The global automotive relay market is accelerating and is expected to reach 27.37 billion USD by 2031.
The global automotive relay market is on a rapid trajectory toward success, with revenues reaching approximately $16.48 billion in 2022. Forecasts suggest that this growth will accelerate further, with an estimated $27.37 billion by 2031. This remarkable expansion is expected to see a steady annual compound growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2031.
Automotive relays, which are electronically controlled switches, play a crucial role in the automotive industry by efficiently managing high voltage and current. These essential devices function as switches that can control very large currents with a small amount of current, facilitating the smooth operation of various electrical components within vehicles.
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