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

Technavio, a leading provider of market research reports, has released its latest study on Automotive Fuse Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive parts and equipment sector include the escalating demand for electronic control units (ECUs) and other electrical components due to the increasing sales of ECVs, motorcycles, and PCs over the last decade. - The Automotive Fuse Market is experiencing significant growth, fueled by the Requirement of fuses to safeguard expensive components of EVs and HEVs. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Requirement of fuses to safeguard expensive components of EVs and HEVs
  • Reducing prices of Li-ion batteries
  • Lack of infrastructure in potential markets
  • Need for fuses to sustain challenging and extreme conditions of EVs/HEVs operation
• Growth Projections

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, Eaton, among other fuse manufacturers, has innovated specialized fuses for electric vehicles (EVs) and hybrid electric vehicles (HEVs). These advanced fuses safeguard critical components, including high voltage, high capacity batteries, power conversion equipment, contactors, cabling, and auxiliary circuits. Eaton Bussmann fuses offer overcurrent protection as low as 135% of the rated current, accommodating a broad range of overcurrent conditions without incurring damages due to cycling fatigue. These fuses necessitate 48% less space and 50% reduced weight compared to conventional fuses utilized in EVs. Moreover, they boast an 11% superior voltage rating than the Japanese Automotive Standards Organization (JASO) D622 specification, obviating the necessity to redesign circuit protection as battery systems evolve and optimize for escalating voltages.

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• Regional Insights

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.

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