Global Relays Market to Reach $25.3 Billion by 2030
The global market for Relays estimated at US$17.3 Billion in the year 2023, is expected to reach US$25.3 Billion by 2030, growing at a CAGR of 5.5% over the analysis period 2023-2030. Electromechanical Relay, one of the segments analyzed in the report, is expected to record a 7.1% CAGR and reach US$7 Billion by the end of the analysis period. Growth in the Automotive Relay segment is estimated at 5.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.6 Billion, While China is Forecast to Grow at 9.6% CAGR
The Relays market in the U.S. is estimated at US$4.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$6 Billion by the year 2030 trailing a CAGR of 9.6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.1% and 5.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.5 Billion by the year 2030.
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