Increased demand of automobiles from emerging economies, along with an increased need of electronic components in the automotive industry are some of the reasons due to which the Automotive Fuse Market is growing at a rapid pace.
Covid-19 Impact & Market Status
The advent of Covid 19 has had a huge impact on the lives of many people. It has forced business to shut down due to cut in supply chains, distribution channels were destroyed. Many manufacturing facilities were shut and hence the Automotive Fuse market experienced a shock and the demand decreased drastically. The workforce decreased massively which resulted in the hampering of production.
The global Automotive Fuse market is anticipated to increase at a 2% CAGR to reach value USD 28.4 Billion in 2027
This Automotive Fuse Market report explores the current market, regulatory aspects, and potential opportunities, and challenges in individual market segments. The report also gives a detailed outlook of the competitive landscape.
Blade Segment is the Most Lucrative Segment
Based on Fuse Type, the market is divided into Blade, Glass Tube, Semiconductor and others. Among these, the Blade segment registered the maximum market share in 2020 and is projected to remain at top throughout the forecast period. This is because of the wide number of benefits these provide like compactness, durability, light & simple structure which is used immensely by the OEMs. This is the reason because of which the Blade segment is the most lucrative in the fuse type segment of Automotive Fuse Market.
Charge Inlet to have large market share
Based on Application, the market is bifurcated into Auxiliary Fuse, Engine Fuse, Charge Inlet Fuse, Battery Fuse, Others. Out of these, the Charge Inlet had a large market share and is expected to have the same during the forecast period. This is because of the high demand of high-power electric vehicles in regions like Asia Pacific and Europe.
24-48V to have high CAGR
Based on Voltage, the market is bifurcated into 12 & 24 V, 24–48 V, 49–150 V, Others. Out of these, the 24-48V segment is supposed to have highest market share and highest CAGR because of the benefits it provides like low emissions. High sales of ICE vehicles is another factor that is supporting the growth of this segment.
Asia Pacific Region to Render Ample Investment Avenues
Asia Pacific is the largest contributor to the growth of global Automotive Fuse Market. This is because there is huge need of automobiles in this region due to a large population. The APAC has some of the world’s largest companies which heavily advertise to increase awareness and hence it has the biggest market. The Asia Pacific region is also expected to have a great CAGR owing to the huge population and increasing technological advancements in that region.
The increasing need for automobiles due to increasing industrialization and an ever-increasing growth of human population are few more reasons which are driving this market.
Automotive Fuse are fuses which are used to protect wiring and electric components for vehicles. These are usually rated for circuits that have DC above 24 Volts, there are different types of automotive fuses used in the industry. The blade fuses are classified into different ampere ratings on the basis of colour coding. As people are spending more on luxury products and as there is an increasing population in the world which can now afford cars, the demand is increasing which helps in the growth of this market. Advanced way of building and increased government regulations along with increasing demand for protection of electronic devices is responsible for the growth of Automotive Fuse Market.
Automotive Fuse include and help immensely in the protection of wires and electronic components. Growing urbanization, along with increasing GDP are some factors that are helpful for driving the market growth. They are being adopted largely because of the benefits they provide and the fulfilment of needed safety measures.
The rise in the adoption of electric vehicles due to increasing levels of pollution all around the globe is one of the reasons due to which this market is gaining importance. As the automotive industry will increase in size, so will the automotive fuse industry. Additionally, the rising number of industries in the world is likely to drive the growth of this market because of the need to fulfil logistics through vehicles.
Improvements in technology can play an important role in a complete plan to make the fuses better so that the protection becomes much better. Additionally, improved results with decreased costs are expected to drive the market growth.
However, limited development in the low voltage fuses and lack of skilled workforces are some of the reasons hampering the market growth. Nevertheless, Automotive Fuse Market has the growth prospects, because of the increasing need of highly efficient systems to reduce complexities.
The major players of this market are Eaton (Ireland), ON Semiconductor (US), Littelfuse, Inc. (US), Sensata Technologies, Inc. (US), MERSEN S.A. (France), Pacific Engineering Corporation (Japan), SCHURTER Holding AG (Switzerland), OPTIFUSE (US), AEM Components (USA), Inc. (US) and Fuzetec Technology Co., Ltd. (Republic of China. OEMs such as Volkswagen (Germany), Daimler AG (Germany), Ford Motor Company (U.S.), Hyundai Motor Company (South Korea), Toyota Motor Corporation (Japan), Tata Motors (India), Mahindra & Mahindra Ltd (India). Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Automotive Fuse market. By applying technology, the R&D teams of the companies must try to mitigate the risks associated with security concerns.
Automotive Fuse Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2027||USD 28.4 Billion|
|Growth Rate||CAGR of 2 % during 2021-2027|
|Segment Covered||By Company Type, By Designation, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Eaton (Ireland), Littelfuse (US), Sensata (US), Schurter Group (Switzerland) and Mersen (France).|
Key Segments of the Automotive Fuse Market
Automotive Fuse Market on the basis of Fuse Type, 2018-2028 (USD Million)
- Glass Tube
Application Overview, 2018-2028 (USD Million)
- Auxiliary Fuse
- Engine Fuse
- Charge Inlet Fuse
- Battery Fuse
Voltage Overview, 2018-2028 (USD Million)
- 12 & 24 V
- 24–48 V
- 49–150 V
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa