Increasing Concern About the Growing Emission and Pollution has Propelled the Growth of the EV Relay Market in APAC!

Governments in the Asia-Pacific region are increasingly concerned about carbon emissions and their impact on the environment. As a result, there is a growing focus on promoting the adoption of electric vehicles (EVs) as a means of reducing emissions. For instance, the Indian government has set a target of achieving 30% electric vehicle penetration by 2030. Similarly, in China, the government is providing subsidies and incentives to promote the adoption of EVs. The Japanese government has also set a goal of achieving carbon neutrality by 2050, which is expected to drive the adoption of EVs in the country. Moreover, governments in the region are also investing heavily in the development of EV charging infrastructure to support the growing demand for EVs. Overall, the growing concern about carbon emissions is driving the adoption of EVs in the APAC region, which is expected to have a positive impact on the environment and the growth of the EV relay market in the region.

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Further, the APAC EV Relay Market is expected to grow at a strong CAGR of 34% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing EV relay market primarily owing to the increase in demand for electric vehicles. Moreover, manufacturers in APAC are investing in research and development to produce innovative and technologically advanced products to meet the specification designed by the government. APAC EV Relay Market Revenue (2021-2030)- USD Mn.

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Based on vehicle type, the market is segmented into passenger and commercial. Amongst these, the passenger segment withholds a higher CAGR during the forecast period owing to the increasing awareness of environmental issues and the need to reduce carbon emissions. Moreover, with the rise of global warming concerns, consumers are more inclined to choose electric vehicles that emit significantly fewer greenhouse gases than their gasoline-powered counterparts. In addition, government initiatives towards the adoption of an electric vehicle are also a prime factor for the growth of the segment. For instance, in 2023, the Government of Odisha amended the electric vehicle policy and increased the subsidy on the purchase of two-wheeler, three-wheeler, and four-wheeler vehicles substantially.

By type, the market is bifurcated into Plug-in-Relay and PCB Relay. Among these, Plug-in-relays captured the majority share of the industrial relay market in 2021. This is due to the increasing demand for electric vehicles, the need for more efficient and reliable power management, the emphasis on sustainability and reducing carbon emissions, and the investment in research and development of electric vehicle technology.

Global EV Relay MarketSegmentation

Market Insight, by Vehicle Type

• Passenger
  • Commercial

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe

• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Panasonic Holdings Corporation
• TE Connectivity
• OMRON Corporation
• ABB Ltd.
• Xiamen Hongfa Electroacoustic Co.,Ltd.
• Willow
• Zettler Group
• Tara Relays Pvt. Ltd
• Denso Corp
• BorgWarner Inc