Global Electric Vehicle Relays Market 2019-2023| Rising Adoption of Advanced Electric Vehicle Charging Systems to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--May 16, 2019--
The global electric vehicle relays market is expected to post a CAGR of over 33% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global electric vehicle relays market from 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in electronics and safety requirements in electric vehicles. Relays have multiple applications in electric vehicles, including generic and specific applications. Consistent growth in the shift from mechanical parts-based automotive components to electronic parts-based automotive components increases the number of relays deployed for such systems. The demand for relays is also being supported by the increasing requirement for safety components such as anti-lock braking system (ABS), electronic brakeforce distribution (EBD), and airbags among others. This shift toward electronics parts-based components and the incorporation of advanced charging system-related products in electric vehicles are expected to support the growth of the global electric vehicle relays market during the forecast period.
As per Technavio, the rising adoption of advanced electric vehicle charging systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global electric vehicle relays market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global electric vehicle relays market: Rising adoption of advanced electric vehicle charging systems
Battery electric vehicles or pure electric vehicles and plug-in hybrid electric vehicles are equipped with chargers. The need for constant innovation in the electric vehicle market amid increasing competition among manufacturers has led to the development of technologically advanced charging systems. Bi-directional charging and wireless charging are the major advances in electric vehicle charging. The adoption of bi-directional chargers and wireless charging in electric vehicles will increase the number of relays by about 5% per vehicle. Advances in electric vehicle charging systems and the rising trend in the use of bi-directional charging and inductive wireless charging by electric vehicle manufacturers will have a positive impact on the global electric vehicle relays market.
“At the outset, the adoption rate of electric vehicles was low, but improvements in battery technology, charging infrastructure, and government support through subsidiaries are making such vehicles increasingly popular. Advances in charging systems have enhanced the adoption rate of battery electric vehicles and plug-in hybrid electric vehicles and will drive the global electric vehicle relays market during the forecast period,” says a senior analyst at Technavio.
Global electric vehicle relays market: Segmentation analysis
This market research report segments the global electric vehicle relays market by relay terminal (PCB and plug-in) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. However, during the forecast period, the North American region is expected to register the highest incremental growth due to the adoption of new and advanced features that increase electronic content in electric vehicles.
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Five Forces Analysis
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- Vendors covered
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