The World Electromechanical and Solid State Relay Industry, Fifth Edition - Volume II: EuropeConsumption of relays in the European market, which totaled $1454.4 million in 1998, is forecast to reach $1693.8 million in 2003, increasing at a compound annual growth rate (CAGR) of 3.1%. Overall unit consumption growth is expected to be somewhat higher, and prices in general are expected to decline. We expect price erosion to result from strong competition among vendors, cost reductions due to technology advances, excessive production capacity, pressure from OEMs, periodic use of products as loss leaders, and other downward price pressures.
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