iCrowdNewswire Jan 18, 2021 2:22 PM ET
The automotive fuse market is proliferating, witnessing the increasing production of cost-attractive, long lasting, and efficient fuse systems. The burgeoning automotive industry is demonstrating a huge demand and the absorption of these fuse systems. Moreover, the rapidly growing electric vehicles (EVs) market is escalating the market on the global platform, demonstrating massive consumption of automotive fuse.
Considering the spurting growth that the market is witnessing currently, Market Research Future (MRFR), in its recently published analysis asserts that the global automotive fuse market is poised to grow exponentially by 2023, registering over 6.55% CAGR throughout the forecast period (2017 – 2023).
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Additional factors that are bolstering the growth of the market include the developments in the associated technologies and the extensive use of electronic components in the vehicles. Moreover, the increase in the sales of passenger and commercial vehicles and increasing focus on energy-efficient electrical and electronics systems of automakers are some of the major factors providing substantial impetus to the growth of the automotive fuse market.
Conversely, the emergence of high-end electric cars such as Tesla Model 3 that are powered by the 12 V battery and features highly integrated fuse-less unit (fuse box) that distributes low-voltage power to other two controllers are impeding the growth of the market. Nevertheless, the rapidly rising sales of passenger cars and technological innovations are estimated to support the market growth over the assessment period.
Automotive Fuse Market – Segments
For a better understanding, the report has been segmented into five key dynamics:
By Fuse Type : Glass Tube, Blade, Semiconductors, and others.
By Current : <40a, 40-100a, and >100a.
By Vehicle Type : Commercial Vehicles, Passenger Cars, and others.
By Sales Channel : OEM, Aftermarket, and others.
By Regions : North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
Automotive Fuse Market – Geographical Analysis
The Asia Pacific region, heading with its burgeoning OEMs and aftermarket sectors, would retain its dominance over the global automotive fuse market. The market is witnessing a spurting increase in the production of commercial vehicles as well as in passenger cars in emerging nations such as India, China, and Japan, which is impacting the growth of the regional market, positively.
In the APAC region, the vehicle production rate is growing continually due to the presence of a number of auto manufacturers, which, is resulting in the increased absorption of advanced Fuse systems. Additionally, factors such as the advancements in the associated technology, rapid urbanization, and the improving economic conditions that are increasing the consumers’ purchasing power are driving the growth in the regional market.
The automotive fuse market in the North American region accounts for another lucrative market, globally. Factors such as the growing demand for sophisticated electric features for the increasing production of automobiles, especially in passenger cars, foster the growth of the market in the region. The presence of the state-of-the-art infrastructure that allows the development, as well as the uptake of advanced technologies, is a key driving force behind the growth of the regional market. Furthermore, the well-established automotive sector in the region is expected to support the automotive fuse market to grow significantly over the forecast period.
The Europe automotive fuse market has emerged as a promising market, globally. The region is the global hub for automotive research and innovations. Besides, the resurging economy in the region is playing a vital role in the growth of the regional market, fueling the R&D activities. The flourishing market for passenger cars, especially in Germany, the UK, France, and Italy would majorly support the market growth in the region.
European countries such as Germany and the UK, backed by their futuristic technologies, enormous investments, and the growing electric vehicles market, account for the significant growth contributors to the growth of the market in the region.
Automotive Fuse Market – Competitive Landscape
Highly competitive, the automotive fuse market appears to be fragmented owing to the presence of many large and small-scale players. Although the market is driven by the growing aftermarket parts market and the increasing automotive production, the market is precisely dependant on the aftermarket more than the sales of automobiles.
Matured players adopt strategic initiatives such as acquisition, collaboration, partnership, product & technology launch, and expansion to gain a competitive advantage and thus, maintain their positions in this market.
These players emphasis on geographical expansion and new product development. The market is expected to witness relentless innovations and development of new products which would eventually result in intensifying the competition among the automotive fuse manufacturers.
Key players leading the automotive fuse market include ON Semiconductor (the US), Eaton (Ireland), Littelfuse, Inc. (the US), MERSESAA. (France), Sensata Technologies, Inc. (the US), SCHURTER Holding AG (Switzerland), Carling Technologies Inc. (the US), Mouser Electronics, Inc. (the US), Panduit Corp. (the US), OptiFuse (the US), Blue Sea Systems (the US), and AEM, Inc. (the US) among others.
March 19, 2019 — The global safety certification company UL (the US) released its comprehensive new standard UL 248-20 and awarded the world’s first certificate for EV (electric vehicle) fuses to ADLER Elektrotechnik GmbH (Germany), a fuse manufacturer, setting a new safety benchmark for the electric vehicle industry.
At the event, UL’s global sales director for energy and the general manager for e-mobility introduced the latest fuse standards and challenges for electric vehicles.
ADLER is setting a new safety benchmark and model for the electric vehicle industry, producing a variety of fuses, fuse holders, surge protectors, and switches. The first UL 248-20 EV fuse certification is of profound significance for ADLER, UL, and for the development of the whole industry. ADLER and UL have joined forces to enhance the industry standard for electric vehicle fuses.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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