According to the Research Report on China's Electromagnetic Relay Market Competition, due to the impact of trade friction and COVID-19, the global relay market scale declined slightly in 2019 and 2020. However, with the recovery in 2021, the relay market will return to growth, which is expected to reach 46.387 billion yuan in the whole year and 52.358 billion yuan in 2024.

In terms of the status quo of Chinese relay market, according to the data, in recent years, the domestic relay market only experienced a slight decline in 2019, and then picked up again in 2020, reaching 22.949 billion yuan, with a year-on-year growth of 7.0%. With the continuous development of new energy vehicles, the demand for HVDC relay is expected to increase substantially, driving the overall rapid growth of the relay market. As the main production base of relays in the world, China's market size currently accounts for 54% of the global market, and the proportion continues to increase. In addition, the domestic epidemic ended earlier and the economic recovery speed is much faster than that of foreign markets, so the market share is expected to continue to increase.

So what are the main development trends of relays?

1. Increased demand for single relay

As consumers' demand for automobile safety, comfort and entertainment continues to improve, the automobile industry continues to promote the development of electronic, automatic adjustment of seats, HUD and other functions and products are increasingly common, leading to an increase in the demand for relay. In the past, about 30 relays were used on average for passenger cars, with a total value of about 120-150 yuan. At present, there are nearly 70 bicycles in demand for high-end models. The development of automobile electronization helps greatly to improve the market space of automobile relay. At the same time, with the gradual development of high voltage technology of new energy vehicles, the demand for relay bikes is expected to increase significantly, and high voltage charging technology has higher requirements for high voltage DC relay, which is expected to improve the added value of the industry.

2. The market continues to concentrate

With the gradual development of new energy industry, high voltage dc relay demand continues to grow, the overall technology compared with traditional relay is more demanding, higher profits, is the boom of relay downstream high industry, only a handful of advanced domestic enterprises (hongfa, byd, and Shanghai west ai, etc.) have the production capacity and high voltage charging technology gradually permeate, and as the future Technical barriers thickened, the overall market concentration is expected to further improve.

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