Technavio has been monitoring the electric vehicle relays market and it is poised to grow by $ 14.92 bn during 2020-2024, progressing at a CAGR of almost 31% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio's in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. DENSO Corp., Fujitsu Ltd., Hella GmbH & Co. KGaA, Littelfuse Inc., OMRON Corp., Panasonic Corp., Robert Bosch GmbH, Sensata Technologies Holding Plc, Siemens AG, and TE Connectivity Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Preference for bi-directional & inductive charging systems has been instrumental in driving the growth of the market. However, recall of electric vehicles over defective relays and related components might hamper market growth.
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Electric Vehicle Relays Market 2020-2024: Segmentation
Electric Vehicle Relays Market is segmented as below:
Electric Vehicle Relays Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The electric vehicle relays market report covers the following areas:
This study identifies the increasing adoption of battery electric vehicles and plug-in hybrid electric vehicles as one of the prime reasons driving the electric vehicle relays market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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Electric Vehicle Relays Market 2020-2024: Key Highlights
Table of Contents:
Five Forces Analysis
Market Segmentation by Relay terminal
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