PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462915
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462915
Automotive Fuse Market size was valued at USD 25,512.21 Million in 2023, expanding at a CAGR of 2.5% from 2024 to 2032.
Automotive fuses are used to safeguard the electrical systems and wiring in cars. Normally rated at 32 volts DC, they can occasionally have a 42-volt rating. Automobile fuses come in a variety of forms, including blade, glass tube, and semiconductor varieties. The two prongs on the blade tubes' plastic body enable the fuse to fit into the system. Fuse units are the most often used and in-demand electrical components in automobiles.
Automotive Fuse Market- Market Dynamics
Fuse requirements for protecting costly parts in EVs and HEVs drives market growth
The requirement for fuses to protect costly parts in HEVs and EVs is one of the main reasons behind the growth of the global automotive fuse market. The goal of EV and HEV product improvements is to increase these cars' performance and range. But it's also critical to make sure that a number of pricey parts, including batteries and electric motors, in EVs and HEVs, are operating correctly. Therefore, it's essential in modern cars to employ the right kind of fuse to shield such costly components from power surges and malfunctions. Furthermore, the growing trend of electrification in vehicles has exacerbated the requirement for automotive fuses and added complexity to the fuse choosing process. great power, speed, and longer range are in great demand as BEVs and HEVs gain popularity, which poses design issues for the automakers who produce these vehicles. Automotive OEMs are concentrating on creating long-range batteries and high-power motors for electric vehicles (EVs) in order to overcome these obstacles. During the projected period, these factors are anticipated to propel the growth of the worldwide automotive fuse market.
Automotive Fuse Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 2.5% over the forecast period (2024-2032)
Based on propulsion segmentation, the semiconductor segment is expected to grow at the highest CAGR over the forecast period
Based on vehicle type segmentation, the Passenger Cars category dominates the market and is likely to maintain its dominance during the forecast period
Based on region, the Asia Pacific was the leading revenue generator in 2023
The Global Automotive Fuse Market is segmented based on Fuse Type, Current, Vehicle Type, Sales Channel, and Region.
Based on the fuse type, the market is segmented into Glass Tube, Blade and Semiconductor. The Semiconductor segment is expected to grow at the highest CAGR over the forecast period. Semiconductor fuses can react to overcurrent events within microseconds, providing rapid protection to sensitive electronic components in modern automotive systems.
Based on the vehicle type, the global industry is divided into Passenger Car and Commercial Vehicle. The Passenger Cars category dominates the market and is likely to maintain its dominance during the forecast period. The segment expansion is attributed to the incorporation of different technologies such as ADAS and many others.
Automotive Fuse Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. The region's growing GDP and rising disposable income are propelling the industry. The forecast period is anticipated to see a positive outlook for market growth due to factors such as the ease of manufacturing auto parts, vehicle sales, and growing government regulations that are improving the adoption of electric vehicles and robust expansion adopted by OEMs and suppliers in the region to accommodate rising demand from the automotive industry across the Asia-Pacific region.
The market players operating in the Automotive Fuse market are SCHURTER Holding AG, Panduit Corp., Eaton, Mouser Electronics Inc., MERSEN S.A., Littelfuse Inc, ON Semiconductor, OptiFuse, Sensata Technologies Inc. and Carling Technologies Inc. among others. These players adopted various strategies to hold a maximum market share such as product launches, acquisitions, expansion and others.
In October 2023, the Class J Fuse Disconnect Switch has been introduced by Littelfuse, Inc., a diverse industrial technology manufacturing company that enables a connected, sustainable, and safer society. The small device offers a safer alternative to manually opening and closing a circuit while preventing overcurrent and short circuits by combining a switch and several fuses into one unit. The fuse automatically blows to open or break the circuit both upstream and downstream and turns off the machine when the switch senses an overload or short circuit. The 30-60, 100, and 200 A options for the 600 V switch safeguard a wide range of applications in the mining, HVAC/R, energy storage, and industrial sectors.
GLOBAL AUTOMOTIVE FUSE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
SCHURTER Holding AG
Panduit Corp.
Eaton
Mouser Electronics Inc.
MERSEN S.A.
Littelfuse Inc
ON Semiconductor
OptiFuse
Sensata Technologies Inc.
Carling Technologies Inc.