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Time of India
16-05-2025
- Automotive
- Time of India
Hyundai India sets sights on EV-led sales
Hyundai Motor India Limited (HMIL) is aiming to generate most of its sales from electric vehicles (EVs) by FY30, with electric powertrains expected to contribute more than ICE (Internal Combustion Engine) vehicles, said the top management. 'We are set to accelerate our presence in the EV market, building on the strong foundation laid in FY25 with the launch of the Creta Electric,' Unsoo Kim, MD, Hyundai Motor India, said. Currently, Hyundai India's electric portfolio, which reported sales of 3,969 units in the recently closed fiscal year, incorporates the newly debuted Creta Electric and IONIQ 5. The Creta Electric has received a good consumer response till now, added the management. Creta Electric's increased popularity has given a significant boost to the company's plan to delve into EVs across segments, identifying a 'blue ocean' of both mass-market and premium categories. The company has also decided to switch to DC fast chargers from AC chargers after observing the current EV market ecosystem. With six electric product launches in the pipeline, the company is expanding 89 operational EV chargers to 600 by 2032. With a focus on localisation of crucial components such as batteries, drivetrain/power electronics, and is open for collaborations with Indian partners for EV cells. The automajor is also focusing on robust EV infrastructure, localisation of its components through the new Talegaon plant opening. Focus on market share Hyundai has also outlined a major expansion strategy to regain its position in the Indian market as the carmaker observes a market share slide. Its market share dropped to 14 per cent in the last financial year--its lowest since FY13. The South Korean major is aligning 26 new launches and new powertrain technology inclusion to claw back its loosened position. The launch pipeline incorporates 20 ICE and 6 EVs with multiple hybrids (including a strong hybrid powertrain) by the decade's end, said Kim during the post-earnings call for Q4 FY25. "Looking ahead, we remain cautiously optimistic on the domestic demand outlook in the near term amid prevailing macro-turbulences and weakening customer sentiments,' said Unsoo Kim, MD, Hyundai Motor India. Though it hopes for a market recovery by RBI rate cuts and income tax reliefs. By FY27, Hyundai will roll out eight new models that are going to be a mix across powertrains, said COO, Tarun Garg . However, further details about the launches are expected to be revealed during the company's September investor meeting. Talegaon plant The South Korean automaker is planning to roll out its electric and ICE vehicles from its yet-to-be-operationalised Talegaon, Pune plant. It has planned a capital expenditure of ₹7,000 crore in the ongoing fiscal, with 40 per cent of the amount's infusion in its manufacturing plant in Pune, while 25 per cent will be for its product expansion, the management added. The production from the plant will commence from Q3 of FY26 to cater to the various market demands. However, the company also expects a short-term margin pressure due to the new plant opening. On the export front, the company has a growth projection of 7–8 per cent this fiscal. This projection aligns with its earlier aim to make India Hyundai's largest export hub after its home country.
