Relay Market

The global relay market is anticipated to see growth in consumption, production, imports, and exports over the next eight years. With a projected CAGR of +2.3% for volume and +4.7% for value from 2022 to 2030, the market is expected to reach 8.3B units in volume and $17.3B in value by the end of 2030. China, the United States, and Mexico were the top consumers in 2022, while China led in production and exports. The market saw growth in overseas shipments, but also fluctuations in import prices over the analyzed period.

Market Forecast

Driven by increasing demand for relays worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 8.3B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $17.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Relays

In 2022, global relay consumption dropped modestly to 7B units, which is down by -2.9% compared with 2021 figures. The total consumption volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak volume of 7.2B units, and then fell slightly in the following year.

The global relay market value fell modestly to $12B in 2022, waning by -4.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $14.9B. From 2018 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.3B units), the United States (1.2B units) and Mexico (510M units), with a combined 43% share of global consumption. Japan, Austria, Malaysia, Indonesia, Hungary, the Czech Republic, India, Italy, South Korea and Hong Kong SAR lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the Czech Republic (with a CAGR of +24.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest relay markets worldwide were the United States ($2.5B), China ($1.4B) and Japan ($640M), with a combined 38% share of the global market. India, Mexico, the Czech Republic, Italy, Indonesia, South Korea, Malaysia, Hong Kong SAR, Hungary and Austria lagged somewhat behind, together comprising a further 27%.

Among the main consuming countries, the Czech Republic, with a CAGR of +26.4%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of relay per capita consumption in 2022 were Austria (32 units per person), Hungary (22 units per person) and the Czech Republic (18 units per person).

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +24.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Relays

In 2022, global relay production fell to 6.3B units, waning by -6.7% against the previous year. The total output volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 20% against the previous year. Global production peaked at 6.8B units in 2021, and then shrank in the following year.

In value terms, relay production reduced to $10.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 16%. As a result, production attained the peak level of $11.7B, and then reduced in the following year.

Production By Country

China (2.5B units) constituted the country with the largest volume of relay production, comprising approx. 39% of total volume. Moreover, relay production in China exceeded the figures recorded by the second-largest producer, the United States (753M units), threefold. The third position in this ranking was taken by Japan (544M units), with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +4.7%. In the other countries, the average annual rates were as follows: the United States (+4.9% per year) and Japan (+1.2% per year).

Imports

World Imports of Relays

For the third consecutive year, the global market recorded growth in supplies from abroad of relays, which increased by 8.2% to 7.6B units in 2022. In general, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +56.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 43% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, relay imports amounted to $11.4B in 2022. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 23% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports By Country

China was the major importer of relays in the world, with the volume of imports resulting at 1.8B units, which was approx. 24% of total imports in 2022. Mexico (701M units) held a 9.3% share (based on physical terms) of total imports, which put it in second place, followed by the United States (8.8%) and Germany (7.1%). The following importers - Hungary (276M units), Malaysia (268M units), the Netherlands (212M units), Hong Kong SAR (204M units), South Korea (178M units), Italy (171M units), Japan (168M units), Brazil (149M units) and the Czech Republic (130M units) - together made up 23% of total imports.

China was also the fastest-growing in terms of the relays imports, with a CAGR of +20.2% from 2012 to 2022. At the same time, Malaysia (+12.5%), Hungary (+9.3%), the Czech Republic (+7.3%), Italy (+6.3%), the Netherlands (+6.1%), Mexico (+5.4%), South Korea (+4.9%), the United States (+4.1%), Japan (+3.4%), Germany (+1.3%) and Brazil (+1.1%) displayed positive paces of growth. By contrast, Hong Kong SAR (-4.5%) illustrated a downward trend over the same period. While the share of China (+18 p.p.) and Malaysia (+1.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-2.9 p.p.) and Hong Kong SAR (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest relay importing markets worldwide were the United States ($1.3B), China ($1.2B) and Germany ($1.1B), with a combined 31% share of global imports. Mexico, the Netherlands, Italy, Hong Kong SAR, South Korea, the Czech Republic, Japan, Brazil, Malaysia and Hungary lagged somewhat behind, together comprising a further 29%.

Among the main importing countries, the Czech Republic, with a CAGR of +8.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, electrical apparatus; relays, (for a voltage not exceeding 60 volts) (5.7B units) was the key type of relays, making up 75% of total imports. It was distantly followed by electrical apparatus (1.9B units), mixing up a 25% share of total imports.

Electrical apparatus; relays, (for a voltage not exceeding 60 volts) was also the fastest-growing in terms of imports, with a CAGR of +5.3% from 2012 to 2022. At the same time, electrical apparatus (+3.7%) displayed positive paces of growth. From 2012 to 2022, the share of electrical apparatus; relays, (for a voltage not exceeding 60 volts) increased by +2.9 percentage points.

In value terms, the largest types of imported relays were electrical apparatus ($5.9B) and electrical apparatus; relays, (for a voltage not exceeding 60 volts) ($5.5B).

