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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.

Europe Automotive Relay Industry Segmentation

A relay acts as a switch, and it is used to switch connections between different circuits. Relays consist of an electromagnet, wherein the input current causes the coil to generate a magnetic field, which causes the contacts to meet, and thus, the circuit is established. If the input voltage is insufficient, then the contacts may not come together due to the weak magnetic field.

The Europe Automotive Relay Market is segmented into type, application, vehicle type, and country. Based on the Type, the market is segmented into PCB Relay and Plug-in Relay. Based on the Application, the market is segmented into Locking Systems, Engine Management modules, Motors and Pumps, and Others (power window, sunroof, ABS control, etc.)). Based on the Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on the Country, the market is segmented into Germany, the United Kingdom, France, Italy, Spain, and the Rest of Europe.

For each segment, the market sizing and forecast have been done based on the value (USD).