Yahoo
02-05-2025
- Automotive
- Yahoo
Automotive Relay Market Size Worth USD 26.23 Bn By 2034 Amidst Rising EV Adoption and Advanced Safety Features
According to Precedence Research, the global automotive relay market size is expected to be worth USD 26.23 billion by 2034, up from USD 14.92 billion in 2025. The market is projected to grow at a solid CAGR of 7.30% from 2025 to 2034. The industry growth fuelled by the explosive rise of electric vehicles (EVs) and a growing emphasis on cutting-edge safety technologies. Ottawa, May 02, 2025 (GLOBE NEWSWIRE) -- The global automotive relay market size has been calculated at USD 14.92 billion in 2025 and is estimated to rise from USD 15.81 billion in 2026 to USD 24.75 billion by 2033. The Asia Pacific automotive relay market is expected to be valued at USD 8.78 billion by 2025, expanding steadily at a CAGR of 8.10% during the forecast period. Automotive is a part of each and every sector and a daily essential for traveling, which promotes the growth of the automotive relay industry. The Complete Study is Now Available for Immediate Access | Download the Sample Pages of this Report@ Automotive Relay Market Key Highlights (2025–2034) Asia Pacific dominated the global automotive relay market, commanding approximately 58.32% of the total market share in 2024. By Product Type, the plug-in relay segment emerged as the frontrunner, securing a significant 46.93% share in 2024. By Application, the convenience segment led the market, capturing more than 37.48% of the overall revenue in 2024. By Vehicle Type, passenger cars remained the key contributors, accounting for 54.64% of the market share in 2024. By Propulsion, the Internal Combustion Engine (ICE) segment dominated the landscape, generating 71.59% of the total market share in 2024. Also Read: Strategic Developments in the Electric Passenger Cars Market Through 2034 Automotive Relay Market Revenue Analysis: The is set for healthy growth, expanding . This steady rise is driven by the , along with technological innovations in automotive safety and entertainment systems. Europe continues to show strong momentum, moving from . The region's focus on sustainability, stringent automotive regulations, and the shift (EVs) and energy-efficient vehicles are major contributors to this solid growth trajectory. MEA shows modest but stable growth, with revenues increasing from . Infrastructure development, rising automotive assembly activities, and gradual EV adoption are supporting the market's progression in this region. South America experiences relatively slower growth compared to other regions, growing from . Economic fluctuations and slower EV adoption rates slightly temper growth; however, increasing urbanization and . Global Automotive Relay Market Revenue by Product Type, 2022 to 2024 Product Type 2022 (USD Million) 2023 (USD Million) 2024 (USD Million) PCB 4,190.2 4,371.1 4,556.8 Plug-in-Relay 5,868.9 6,233.7 6,617.9 High Voltage Relay 1,413.6 1,507.0 1,605.8 Others 1,159.7 1,237.9 1,320.9 Global Automotive Relay Market Revenue by Application Type, 2022 to 2024 Application Type 2022 (USD Million) 2023 (USD Million) 2024 (USD Million) Powertrain 3,120.5 3,305.3 3,484.9 Body and Chassis 2,002.8 2,104.2 2,208.8 Convenience 4,641.3 4,947.8 5,284.6 Safety and Security 1,991.8 2,081.0 2,173.6 Others 875.8 911.5 949.4 Global Automotive Relay Market Revenue by Vehicle Type, 2022 to 2024 Vehicle Type 2022 (USD Million) 2023 (USD Million) 2024 (USD Million) Passenger Cars 7,100.6 7,400.0 7,705.0 Light Commercial Vehicles 3,900.6 4,220.7 4,564.5 Heavy Commercial Vehicles 1,631.2 1,729.1 1,831.9 Empower Your Strategy – Buy the Premium Report Today: Automotive Relay Market Overview One little part of a car that can save lives is the automotive relay. It is a little, transportable part of a lot of larger car gadgets. A digital or electromechanical controlled switch intended to manage DC voltages in passenger comfort and retention systems is called an automobile relay. In extreme conditions, it also regulates power levels. It acts as a switch to regulate the power supply to the headlights, taillights, fog lights, and interior lights. Relays manage the high current requirements of these lighting components. This ensures efficient functioning and prevents the vehicle's electrical harness from overheating. Also Read: Exploring Opportunities in the Uninterruptible Power Supply (UPS) Market: A Forecast Report In August 2024, Toshiba Electronic Devices & Storage Corporation announced the launch of 'TLX9152M,' an automotive photo relay having an output withstand voltage of 900V(min) that is ideal for usage in high-voltage automotive batteries. Versatile Range of Automotive Relay Products in 2024 Sr. No. Name of the Company Name of the Product Product Specification 1) Panasonic A new versatile power relay To provide a a highly reliable performance for solar inverters and several other high-load energy management applications. 