The electric vehicle relays market is poised to grow by USD 12.69 billion during 2019-2023, progressing at a CAGR of over 33% during the forecast period according to report of Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is concentrated, and the degree of concentration will accelerate during the forecast period. DENSO Corp., Fujitsu Ltd., Panasonic Corp., Sensata Technologies Inc., and TE Connectivity Corp. 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.
The increase in electronics and safety requirements in electric vehicles has been instrumental in driving the growth of the market.
Electric Vehicle Relays Market 2019-2023: Segmentation
Electric Vehicle Relays Market is segmented as below:
- Geographic Landscape
- North America
- South America