Global Automotive Fuse Market Overview
The key driver impacting the automotive fuse market is the growing automotive sector across the globe. It is due to the rising demand for commercial and passenger vehicles. For instance, As per the International Organization of Motor vehicle manufacturers (OICA), 2019, passenger cars sales is raised by about 5% and it reached 69.5 million units. The commercial vehicles segment also showed a constant climb as the sales touched 24 million units in 2019. As per Crescendo Worldwide Organization, the global automobile production in 2019 was estimated as 92 MN Vehicles, and it is anticipated to grow by a CAGR of 20.78% by 2028. It is expected to reach around $ 9 trillion by 2030. Moreover, the escalating demand for premium automobiles coupled with the growing popularity of self-driven & semi-autonomous vehicles contributes to the automotive fuse market growth in the coming years.
According to Value Market Research, the globally automotive fuse market size was valued at around USD 16995.31 million in 2021, and it is estimated to grow at a CAGR of about 6.87% during the forecast period 2021 to 2028.
The growing popularity of electric vehicles leads to growing sales of electric vehicles is estimated to augment automotive fuse needs in the forecast period. For instance, According to IEA, Electric cars account for 2.6% of global car sales, and about it registered a 40% year-on-year rise. The electric car sales were recorded around 2.1 million worldwide in 2019 and surpassed the sales record of 2018. However, the limited development in the field of low-voltage fuses may hamper the market in the long run. Also, the unorganized aftermarket in the fuse market negatively impacts the market. The current industry trends, such as the development of semi-autonomous & autonomous vehicles and advancement in additive manufacturing methods with rising innovations in advanced materials, are expected to offer new lucrative market opportunities for the key players.
The automotive fuse market is vast, with many local and global players. The automotive fuse market is extensive, with many regional and international players. The important market leaders follow numerous strategies to improve their market position, such as acquisitions, extending product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. The major players studied in the report include ON Semiconductor, Eaton, Littelfuse, Inc., SCHURTER Holding AG, MERSEN, Pacific Engineering Corporation, EM Components, Inc., OptiFuse.
In this research report, the automotive fuse market is segmented by voltage, fuse type, application in BEV, and region.
Analysis by Voltage:
By voltage, the report is categorized into 12 & 24V, 24-48V, 49-150V, 151-300V, and >300V. The 12 & 24V segment dominates the component segment with over 25% share in 2020. It is because benefits of low emissions and the highest sales of ICE vehicles which are equipped with 12 & 24V system architecture.
Analysis by Fuse Type:
By fuse type, the report is categorized into the blade, glass tube, semiconductor, and others. The blade segment dominates the fuse type segment with over 30% share in 2020. It is due to the high adoption blade fuse type. These types of fuses are lighter in weight, compact in size, and durable than other types of fuses. Moreover, increased use of blade type fuse by the OEMs in automotive contributes to the blade type segment growth in the forecast period.
Analysis by Application in BEV:
By application in BEV, the report is categorized into auxiliary, charge inlet, battery, PCU, onboard, and traction motor. The charge inlet application dominates the application segment with over 25% share in 2020. It is due to the considerable demand for high power electric vehicles in the regions like Europe and Asia Oceania. Also, rising investment in the electric vehicle industry contributes to the high demand from the application in the BEV segment in the forecast period.
Analysis by Region:
In the regional outlook of the global automotive fuse market, the Asia Pacific region dominates globally with a 30% market share in the forecast period. It is due to the rapidly expanding automotive sector and swelling need for comfort & safety of vehicles. Moreover, the emergent necessity for electrification of automobiles in China and Japan with strict norms and regulations about vehicle security and huge vehicle sales contribute to tremendous market growth across the Asia Pacific.
By Fuse Type
- 12 & 24V
By Applications in BEV
- Glass tube
- Charge inlet
- Traction Motor
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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