2) ABB REX615 relay The recent addition to the 615 and 620 series relay to deliver all-in-one protection and control for power generation and distribution purposes. 3) Denso Corporation MobiQ A new brand for the automotive aftermarket smart mobility and vehicle-to-everything (V2X) products and solutions. 4) Fujitsu Open Platform: a joint transportation and delivery system For joint transportation and delivery in Japan. Also Read: What's Powering the Automotive Sensor Boom? Market Deep Dive & Future Projections Growth Factors in the Automotive Relay Market Cost-effective: The cost of high-current electrical circuit components is high. Low-current parts are significantly less expensive. By using an auto relay, it is possible to restrict the installation of high-current circuits to the system components that require it. Adaptability: Supports a wide range of automotive applications, from basic engine control systems to sophisticated lighting circuits. Enhanced functionality: Permits the incorporation of cutting-edge technologies and capabilities into contemporary automobiles. Safety: Helps to ensure the safe functioning of high-current equipment while preventing damage and overheating. Also Read: A Deep Dive into the Metal Electrical Conduit Market and Its Future Outlook Opportunities in the Automotive Relay Market In September 2024, as the industry transitions from gasoline-powered to electric cars, investment company Monroe Capital LLC announced intentions to establish a new fund of up to $1 billion to offer loans for smaller auto suppliers. In September 2024, Denso Corporation announced the establishment of a new plant to deliver 24-hour unmanned operation through digitalization at the Zenmyo plant. In December 2024, Denso Corporation and Onsemi announced their collaborative partnership to support the procurement of autonomous driving (AD) and advanced driver assistance systems (ADAS) technologies. Browse Detailed Insights@ Automotive Relay Market Report Scope Report Coverage Details CAGR 2025 to 2034 7.30% Market Size in 2024 USD 14.10 billion Market Size in 2025 USD 14.92 Billion Market Size by 2034 USD 26.23 Billion Dominant Region Asia Pacific Base Year 2024 Forecast Year 2025 to 2034 Segments Covered Product Type, Application, Vehicle Type, and Regions Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa Also Read: Driving the Future: Automotive ECU Market Projected to Reach USD 134.67 Billion by 2034 How Big is the Asia Pacific Automotive Relay Market? According to Precedence Research, the Asia Pacific automotive relay market is worth USD 8.78 billion in 2025 and is projected to reach around USD 16.70 billion by 2034. The APAC market is expected to grow at a CAGR of 8.10% from 2025 to 2034. Asia Pacific Automotive Relay Market Report is Readily Available for Immediate Delivery, Buy Now Large Consumer Base & Vehicle Production: Asia to Stay Ahead in the Market Asia Pacific dominated the automotive relay market in 2023. The industry is expected to grow in several Asian countries as a result of the implementation of safety measures. The spread of autos in developing nations like China is responsible for the rise in the region. The Asia Pacific automobile market has enormous development potential due to the region's high demand for automobiles. Growing automobile demand in Asia Pacific, particularly in China and Japan, is expected to fuel regional market development throughout the forecast period. Furthermore, the Indian automotive relay market grew at the highest rate in the Asia-Pacific area, while China's market had the greatest market share. How China & India Are Leading Their Ways in Automotive Sector The Chinese auto industry has shown a positive trend, with both vehicle production and sales increasing gradually in the first nine months of 2024, according to data issued on Saturday by the China Association of Automobile Manufacturers. Between January and September, China manufactured more than 21.47 million cars, a 1.9% rise over the same period last year. Automobile sales rose 2.4% to 21.57 million vehicles at this time last year. In September, auto sales were down 1.7 percent year over year at over 2.81 million vehicles, while auto output was down 1.9 percent year over year at roughly 2.8 million units. With prospects for electric and driverless vehicles, India may lead the world in shared mobility by 2030. 