Electrical apparatus; relays, (for a voltage not exceeding 60 volts), with a CAGR of +2.4%, saw the highest rates of growth with regard to the value of imports, among the main imported products over the period under review.

Import Prices By Type

In 2022, the average relay import price amounted to $1.5 per unit, declining by -3.7% against the previous year. Over the period under review, the import price recorded a perceptible decrease. The pace of growth appeared the most rapid in 2018 when the average import price increased by 4.9%. Global import price peaked at $2 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was electrical apparatus ($3.1 per unit), while the price for electrical apparatus; relays, (for a voltage not exceeding 60 volts) stood at $1 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by electrical apparatus; relays, for a voltage exceeding 60 volts (-2.2%).

Import Prices By Country

The average relay import price stood at $1.5 per unit in 2022, waning by -3.7% against the previous year. In general, the import price saw a perceptible slump. The pace of growth appeared the most rapid in 2018 when the average import price increased by 4.9% against the previous year. Global import price peaked at $2 per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($2.3 per unit), while Hungary ($0.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+1.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Relays

For the third consecutive year, the global market recorded growth in overseas shipments of relays, which increased by 5% to 6.9B units in 2022. In general, total exports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +44.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, relay exports rose markedly to $11.1B in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 20% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

China represented the major exporting country with an export of about 3.1B units, which accounted for 44% of total exports. Germany (485M units) held a 7% share (based on physical terms) of total exports, which put it in second place, followed by Japan (5.7%). The following exporters - France (220M units), Hong Kong SAR (217M units), Mexico (191M units), the Netherlands (188M units), the United States (184M units), Portugal (177M units), the Czech Republic (159M units), Spain (157M units), Indonesia (126M units) and Thailand (123M units) - together made up 25% of total exports.

China was also the fastest-growing in terms of the relays exports, with a CAGR of +12.5% from 2012 to 2022. At the same time, Indonesia (+12.4%), the Netherlands (+8.4%), Spain (+8.2%), the Czech Republic (+5.0%), Thailand (+4.8%), Germany (+2.5%) and Japan (+1.1%) displayed positive paces of growth. France and Mexico experienced a relatively flat trend pattern. By contrast, Portugal (-3.9%), Hong Kong SAR (-5.3%) and the United States (-6.1%) illustrated a downward trend over the same period. China (+23 p.p.) significantly strengthened its position in terms of the global exports, while France, Germany, Mexico, Japan, Portugal, the United States and Hong Kong SAR saw its share reduced by -1.5%, -1.7%, -2%, -2.4%, -3.4%, -5.2% and -5.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.9B), Germany ($1.5B) and the United States ($906M) constituted the countries with the highest levels of exports in 2022, with a combined 39% share of global exports. Japan, France, the Netherlands, the Czech Republic, Hong Kong SAR, Spain, Mexico, Portugal, Thailand and Indonesia lagged somewhat behind, together comprising a further 35%.

In terms of the main exporting countries, Indonesia, with a CAGR of +12.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Electrical apparatus; relays, (for a voltage not exceeding 60 volts) was the main type of relays in the world, with the volume of exports reaching 4.8B units, which was near 69% of total exports in 2022. It was distantly followed by electrical apparatus (2.1B units), achieving a 31% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to electrical apparatus; relays, (for a voltage not exceeding 60 volts) exports of stood at +3.8%. At the same time, electrical apparatus (+7.0%) displayed positive paces of growth. Moreover, electrical apparatus emerged as the fastest-growing type exported in the world, with a CAGR of +7.0% from 2012-2022. Electrical apparatus (+6 p.p.) significantly strengthened its position in terms of the global exports, while electrical apparatus; relays, (for a voltage not exceeding 60 volts) saw its share reduced by -6% from 2012 to 2022, respectively.

In value terms, electrical apparatus; relays, (for a voltage not exceeding 60 volts) ($5.6B) and electrical apparatus ($5.5B) were the products with the highest levels of exports in 2022.

Electrical apparatus; relays, (for a voltage not exceeding 60 volts), with a CAGR of +2.4%, recorded the highest growth rate of the value of exports, among the main exported products over the period under review.

Export Prices By Type

In 2022, the average relay export price amounted to $1.6 per unit, with an increase of 1.7% against the previous year. In general, the export price, however, saw a noticeable setback. The pace of growth appeared the most rapid in 2018 when the average export price increased by 4.8%. The global export price peaked at $2.1 per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was electrical apparatus ($2.6 per unit), while the average price for exports of electrical apparatus; relays, (for a voltage not exceeding 60 volts) totaled $1.2 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by electrical apparatus; relays, (for a voltage not exceeding 60 volts) (-1.4%).

Export Prices By Country

In 2022, the average relay export price amounted to $1.6 per unit, picking up by 1.7% against the previous year. In general, the export price, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2018 when the average export price increased by 4.8%. Over the period under review, the average export prices hit record highs at $2.1 per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($4.9 per unit), while China ($0.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform