High Voltage Relays Market for EVs to Grow at a CAGR of 12.4% From 2023 to 2031, Reaching US$ 483.0 Million: As per TMR Study

PRESS RELEASE
Published June 15, 2023

WILMINGTON, DE / ACCESSWIRE / June 15, 2023 / Transparency Market Research Inc. - The Global High Voltage Relays Market for EVs stood at US$ 189.6 million in 2022 and the global market is projected to reach US$ 483.0 million by 2031. The global industry is anticipated to expand at a CAGR of 12.4% between 2023 and 2031.

Transparency Market Research inc., Thursday, June 15, 2023, Press release picture

The value of high voltage relays market for EVs is increasing, owing to the increasing adoption of electric vehicles. The global automotive industry is undergoing a major transformation with the increasing adoption of electric vehicles. Factors such as government initiatives, stringent emission regulations, and growing environmental concerns are driving the shift towards electric mobility. The need for high voltage relays for efficient power management and control in EVs will increase, as the demand for electric vehicles continues to rise.

Growing EV charging infrastructure, is another significant factor contributing to the market growth. The development of a robust and widespread EV charging infrastructure is crucial for the widespread adoption of electric vehicles. Governments and private organizations are investing heavily in the establishment of charging stations and networks to support the growing number of EVs on the roads. High voltage relays play a vital role in the safe and efficient operation of EV charging stations, enabling the control and management of high voltage power supply.

To Remain Ahead of Your Competitors, Request a Sample:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85637

Key Findings of the Market Report

  • On the basis of relay type, solid-state relays (SSRs) segment is likely to be most preferred, expected to expand at a significant share, attributed to enhanced reliability & durability, faster switching speeds, and compact size and lightweight.
  • By application, the electric power steering (EPS) segment is anticipated to hold the major share, owing to the factors such as growing adoption of electric power steering, as well as increasing electric vehicle production.
  • By vehicle type, battery electric vehicle (BEV) segment is expected to boost the market growth, attributed to the factors including increasing adoption of battery electric vehicles, and government initiatives and environmental regulations.

Global High Voltage Relays Market for EVs: Growth Drivers

  • The global high voltage relays market for EVs is projected to expand at a steady pace from 2023 to 2031, owing to focus on vehicle safety and reliability.
  • Other factors that are projected to augment the market growth include technological advancements in relay design, as well as supportive government policies and incentives.
  • Increasing range of electric vehicle models, and collaboration & partnerships between automotive manufacturers, relay suppliers, and other industry stakeholders, are the major factors that are anticipated to fuel the market prospects in the near future

Buy this Premium Research Report | Immediate Delivery Available:
https://www.transparencymarketresearch.com/checkout.php?rep_id=85637<>

Global High Voltage Relays Market for EVs: Regional Landscape

  • Asia Pacific is expected to dominate the high voltage relays market for EVs during the forecast period, attributed to rapidly growing electric vehicle market, growing investments in EV manufacturing in the region.
  • The regional market is witnessing an increase, due to the factors such as strong government support and policies, as well as expansion of charging infrastructure.
  • Technological advancements in EVs, and strong support for renewable energy in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global High Voltage Relays Market for EVs: Key Players

Some of the key market players in the global high voltage relays market for EVs are:

  • ABB
  • Comus International
  • Fujitsu Component Limited
  • Hengstler GmbH
  • Leach International
  • Littelfuse, Inc.
  • Mitsubishi Electric Corporation
  • Nucletron Technologies GmbH
  • Omron Corporation
  • Panasonic Corporation

Competitive Landscape

Prominent players in the high voltage relays market for EVs industry are taking advantage of the rapidly increasing demand for high voltage relays market for EVs. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

  • In 2023, ABB introduced a breakthrough high voltage relay with integrated AI capabilities. The relay utilizes machine learning algorithms to optimize switching operations and enhance overall performance in electric vehicle charging systems.
  • In 2023, Siemens introduced a compact and lightweight high voltage relay specifically designed for electric vehicle powertrain systems. The relay offers high power density and improved efficiency, contributing to the overall performance and range of electric vehicles.
  • In the same year, Panasonic Electric Works collaborated with a leading electric vehicle manufacturer to develop a customized high voltage relay for their next-generation electric vehicle platform. The relay offers seamless integration and optimized performance for the specific vehicle application.
  • In 2022, TE Connectivity announced the development of a high voltage relay with advanced fault diagnostics and predictive maintenance capabilities. The relay incorporates sensor technology and data analytics to detect potential issues and optimize maintenance schedules for electric vehicle charging systems

Get Customization on this Report for Specific Research Solutions:
https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=85637

Global High Voltage Relays Market for EVs: Segmentation

Relay Type

  • Electromechanical Relays
  • Solid-state Relays (SSRs)
  • Others

Application

  • Door Lock
  • Power Windows
  • Sunroof
  • Power Seat
  • Electronic Power Steering (EPS)
  • Lighting
  • Air Conditioner
  • Anti-lock Braking System (ABS)
  • Traction Control System (TCS)
  • Adaptive Cruise Control
  • Others

Vehicle Type

  • BEV (Battery Electric Vehicle)
  • HEV (Hybrid Electric Vehicle)
  • FCEV (Fuel Cell Electric Vehicle)
  • PHEV (Plug-in Hybrid Electric Vehicle)

Distribution Channel

  • OEM
  • Aftermarket

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Stay Updated with the Latest Energy and Natural Resources Research Reports:

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com

SOURCE: Transparency Market Research inc.



View source version on accesswire.com:
https://www.accesswire.com/761478/High-Voltage-Relays-Market-for-EVs-to-Grow-at-a-CAGR-of-124-From-2023-to-2031-Reaching-US-4830-Million-As-per-TMR-Study

ACCESSWIRE

News network reaching more than 1,500 media outlets in 98 countries. The newest, fastest-growing and most disruptive newswire available today.