23,28,329 passenger cars, three-wheelers, two-wheelers, and quadricycles were produced overall in January 2024. It is anticipated that the worldwide EV market will have grown five times to reach US$ 1,318 billion by 2028 from an estimated US$ 250 billion in 2021. The total number of passenger cars, three-wheelers, two-wheelers, and quadricycles produced in April 2024 was 23,58,041. With a potential investment of over $200 billion over the next eight to ten years, India is expected to surpass all other EV markets by 2030. In April 2025, OMRON Electronic Components introduced the G9EK High-Voltage DC Relay that was created for next-generation energy applications. In December 2024, OMRON Electronic Components reported the launch of the G5Q global standard compact power relay, G5Q-HR which is the latest edition with exciting features to improve performance and extend operational life. Set up a meeting at your convenience to get more insights instantly! Expanding Domestic Manufacturing: North America to Grow at a Rapid Pace North America's automotive relay market is estimated to grow at a significant rate during the forecast period. This is due to the expected growth of the domestic manufacturing sector in both Canada and the United States. It is anticipated that the strong infrastructure facilitating the development of electrical automotive components would contribute to the market's expansion. In the upcoming years, one of the main trends in the automotive relay market is anticipated to be the increased research and development of small and highly effective relays. U.S. vehicle sales were predicted to reach 1.31 million units in November 2024 on an unadjusted volume basis, a 6% increase over the same month the previous year. This corresponds to a seasonally adjusted rate (SAAR) of 15.9 million units, which is consistent with the October mark of 16.0 million units. Retail advertised inventory data from S&P Global Mobility shows that as of the end of October 2024, there were 3.06 million automobiles available in the US, a 0.2% rise from September. In September 2024, the United States sold 122,773 PEVs (104,343 BEVs and 18,430 PHEVs), a 13.7% decrease from September 2023 sales. Also Read: Electric Mobility Market Paving the Way for a Sustainable Future Decarbonizing the nation's transportation system and leading the world in zero-emission vehicles (ZEVs) are priorities for Canada. ZEV market share increased from 11.8% in July 2023 to around 13.7% of total LDV sales in July 2024. According to Canada's 2030 Emissions Reduction Plan, the government pledged to sell all new light-duty vehicles with zero emissions by 2035, with interim goals of at least 20% by 2026 and at least 60% by 2030. In February 2025, TE Connectivity Plc reported to acquire Richards Manufacturing Co. to strengthen the service assistance of TE Connectivity Plc in North America. Automotive Relay Market Segmentation Analysis By Product Analysis: The PCB segment dominated the automotive relay market in 2023. PCB (Printed Circuit Board) relays are essential to the automation and control procedures in the field of industrial applications. The small size and space-saving design of PCB relays are among its main benefits. These relays' incorporation into industrial systems makes effective use of the space that is available. High temperatures, vibrations, and electrical disruptions are just a few of the harsh circumstances that these relays are designed to endure. Long-term cost reductions from the use of PCB relays in industrial applications can be substantial. By Propulsion Analysis The ICE segment held the largest share of the automotive relay market in 2023. As automakers embraced producing low-cost EVs, the top 10 selling models globally and in Europe changed towards hybrid vehicles and internal combustion vehicles despite the significant electrification trend. Internal combustion engines are predicted to have a significant market share due to the growing usage of ICEs in a variety of automotive and non-automotive applications in nations like China, Japan, and India. This will further drive the growth prospects of ICEs. By Application Analysis: Tthe convenience segment held the largest share of the automotive relay market in 2023. Automotive relays are commonly used in power window and door lock systems to regulate the functioning of motors that raise and lower windows. T urning the lock and key on the door is one example. Relays regulate the high currents that these motors require. They provide convenience features as well as reliable and quick automobile entry control. Relays are essential parts of automotive security and safety systems because they control functions like airbag actuation. By