What is Global EV Relay Market?
The Global EV Relay Market is a rapidly expanding sector within the automotive industry, focusing on the production and distribution of electric vehicle (EV) relays. These are essentially electromagnetic switches that control the high voltage battery systems in electric vehicles. The market's significance is underscored by the increasing global shift towards electric vehicles, driven by environmental concerns and advancements in EV technology. As of 2023, the market was valued at US$ 1158.3 million, and it's projected to reach a staggering US$ 10500 million by 2030. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 33.3% from 2024 to 2030.
Main Relay, Quick Charge Relay, Others in the Global EV Relay Market:
The Global EV Relay Market is segmented into three main categories: Main Relay, Quick Charge Relay, and Others. The Main Relay is the most significant segment, accounting for about 40% of the market. These relays are responsible for controlling the main power supply from the battery to the vehicle's electric motor. On the other hand, Quick Charge Relays, which account for about 30% of the market, are used in fast-charging systems to safely manage the high current levels required for rapid charging. The 'Others' category includes various other types of relays used in EVs for different functions.
BEV, PHEV in the Global EV Relay Market:
The usage of EV relays varies depending on the type of electric vehicle. In Battery Electric Vehicles (BEVs), which make up about 70% of the application market, relays are used to control the main power supply from the battery to the motor. They also manage auxiliary systems like air conditioning and infotainment. In Plug-in Hybrid Electric Vehicles (PHEVs), which account for about 30% of the application market, relays are used not only to control the power supply from the battery but also to manage the power flow from the internal combustion engine.
Global EV Relay Market Outlook:
The Global EV Relay Market is dominated by the top 5 companies, which collectively hold about 80% of the market share. Geographically, Asia Pacific is the largest market, accounting for about 48% of the total market. This is followed by Europe and North America, which hold about 38% and 10% of the market, respectively. The dominance of these regions can be attributed to their advanced automotive industries and strong push towards electric mobility.
| Report Metric | Details |
| Report Name | EV Relay Market |
| Accounted market size in 2023 | US$ 1158.3 million |
| Forecasted market size in 2030 | US$ 10500 million |
| CAGR | 33.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Panasonic, Xiamen Hongfa Electroacoustic, Denso, TE Connectivity, Omron, BYD, Shanghai SCII, Song Chuan Precision, Sanyou Relays, Shenzhen Busbar, YM Tech |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
