rising demand for advanced safety features in vehicles. Some of the common active safety features include an anti-lock braking system (ABS), Electronic Stability Control (ESC), Tyre Pressure Monitoring System (TPMS), Lane Departure Warning System (LDWS), etc. For example, Hyundai Motors launches new safety features like Vehicle Stability Management and 3-point seatbelts in its upcoming models.
Moreover, government policies to promote the production of much safer cars drive the market growth. For instance, in August 2023 Ministry of Road Transport & Highways launched the Bharat New Car Assessment Programme (Bharat NCAP). This program is a significant step forward in the Government’s commitment to improving road safety by raising the safety standards of motor vehicles to 3.5 tons in India.
Thus, the above factors drive market growth.
Asia-Pacific holds Highest Share in the Market
The Asia-Pacific region is expected to hold a notable share of the market during the forecast period owing to rising demand from key markets like India, China, Japan, and others.
China and India are considered to be the major automotive consumers and hold a significant share of automotive demand across the world. Factors such as rising middle-class income and a huge youth population will result in strong demand.
For instance, A study by the CEEW Centre for Energy Finance recognized a USD 206 billion opportunity for electric vehicles in India by 2030.
The Governments of countries like India and China are focusing on policies to promote sales of electric vehicles and become a worldwide leader in the EV industry by introducing Initiatives for electric vehicles. Moreover, the Government has developed several programs and incentives to increase demand for electric cars. Automotive manufacturers are investing in the R&D of electric vehicles and related infrastructure.
The Government of India is projecting 30% EVs by 2030 by implementing cheaper road fees, scrapping, and refit incentives.
Moreover, the growing expense of oil imports and increased levels of pollution make governments expedite the transition to e-mobility.
With the growth of electric vehicle sales across the globe, the demand for electric vehicles really will also grow exponentially, and companies are focusing on increasing their production capacity to cater to the high demand. Considering the scenario, the market is expected to grow.
Electric Vehicle Relay Industry Overview
The electric vehicle relay market is consolidated and led by globally and regionally established players. The companies adopt strategies such as new product launches and collaborations to sustain market positions. For instance
In August 2023, LS e-Mobility Solutions, a subsidiary focused on electric vehicle (EV) components under LS Electric Co., secured a supply contract valued at 250 billion won (USD187 million) to provide relays for electric vehicles manufactured by Hyundai Motor Co. and Kia Corp. The agreement was officially announced by LS Electric, highlighting that LS Mobility Solutions, a branch of LS e-Mobility Solutions, has entered into a contract with Hyundai-Kia Motors. The agreement entails the supply of EV relays for electric vehicles. The components are scheduled for delivery in the first half of 2025.
Some of the major players in the market include Panasonic Corporation, Texas Instruments, Omron Corporation, and Fujitsu Limited.
Electric Vehicle Relay Market Leaders
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TE Connectivity Ltd
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Fujitsu Limited
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Omran Corporation
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Panasonic Holding Corporation
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Texas Instruments Incorporated
*Disclaimer: Major Players sorted in no particular order
Electric Vehicle Relay Market News
April 2023: Fujitsu Components was proud to announce the launch of the FTR-G3 relay, the smallest 30A relay in its class, measuring just 6.6 x 13.7 x 14.0mm and weighing approximately 4.0gr. The FTR-G3 relay is a plastic-sealed relay that is ideal for use in tiny spaces, especially in automotive applications.
May 2022: Texas Instruments announced a new portfolio of sold-state relays to boost reliability. The company claimed its new relays are the smallest on the market to reduce the cost of powertrain and 800-volt battery management systems for vehicle manufacturers.
Electric Vehicle Relay Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing demand for safer vehicles
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4.3 Market Restraints
- 4.3.1 High Production Cost of Relays
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Propulsion Type
- 5.1.1 Battery Electric Vehicle (BEV)
- 5.1.2 Hybrid Electric Vehicle (HEV)
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5.2 Product Type
- 5.2.1 PCB Relay
- 5.2.2 Plug-in Relay
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5.3 Vehicle Type
- 5.3.1 Passenger Car
- 5.3.2 Commercial Vehicle
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5.4 Application
- 5.4.1 Electronic Power Steering
- 5.4.2 Anti-Lock Braking System
- 5.4.3 Door Lock
- 5.4.4 Power Windon
- 5.4.5 Air-Conditioner
- 5.4.6 Other Applications
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5.5 Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Rest of North America
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Spain
- 5.5.2.5 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 India
- 5.5.3.2 China
- 5.5.3.3 Japan
- 5.5.3.4 South Korea
- 5.5.3.5 Rest of Asia-Pacific
- 5.5.4 Rest of the World
- 5.5.4.1 South America
- 5.5.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Panasonic Corporation
- 6.2.2 Omron Corporation
- 6.2.3 Fujitsu Limited
- 6.2.4 Texas Instruments Incorporated
- 6.2.5 TE Connectivity Ltd.
- 6.2.6 Denso Corporation
- 6.2.7 HELLA GmbH & Co.
- 6.2.8 Ningbo Forward Relay Corp.Ltd.
- 6.2.9 Jiangxi Weiqi Electric Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityElectric Vehicle Relay Industry Segmentation
The relay is applied to an electric vehicle and is installed between the vehicle battery and the inverter to cut off the charge and discharge the DC power of the battery.
The electric vehicle relay market is segmented by propulsion type, product type, vehicle type, application, and geography. The propulsion type market is segmented as battery electric vehicles (BEV) and hybrid electric vehicles (HEV). By product type, the market is segmented as PCB Relay and Plug-in Relay. The vehicle type market is segmented into passenger cars and commercial vehicles. The by-application market is segmented as electronic power steering, anti-lock braking systems, door locks, power windows, air conditioners, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
The report offers a forecast and market size for value (USD).
Electric Vehicle Relay Market Research FAQs
How big is the Electric Vehicle Relay Market?
The Electric Vehicle Relay Market size is expected to reach USD 11.78 billion in 2024 and grow at a CAGR of 14.10% to reach USD 27.23 billion by 2028.
What is the current Electric Vehicle Relay Market size?
In 2024, the Electric Vehicle Relay Market size is expected to reach USD 11.78 billion.
Who are the key players in Electric Vehicle Relay Market?
TE Connectivity Ltd, Fujitsu Limited, Omran Corporation, Panasonic Holding Corporation and Texas Instruments Incorporated are the major companies operating in the Electric Vehicle Relay Market.
Which is the fastest growing region in Electric Vehicle Relay Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Electric Vehicle Relay Market?
In 2023, the Asia Pacific accounts for the largest market share in Electric Vehicle Relay Market.
What years does this Electric Vehicle Relay Market cover, and what was the market size in 2023?
In 2023, the Electric Vehicle Relay Market size was estimated at USD 10.12 billion. The report covers the Electric Vehicle Relay Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Vehicle Relay Market size for years: 2024, 2025, 2026, 2027 and 2028.
Electric Vehicle Relay Industry Report
Statistics for the 2024 Electric Vehicle Relay market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Vehicle Relay analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
