Electric Fuse Market - Forecasts from 2023 to 2028

The electric fuse market is projected to grow at a CAGR of 6.99% during the forecast period from US$3911.02 million in 2021 to US$6277.98 million by 2028.

The electric fuse market is a segment of the electrical components and equipment industry that specializes in the production and distribution of electric fuses. Electric fuses are essential safety devices used in electrical circuits to protect against overcurrent's or short circuits. When excessive current flows through a circuit, the fuse is designed to "blow" or melt, thus interrupting the current and preventing damage to the electrical system, fires, or other hazards. As a result, electric fuses are crucial components in various applications, including residential, commercial, industrial, automotive, and more.

Market Drivers:

Growing demand from automotive sector.

The automotive industry relies heavily on electric fuses to protect vehicles' electrical systems. The growing automotive sector, especially with the development of electric and hybrid vehicles, has significantly increased the demand for electric fuses. In this regard, the automotive sector has become an imperative consumer of electric fuses in India. As the country's automobile industry has been expanding, the demand for electric fuses has increased, primarily due to their imperative uses. . India holds a robust position in the global heavy vehicles market, boasting several notable achievements according to the India Brand Equity Foundation. It ranks as the world's largest producer of tractors, the second-largest manufacturer of buses, and the third-largest producer of heavy trucks. In the fiscal year 2022, India's annual automobile production reached an impressive 22.93 billion vehicles. The Indian automotive industry demonstrates strength both in terms of domestic consumption and international exports. In the fiscal year 2023, the country witnessed a remarkable total of 3.89 billion passenger vehicle sales, while its automobile exports reached a significant figure of 4,761,487 units.

New product launches and innovations.

Key developments in the market are also driving the market growth. For instance, in March 2022, Littlefuse Incorporation which is regarded as an industrial technology manufacturing company critically empowering a connected, sustainable, and safer world announced the launch of a new 828 series of high-voltage cartridge fuses. These fuses are for onboard chargers and power distribution units of electric vehicles which have an operating temperature range of -55 to 125 degree Celsius.

It is projected that the electric fuse market in the United States will grow steadily.

Electric fuse plays a pivotal role in minimizing short circuits by preventing excessive current flow in electrical equipment and circuits owing to which such devices find high applicability in consumer electronics, automotive, power & energy, and manufacturing sectors. The United States is witnessing a significant increase in its electricity generation owing to the rapid industrialization and growing demand from households which has provided a positive outlook to the market demand of electric fuse in the power & energy sector. According to the Energy Information Administration, in 2022, total end-use electricity consumption reached 4.05 trillion kWh which represented a 2.6% increase over 3.93 trillion kWh units consumed in 2021. Furthermore, as per the same source, in 2022, retail electricity sales witnessed 3.5% growth in the residential sector whereas the commercial sector experienced a 3.4% increase.

Moreover, besides power & energy bolstering growth in other major end-users of electric fuse is driving the market growth. According to the International Organization of Motor Vehicle Manufacturers, in 2022, the United States experienced a 10% increase in its automotive production with volume reaching up to 10.06 million. Furthermore, the favorable investments and initiatives undertaken by the US government to bolster the country's manufacturing and consumer electronics sector coupled with the well-established presence of major electric fuse-providing companies such as Bel Fuse Inc. and Littlefuse Inc. are also acting as an additional driving factor for the US electric fuse market growth.

Market Developments:

• In November 2021: Eaton unveiled the EVK Series, an innovative addition to their Bussmann series fuses. These high-voltage fuses, according to the company, are specifically engineered to meet the stringent demands of the latest high-powered electrified vehicles (EVs), boasting ratings of up to 1,000 volts of direct current (VDC) and 600 amps. The primary purpose of Eaton's EVK series fuses is to effectively manage and safeguard the charging systems of electric commercial, passenger, and high-performance vehicles. These fuses play a pivotal role in enabling more advanced EV system designs while contributing to enhanced vehicle acceleration and range, all within a streamlined and efficient package.

Segmentation:

By Type

• Power Fuse & Fuse Link
• Distribution Cutouts
• Cartridge & Plug Fuse

By Voltage

• Low
• Medium
• High

By Material

• Copper
• Silver
• Bronze

By End-User Industry

• Energy and Power
• Automotive
• Manufacturing
• Consumer Electronics
• Construction
• Others

By Geography

• North America

By Type

By Voltage

By Material

By End-User Industry

By Country

• USA
• Canada
• Mexico
• South America

By Type

By Voltage

By Material

By End-User Industry

By Country

• Brazil
• Argentina
• Others
• Europe

By Type

By Voltage

By Material

By End-User Industry

By Country

• Germany
• Spain
• United Kingdom
• France
• Others
• Middle East and Africa

By Type

By Voltage

By Material

By End-User Industry

By Country

• Saudi Arabia
• South Africa
• Others
• Asia Pacific

By Type

By Voltage

By Material

By End-User Industry

By Country

• China
• Japan
• Australia
• Japan
• India
• Others