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The electric vehicle relays market size is forecast to increase by USD 377.32 billion, at a CAGR of 63.49% between 2023 and 2028. The market is experiencing significant growth due to the increasing adoption of electric transportation, particularly in the bus sector, as a means to reduce carbon footprint. Governments and organizations are offering incentives to Original Equipment Manufacturers (OEMs) to produce more EVs and phase out gasoline-powered vehicles, leading to a rise in demand for EV components such as relays. Solid-state relays are becoming increasingly popular due to their cost-effectiveness in the long run. However, the market faces challenges such as the recall of electric vehicles over defective relays and related components, which can negatively impact the power flow and carbon emissions of these vehicles.
Consolidation of the relay market is also a trend, with major players aiming to increase their market share and improve product offerings. Lamps and filter capacitors are essential components in EVs, and the reliability and efficiency of these components directly impact the overall performance of the vehicle.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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