Vehicle Type Analysis: The passenger car segment dominated the automotive relay market in 2023. All major global light vehicle markets have expanded, and this has led to a rise in automobile sales worldwide. Although just two major markets had double-digit growth in the first semester of 2024, the majority of the world's auto markets grew. These were Mexico and Brazil. China continues to be the world's largest single-country new car market, with sales rising 3.3% to 9,856,000 vehicles in the first half of 2024. During the first half of 2024, 6878,400 new passenger vehicles were registered in Europe (EU, EFTA, UK), a 4.4% increase. Only 2.2% more new light cars were sold in the USA in the first half of 2024, reaching 7.8 million. Related Topics You May Find Useful: Electric Vehicle Relay Market Size is accounted for USD 24.08 billion in 2024 and is anticipated to reach around USD 429.73 billion by 2034, growing at a CAGR of 33.40% from 2024 to 2034. Plug-In Hybrid Electric Vehicles (PHEV) Market size is estimated at USD 145.08 billion in 2024 and is anticipated to reach around USD 353.04 billion by 2034, expanding at a CAGR of 9.30% from 2024 to 2034. Data Relay Satellite Market is projected to grow at the fastest CAGR during the forecast period from 2024 to 2034. Electric Powertrain Market Size accounted for USD 125.39 billion in 2024 and is expected to be worth around USD 489.12 billion by 2034, at a CAGR of 14.6% from 2025 to 2034. Automotive Powertrain Market Size was accounted for USD 875.92 billion in 2024 and is anticipated to reach around USD 3804.52 billion by 2034, growing at a CAGR of 15.82% from 2025 to 2034. Automotive Retrofit Electric Vehicle Powertrain Market Size is accounted for USD 65.94 billion in 2024 and is anticipated to reach around USD 144.61 billion by 2034, growing at a CAGR of 7.40% from 2024 to 2034. Automotive Relay Market Top Companies Denso Eaton Fujitsu ABB Ltd. Idec Corporation Littelfuse Inc. TE Connectivity Omron Corporation Sharp Corporation NEC Corporation Nippon-Aleph Daesung Electric What is Going Around the Globe? In August 2024, the SRP1 Solid-State Relays (SSRs) family was released by Littelfuse an industrial technology manufacturing firm with a mission to enable a safer, connected, and sustainable society. Designed to satisfy end users' need to switch parts that are more dependable and long-lasting for use in commercial and industrial equipment applications. In June 2024, the FBR53-LE is the smallest, low-power, 40A, automotive-grade, PCB-mounted relay available on the market, according to FCL Components America, Inc. This relay helps make more compact designs possible since it is more than 2 mm shorter than other relays in its class. In May 2023, the G2RV-ST will be the newest industrial 6mm electromechanical relay from OMRON, the biggest single-brand relay producer in the world. This revolutionary design gives panel builders and machine makers the perfect answer for small panels and equipment while yet offering all the dependability and durability needed for industrial applications. The Automotive Relay Market report is categorized into the following segments and subsegments: By Product Type PCB Plug-in-Relay High Voltage Relay Others By Propulsion ICE Electric & Hybrid By Application Powertrain Body & Chassis Convenience Safety & Security Others By Vehicle Type Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicles By Region North America U.S. Canada Asia Pacific China Japan India South Korea Thailand Europe Germany UK France Italy Spain Sweden Denmark Norway Latin America Brazil Mexico Argentina Middle East and Africa (MEA) South Africa UAE Saudi Arabia Kuwait Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or Asia Pacific. Immediate Delivery Available | Buy This Premium Research Report@ You can place an order or ask any questions, please feel free to contact at sales@ | +1 804 441 9344 Precedence Research offers exclusive subscription services designed to provide in-depth data and analytics insights. With a subscription, you gain access to a comprehensive suite of statistical resources, market intelligence, and research tools tailored to your business needs. Whether you're looking for industry trends, competitive analysis, or future market projections, our subscription plans ensure you stay ahead with reliable, up-to-date information. Browse Our Subscription Plans@ About Us Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally. Web: Our Trusted Data Partners: Towards Healthcare | Towards Packaging | Towards Automotive | Towards Chem and Materials | Towards FnB | Statifacts | Towards EV Solutions | Towards Dental | Nova One Advisor Get Recent News: For Latest Update Follow Us: LinkedIn | Facebook | TwitterSign in to access your portfolio
Time of India
27-04-2025
- Automotive
- Time of India
Chandigarh ranks second in India for electric vehicle registrations in 2024-2025
Chandigarh: In a significant milestone, Chandigarh has been ranked second, after Tripura, for registering the maximum percentage of electric vehicles (EVs) out of the total vehicles registered in the city during the last financial year, 2024-2025. As per the data of ICE and electric vehicle (EVs) registration across the country, compiled by the ministry of road transport and highways (MoRTH), the registering and licensing authority (RLA) of Chandigarh registered 14.82% EVs out of the total vehicles registered in the city in 2024-2025. Chandigarh beat major states and cities like Delhi, UP, Maharashtra, Bihar, Madhya Pradesh, West Bengal, Gujarat, Punjab, Haryana, Rajasthan, Tamil Nadu, etc in terms of EV registration. The data, released by the Centre, shows that Chandigarh registered 47,348 vehicles in 2024-2025, out of which 40,332 are Internal Combustion Engine (ICE) or fuel vehicles, while 7,016 are electric vehicles. Tripura, which has the top rank in EV registration in 2024-2025, recorded 15.54% EVs in the state. A total of 60,501 vehicles were registered in Tripura in 2024-2025, out of which 51,100 are ICE or fuel vehicles, and the remaining 9,401 are electric vehicles. Goa stands third, with 11.78% EVs out of 82,607 registered in the financial year. "The significant amount of incentives for EV owners in the city, exemption in road tax for electric vehicles, availability of good quality electric vehicles and awareness towards the environment are some of the key factors encouraging people to opt for electric vehicles for daily use. Moreover, CREST is providing a hassle-free incentive facility to EV owners through online mode," sources said. As per records of the registering and licensing authority of the UT administration, over 20,000 electric vehicles have been registered in the city so far. Although the number of two-wheeler EVs registered is more than four-wheelers, a large number of people are also showing interest in four-wheeler EVs. Besides, registration of hybrid vehicles is also catching up in the city. Box: 34 charging stations in city As per records, currently, 34 EV charging stations are operational in the city at different locations. Since these charging stations are largely installed in parking lots of the city, they are easily accessible to people. Besides, the authority has started the process of installing six more charging stations. These additional charging stations will be set up at different locations, as per the requirement and feasibility after assessing locations. Box for graphic: Registration of ICE/EVs in 2024-25 Month-----------------EVs----------------------ICE April, 2024-----------380---------------------3,139 May, 2024------------491---------------------3,264 June, 2024------------512---------------------2,943 July, 2024-------------778---------------------3,535 Aug, 2024--------634----------------------3,300 Sep, 2024----592----------------------2,443 Oct, 2024--------905----------------------6,015 Nov 2024----621----------------------2,928 Dec 2024-----520----------------------2,942 Jan 2025--------604----------------------3,622 Feb 2025------430----------------------2,728 March 2025----------589----------------------3,473 Total registered vehicles in 2024-2025----------------47,348 Total registered ICE vehicles in 2024-2025----------40,332 Total registered EVs---------------------------------------7,016 Box: Top 10 states with highest percentage of registered EVs in 2024-2025 State-----------------------Total registered vehicles-----------EVs-----------% of EVs Tripura-------------------60,501--------------------------------------9,401----------15.54% Chandigarh-------------47,348-------------------------------------7,016----------14.82% Goa------------------------82,607------------------------------------9,729-----------11.78% Delhi----------------------7,20,447-----------------------------------81,649---------11.33% Assam--------------------6,14,475-----------------------------------67,342---------10.96% UP------------------------37,81,033----------------------------------3,68,773--------9.75% Kerala--------------------7,79,501-----------------------------------74,744----------9.59% Karnataka---------------18,48,624---------------------------------16,8475---------9.11% Maharashtra------------29,52,140---------------------------------2,40,026---------8.13% Bihar----------------------13,81,756---------------------------------1,11,536---------8.07% MSID:: 120667768 413 |
