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The automotive fuse market share is expected to increase by USD 6.2 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.3%.
This automotive fuse market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive fuse market segmentation by type (passenger vehicle and commercial vehicle) and geography (APAC, North America, Europe, the Middle East and Africa, and South America). The automotive fuse market report also offers information on several market vendors, 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, and Ultra Wiring Connectivity System Ltd. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global automotive fuse market. During the COVID-19 pandemic, the demand in the automotive fuse market has been impacted significantly, but a holistic analysis of drivers will help in estimating exact demands and refining marketing strategies to gain a competitive advantage.
Key Automotive Fuse Market Driver
The need for fuses to safeguard expensive components in EVs and HEVs is one of the key factors driving the global automotive fuse market growth. Product developments in EVs and HEVs are focused on improving the range and performance of these vehicles. However, it is also important to ensure the proper functioning of various expensive components, such as electric motors and batteries, in EVs and HEVs. Therefore, using the appropriate type of fuse to protect such expensive components from power surges and faults is crucial in these vehicles. In addition, the increasing vehicle electrification trend has further increased the need for automotive fuses and has increased the complexity of fuse selection. With the growing popularity of BEVs and HEVs, the demand for high power, speed, and longer range is increasing, which presents design challenges for automotive OEMs that manufacture these vehicles. To overcome these challenges, automotive OEMs are focusing on developing high-power motors and long-range batteries for electric vehicles (EVs). Such factors are expected to drive the growth of the global automotive fuse market during the forecast period.
Key Automotive Fuse Market Trend
The development of fuses exclusively for EVs and HEVs will fuel the global automotive fuse market growth. Various fuse manufacturers, such as Eaton, have introduced fuses that are specifically designed for use in EVs. These fuses are designed to protect sensitive equipment, such as high voltage high capacity batteries, power conversion equipment, contactors, cabling, and other auxiliary circuits, in EVs and HEVs. The Eaton Bussmann fuses provide protection as low as 135% of the rated current, covering a wide range of overcurrent conditions while preventing any damage associated with cycling fatigue. The fuses require 48% less space and weigh 50% less than the traditional fuses used in EVs. They also have an 11% higher voltage rating than the Japanese Automotive Standards Organization (JASO) D622 specification, which eliminates the need to redesign the circuit protection, as the battery systems are developed and optimized for high voltage levels. Such fuses are designed to meet unique requirements, including shock and vibration, mounting requirements, high-temperature performance, and other parameters. Such factors are expected to drive the growth of the global automotive fuse market during the forecast period.
Key Automotive Fuse Market Challenge
The lack of infrastructure in high-potential markets is the major challenge for the global automotive fuse market's growth. Infrastructure plays a crucial role in the sales of EVs, which, in turn, impacts the sales of automotive fuses. Finding an EV charging station remains the primary challenge for EV owners in many developing countries. Unlike conventionally-powered vehicle owners, EV owners do not find more refueling facilities. Inadequate infrastructure to meet the needs and requirements of establishing an easily accessible EV recharging network is the primary concern in potential markets. For instance, finding EV charging infrastructure is the biggest hurdle in India, which is hampering the large-scale adoption of EVs. Mahindra Electric is unable to increase the sales of its Reva i, mainly due to the poor charging infrastructure in India. Electric bikes have also failed to witness huge sales in India for the same reason. Governments play a major role in developing EV charging infrastructure. This directly affects the sales of EVs and HEVs, which will negatively impact the growth of the global automotive fuse market during the forecast period.
This automotive fuse market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive fuse market as a part of the global automotive components and accessories market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive fuse market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive fuse market encompasses successful business strategies deployed by the key vendors. The automotive fuse market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report on the automotive fuse market contains comprehensive market knowledge and an in-depth vendor landscape add-on to an analysis of the key vendors.
Our report provides extensive information on the value chain analysis for the automotive fuse market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global auto components market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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40% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the automotive fuse market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The need for fuses to safeguard expensive components in EVs and HEVs will facilitate the automotive fuse market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
China and India are key automobile markets in APAC and have witnessed a slowdown in the sales of vehicles owing to a reduction in the subsidies offered for electric vehicles and the outbreak of COVID-19 in 2020 and 2021. In 2021, India witnessed the second wave of the COVID-19 pandemic. The significant rise in the number of COVID-19 cases led to the implementation of partial or complete lockdowns in APAC, which adversely impacted manufacturing operations. Owing to these factors, the growth of the automotive fuse market in India remained low in 2021. However, in 2021, with the initiation of COVID-19 vaccination drives, the number of COVID-19 cases is expected to decline during the forecast period, and operations at manufacturing sites for automotive fuses are expected to resume to their normal pre-COVID-19 levels. These factors are anticipated to increase the demand for automotive fuses in APAC during the forecast period.
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The automotive fuse market share growth in the passenger vehicle segment will be significant during the forecast period. The passenger vehicles segment of the global automotive fuse market is expected to grow at a fast pace during the forecast period. The growing sales of passenger cars, particularly in the entry-level segment, act as a major driver for the growth of the market in focus.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive fuse market size and actionable market insights on the post-COVID-19 impact on each segment.
Automotive Fuse Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.3% |
Market growth 2022-2026 |
$6.2 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.35 |
Regional analysis |
APAC, North America, Europe, the Middle East and Africa, and South America |
Performing market contribution |
APAC at 40% |
Key consumer countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
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, and Ultra Wiring Connectivity System Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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