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The global EV Relay market size was valued at USD 1937.28 Million in 2022 and will reach USD 10882.89 Million in 2028, with a CAGR of 33.33% during 2022-2028.
EV relays are electrical switches in electric vehicles that are operated by a computer or control module to provide various electrical functions to the vehicle. The EV relay controls the circuit according to the electromagnetic principle, automatically turns on and off the circuit at a specific time, can effectively act as a switch or amplifier of the current, maintain the DC voltage in the system and control the power level in harsh environments. EV relays are used in many vehicle components such as dashboard lights, headlights, engine and car heaters, etc.
The electric vehicle industry is booming
The rapid development of the electric vehicle industry has driven the market demand for EV relays. Due to the global shortage of fossil fuels and increasingly stringent carbon emission requirements, the automotive industry has chosen to develop electric vehicles to switch to renewable energy sources such as electricity. The U.S. Department of Energy pointed out that electric vehicles can convert more than 77% of electrical energy into power for the wheels, while traditional gasoline vehicles can only convert about 12%–30% of the energy stored in gasoline into power. Moreover, electricity from nuclear, hydro, solar or wind power plants does not produce air pollutants, better able to meet today's sustainable development requirements. Electric motors run quieter and smoother than internal combustion engines, and are economical with low maintenance. In addition, the tax rebates and car purchase subsidy policies adopted by governments of various countries are conducive to their market expansion. The Biden administration in the United States has proposed a goal of electric vehicles accounting for 50% of all car sales in the United States by 2030, and the bipartisan infrastructure law invested $7.5 billion to establish a national network of 500,000 electric vehicle chargers. Electric vehicles need to be equipped with EV relays to run the circuit, so the growing sales of electric vehicles will continue to drive the development of EV relay industry.
Rising importance of car safety
Consumers' emphasis on vehicle safety is conducive to the development of the electric vehicle relay industry. According to the World Health Organization report in 2022, about 1.3 million people die in road traffic accidents every year, and the losses caused by road traffic accidents account for 3% of the gross domestic product of most countries. In order to reduce traffic accidents caused by automobiles, the automobile industry is vigorously developing advanced driver assistance systems and semi-autonomous driving systems, using computer networks to realize early warning and building a safer driving system. Relays are important modules in automotive automation systems. It can play an important role such as automatic deceleration, automatic start of headlights when the wiper is started, and start of the anti-collision mechanism when the front and rear distances are too close, improving the stability of the driver's control of the vehicle. In addition, relay companies are also constantly developing more advanced products to improve vehicle safety. In May 2022, TI demonstrated a new solid-state relay for EV safety that can make high-voltage automotive systems operate safer by disconnecting and connecting loads in microseconds through a single isolation barrier. Therefore, increasing safety requirements for electric vehicles will drive the growth of electric vehicle relay market share.
Electronic devices used in cars increase
With the continuous enhancement of personal consumption ability, the market demand for mid-to-high-end cars is constantly expanding, and mid-to-high-end cars often have more electronic devices to ensure the comfort of users. Electronics account for 40 percent of the total cost of a new car, according to Deloitte analysis, a proportion that will continue to increase as the trend of automotive interiors shifting from mechanical to electronic components intensifies. In equipment such as power seats, power folding mirrors, adaptive cruise control systems, infotainment systems, and passive entry systems, relays are needed to complete safe and reliable circuit switching. 2022 Omron's G8PM Relay Relay is a unique P-in relay to PCB relay replacement on the market for applications such as seat heaters, door locks, seat controls and defrosters in commercial vehicles. The automotive industry will shift from hardware dominance to software dominance to achieve higher levels of automation for automakers, which is conducive to market expansion for electric vehicle relays.
Region Overview:
In 2021, the share of the EV Relay market in Asia Pacific stood at 69.57%.
Company Overview:
Panasonic, Xiamen Hongfa Electroacoustic, Denso were the top 3 players in the EV Relay market in 2022, taking up a market share of 66.23% together.
Segmentation Overview:
By type, Main Relay segment accounted for the largest share of market in 2021.
Application Overview:
By application, the BEV segment occupied the biggest share from 2017 to 2022.
The EV Relay market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global EV Relay market covered in Chapter 4:
Sanyou Relays
YM Tech
BYD
TE Connectivity
Shenzhen Busbar
Song Chuan Precision
Panasonic
Omron
Denso
Shanghai SCII
Xiamen Hongfa Electroacoustic
Sensata
In Chapter 12 and Chapter 14.1, on the basis of types, the EV Relay market from 2018 to 2028 is primarily split into:
Main Relay
Quick Charge Relay
Auxiliary relay
Pre-charge Relays
Others
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the EV Relay market from 2018 to 2028 covers:
BEV
PHEV
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the EV Relay market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the EV Relay market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides EV Relay industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts EV Relay industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the EV Relay market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight EV Relay market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the EV Relay market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the EV Relay market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
2022
EV relays are electrical switches in electric vehicles that are operated by a computer or control module to provide various electrical functions to the vehicle. The EV relay controls the circuit according to the electromagnetic principle, automatically turns on and off the circuit at a specific time, can effectively act as a switch or amplifier of the current, maintain the DC voltage in the system and control the power level in harsh environments. EV relays are used in many vehicle components such as dashboard lights, headlights, engine and car heaters, etc.
The electric vehicle industry is booming
The rapid development of the electric vehicle industry has driven the market demand for EV relays. Due to the global shortage of fossil fuels and increasingly stringent carbon emission requirements, the automotive industry has chosen to develop electric vehicles to switch to renewable energy sources such as electricity. The U.S. Department of Energy pointed out that electric vehicles can convert more than 77% of electrical energy into power for the wheels, while traditional gasoline vehicles can only convert about 12%–30% of the energy stored in gasoline into power. Moreover, electricity from nuclear, hydro, solar or wind power plants does not produce air pollutants, better able to meet today's sustainable development requirements. Electric motors run quieter and smoother than internal combustion engines, and are economical with low maintenance. In addition, the tax rebates and car purchase subsidy policies adopted by governments of various countries are conducive to their market expansion. The Biden administration in the United States has proposed a goal of electric vehicles accounting for 50% of all car sales in the United States by 2030, and the bipartisan infrastructure law invested $7.5 billion to establish a national network of 500,000 electric vehicle chargers. Electric vehicles need to be equipped with EV relays to run the circuit, so the growing sales of electric vehicles will continue to drive the development of EV relay industry.
Rising importance of car safety
Consumers' emphasis on vehicle safety is conducive to the development of the electric vehicle relay industry. According to the World Health Organization report in 2022, about 1.3 million people die in road traffic accidents every year, and the losses caused by road traffic accidents account for 3% of the gross domestic product of most countries. In order to reduce traffic accidents caused by automobiles, the automobile industry is vigorously developing advanced driver assistance systems and semi-autonomous driving systems, using computer networks to realize early warning and building a safer driving system. Relays are important modules in automotive automation systems. It can play an important role such as automatic deceleration, automatic start of headlights when the wiper is started, and start of the anti-collision mechanism when the front and rear distances are too close, improving the stability of the driver's control of the vehicle. In addition, relay companies are also constantly developing more advanced products to improve vehicle safety. In May 2022, TI demonstrated a new solid-state relay for EV safety that can make high-voltage automotive systems operate safer by disconnecting and connecting loads in microseconds through a single isolation barrier. Therefore, increasing safety requirements for electric vehicles will drive the growth of electric vehicle relay market share.
Electronic devices used in cars increase
With the continuous enhancement of personal consumption ability, the market demand for mid-to-high-end cars is constantly expanding, and mid-to-high-end cars often have more electronic devices to ensure the comfort of users. Electronics account for 40 percent of the total cost of a new car, according to Deloitte analysis, a proportion that will continue to increase as the trend of automotive interiors shifting from mechanical to electronic components intensifies. In equipment such as power seats, power folding mirrors, adaptive cruise control systems, infotainment systems, and passive entry systems, relays are needed to complete safe and reliable circuit switching. 2022 Omron's G8PM Relay Relay is a unique P-in relay to PCB relay replacement on the market for applications such as seat heaters, door locks, seat controls and defrosters in commercial vehicles. The automotive industry will shift from hardware dominance to software dominance to achieve higher levels of automation for automakers, which is conducive to market expansion for electric vehicle relays.
Region Overview:
In 2021, the share of the EV Relay market in Asia Pacific stood at 69.57%.
Company Overview:
Panasonic, Xiamen Hongfa Electroacoustic, Denso were the top 3 players in the EV Relay market in 2022, taking up a market share of 66.23% together.
Segmentation Overview:
By type, Main Relay segment accounted for the largest share of market in 2021.
Application Overview:
By application, the BEV segment occupied the biggest share from 2017 to 2022.
The EV Relay market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global EV Relay market covered in Chapter 4:
Sanyou Relays
YM Tech
BYD
TE Connectivity
Shenzhen Busbar
Song Chuan Precision
Panasonic
Omron
Denso
Shanghai SCII
Xiamen Hongfa Electroacoustic
Sensata
In Chapter 12 and Chapter 14.1, on the basis of types, the EV Relay market from 2018 to 2028 is primarily split into:
Main Relay
Quick Charge Relay
Auxiliary relay
Pre-charge Relays
Others
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the EV Relay market from 2018 to 2028 covers:
BEV
PHEV
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the EV Relay market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the EV Relay market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides EV Relay industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts EV Relay industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the EV Relay market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight EV Relay market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the EV Relay market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the EV Relay market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
