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The global electric vehicle relays market size is poised to grow by USD 14.92 billion during 2020-2024, progressing at a CAGR of 31% during the forecast period says the 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.
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.
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, automotive relays market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Electric Vehicle Relays Market is segmented as below:
- Geographic Landscape
- North America
- South America