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Global Electric Vehicle Relays Market 2019-2023 | Adoption of Advanced Electric Vehicle Charging Systems to Boost Growth | Technavio

October 14, 2019
Global Electric Vehicle Relays Market 2019-2023 | Adoption of Advanced Electric Vehicle Charging Systems to Boost Growth | Technavio
Global Electric Vehicle Relays Market 2019-2023 | Adoption of Advanced Electric Vehicle Charging Systems to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)--Oct 14, 2019--

The global electric vehicle relays market is expected to post a CAGR over 33% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global electric vehicle relays market 2019-2023. (Graphic: Business Wire)

The number of relays deployed for electric vehicles has increased due to the shift from mechanical parts-based automotive components to electronic parts-based automotive components. Relays have multiple applications including specific and generic applications. The increase in need for safety components such as anti-lock braking system (ABS), electronic brakeforce distribution (EBD), and airbags among others is also driving the demand for relays. Thus, the increase in electronics and safety requirements in electric vehicles will boost the growth of the electric vehicle relays market during the forecast period.

To learn more about the global trends impacting the future of market research, download free sample: https://www.technavio.com/talk-to-us?report=IRTNTR31229

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 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

Manufacturers are developing technologically advanced charging systems due to the increase in competition among manufacturers and need for constant innovations in the electric vehicle market. In addition, battery electric vehicles or pure electric vehicles and plug-in hybrid electric vehicles are equipped with chargers. Some of the major advances in electric vehicle charging are bi-directional charging and wireless charging. This has increased the number of relays by about 5% per vehicle. Thus, with the rising adoption of advanced electric vehicle charging systems, the market for electric vehicle relays is expected to showcase a positive outlook during the forecast period.

“Apart from the rising adoption of advanced electric vehicle charging systems, advancements in relay design and consolidation of relay market are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.

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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 geography (APAC, Europe, MEA, North America, and South America).

The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increase in electronic content in electric vehicles and growing demand for these vehicles.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report

Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191014005274/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

Email:media@technavio.com

Website:https://www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 10/14/2019 06:15 AM/DISC: 10/14/2019 06:15 AM

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