Authored By: Sarah
11 Jul 2024

 Automotive Fuse Market Size to grow by USD 5205.1 million between 2024-2028

According to a research report “ Automotive Fuse Market” by Vehicle Type (Passenger vehicle, Commercial vehicle) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5205.1 million, at a CAGR of  4.5% during the forecast period. In the automotive industry, advancements in electric vehicles (EVs) and hybrid electric vehicles (HEVs) prioritize enhancing range and performance. Simultaneously, safeguarding costly components, including electric motors and batteries, is essential in these vehicles. Consequently, the use of suitable fuses to shield against power overloads and malfunctions becomes indispensable. The escalating trend of vehicle electrification further accentuates the significance of automotive fuses, necessitating more intricate fuse selection processes. With the rising preference for battery electric vehicles (BEVs) and HEVs, the demand for high-performance fuses capable of handling increased power, speed, and extended range is intensifying. This poses significant design challenges for the OEMs of these vehicles.

Browse market data tables, figures, and in-depth TOC on “Automotive Fuse Market” by Vehicle Type (Passenger vehicle, Commercial vehicle) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Vehicle Type, the Passenger vehicle segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

The passenger vehicles segment of the global automotive fuse market is experiencing robust growth, driven by the rising sales of passenger cars, particularly the entry-level segment. Notably, new car registrations in Europe increased by approximately 17.8% between June 2022 and June 2023. Furthermore, the demand for larger utility vehicles, such as SUVs, crossovers, and MPVs, is significantly contributing to the expansion of the automotive fuse market. Additionally, the increasing functionalities and applications of automotive fuses in passenger vehicles are fueling market growth.

APAC is forecasted to hold the largest market size by region in 2024

The automotive fuse market represents a significant segment within the broader automotive electrical systems industry. Fuses are essential safety components that protect electrical circuits from damage caused by overcurrents. Market growth is driven by factors such as increasing vehicle electrification, stringent safety regulations, and rising consumer demand for advanced automotive features. Key players in this market include Panasonic, Bosch, and Valeo.

The Automotive Fuse Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AEM Components USA Inc.
  • Blue Sea Systems
  • Dongguan Better Electronics Technology Co. Ltd.
  • Eaton Corp. Plc
  • ETA Elektrotechnische Apparate GmbH
  • Fuzetec Technology Co. Ltd.
  • GLOSO TECH Inc.
  • Halfords Group Plc
  • Littelfuse Inc.
  • Mersen Corporate Services SAS
  • MTA Spa
  • ON Semiconductor Corp.
  • OptiFuse
  • Pacific Engineering Corp.
  • Protectron Electromech Pvt. Ltd.
  • Rainbow Power Co. Ltd.
  • SCHURTER Holding AG
  • Sensata Technologies Inc.
  • SIBA GmbH
  • Ultra Wiring Connectivity System Ltd.
.

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Research Analysis Overview

The Automotive Fuse Market is witnessing significant growth due to the increasing adoption of Electric Vehicles (EVs) and Hybrid electric vehicles (HEVs) in the global automotive industry. Major automakers like General Motors and Mersen Electric are investing heavily in the development of EVs and HEVs, which require advanced power management systems and a large number of fuse units to ensure the safe and efficient flow of electricity. The FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) scheme and similar initiatives in other countries are driving the demand for EVs and battery materials, further boosting the automotive fuse market. The shift towards zero emission vehicles due to environmental concerns and rising fuel prices is also fueling the growth of the EV industry. Comfort features and safety are becoming increasingly important in automobiles, leading to the integration of advanced electrical systems in vehicles. The electrification of automobiles is leading to a higher demand for fuse units to manage the complex electrical systems in EVs and HEVs. Mersen Electric, with its expertise in engineering and manufacturing of fuse units, is well positioned to cater to the growing demand in the automotive fuse market.

Market Research Overview

The Automotive Fuse Market is experiencing significant growth due to the increasing demand for advanced electronics in hybrid vehicles and electric cars (EVs). With the focus on reducing emissions and promoting sustainability, major automakers are investing heavily in the development of hybrid electric and zero emission vehicles. These vehicles require complex power systems, including batteries and energy management, which rely on a robust fuse market to ensure safe and efficient operation. The Middle-class population's growing demand for comfort features, safety, and infotainment systems in their vehicles is driving the market's growth. Advanced electronics, such as electric power steering, adaptive cruise control, and lane departure warning systems, are becoming standard features in modern automobiles. Macroeconomic factors, such as fuel prices and environmental concerns, are also contributing to the market's growth. The EV industry is expected to continue its upward trajectory, with General Motors and other major players investing billions in battery electric vehicles and light-duty chargeable vehicles. The market for automotive fuse units is expected to grow, driven by the increasing demand for fuses in hybrid cars, EVs, and internal combustion engine vehicles. The raw materials used in the production of fuses, such as glass, ceramics, and metals, are subject to price fluctuations. The market's growth is also influenced by the availability and cost of battery materials, which are essential for the electrification of vehicles. Overall, the automotive fuse market is poised for continued growth as the automotive sector transitions towards more advanced and sustainable power systems.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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