Driving Factors in the Automotive Relay Market
The global automotive relay market is projected to grow at a CAGR of 5.2%, increasing from US$18.1 billion in 2023 to US$25.8 billion by 2030. Automotive relays are essential components that manage electrical circuits in vehicles, controlling high-power functions like motor starting, fan control, and light activation. With the rise of electric vehicles, smart technologies, and connectivity, the demand for advanced and reliable relays has surged. The growing focus on vehicle electrification and safety standards further supports market expansion, providing significant opportunities for manufacturers in this evolving industry.