Asia-oceania region is estimated to be the leading market for automotive relay
Asia-oceania is estimated to dominate the automotive relay market, as the region
represents countries such as china, japan, south korea, and india with the world’s highest
vehicle production. According to the organisation internationale des constructeurs
dautomobiles (OICA) publication, these countries together contributed ~53% to the
global vehicle production in 2016. Additionally,
countries like china and india have become manufacturing hubs for automobiles. China’s
initiative to reduce sales tax for passenger vehicles is expected to expand the overall
volume of vehicle production by 15%–16% in 2016. India is also expected to be the fastest
growing market due to increasing disposable income of people. The light vehicle sales in
india showed a positive development in the second quarter of 2016, and new models and
compact suvs are driving the demand for vehicles. Increased sales would influence the
automotive relay market