Increasing Modernization of Vehicles to Impact the Relay Market
The LCV relay segment is projected to grow at the fastest growth rate during the forecast period from 2017 to 2022. The North America region is estimated to witness a high growth in LCV production. In the U.S., the LCV production is projected to increase from 3.3 million units in 2017 to 4.4 million units by 2022. OEMs are focused on adding premium electronic features in LCVs, which influences the relay market for LCV segment. The adoption of applications such as HVAC, sunroof, starter motor, power seats, door lock, and others is also increasing at high growth rates. Hence, the relay market for this vehicle segment is estimated to grow at the fastest CAGR during the forecast period.
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