Global Automotive Fuse Market is valued approximately USD XXX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Automotive fuses are used in cars to safeguard the electrical system and wiring. They can be rated at 42 volts but are often rated at 32 volts DC. All the electrical parts of an automobile, fuse units are the most commonly utilized and required. This explains why there is a growing desire for cars with cutting-edge technology. In order to meet the escalating demand from customers, automakers are increasing the manufacturing of these vehicles. The Automotive Fuse market is expanding because of factors such as increased vehicle production, increasing vehicle safety and comfort features in mid-segment vehicles and high battery capacity. Furthermore, rising sales of premium vehicles and increasing adoption of semi-autonomous vehicles and autonomous vehicles is catering the growth of market in the projected period.
The prevalence rate and adoption of cars is rising, according to World Economic Forum, the number of cars in year 2015 were stood at 1.1 billion cars which is expected to increase at 1.5 billion cars by year 2025 and it is projected to reach at 2.0 billion by year 2040. Thus, with the rising number of cars indicates the rising production of vehicles, which is rising the demand and adoption of automotive fuse. The People's Republic of China accounted for half of the increase in electric car sales in 2021, according to the International Energy Agency. China sold 3.3 million more cars in 2021 than the rest of the world put together. Thus, with the rising sales of electric vehicles, the adoption of automotive fuse also rises. However, the high cost of Automotive Fuse and smart junction box connected with autonomous vehicles stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Automotive Fuse Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Among these region, North America is dominating the market share owing to factors such as rising sales form automotive industry, rising adoption of semi-autonomous vehicles, high presence of key market players in the region. Furthermore, Asia Pacific is expected to be the fastest growing region in the market owing to factors such as rising production of electric vehicles, rising government investment in automotive industry, rising consumer spending on automotive vehicles.
Major market players included in this report are:
Pacific Engineering Corporation
Little Fuse Inc.
Mersen Electrical Power
AEM Components (USA), Inc.
Recent Developments in the Market:
In March 2022, Littelfuse has introduced the new 828 Series High-Voltage Cartridge Fuse. In order to address the circuit protection requirements of small automotive electronics, particularly Electric Vehicle (EV) applications
In October 2021, Eaton announced the launch of EVK Series, Bussmann series fuses. The product is of high-voltage fuses which meets the requirements and is use in high-powered electrified vehicles (EVs) having ratings up to 1,000 volts of direct current (VDC) as well as 600 amps.
Global Automotive Fuse Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Fuse Type, Current, Vehicle Type, Sales channel, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Fuse Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Fuse Type:
By Vehicles Type:
By Sales Channel:
Rest of the World