Rapid spurge in fuel prices and environmental concerns are accelerating groundbreaking inventions in the automobile sector. Nowadays, production of eco-friendly electric vehicles which are responsible for the emission of fewer greenhouse gases than vehicles powered by internal combustion engines are on rise. To increase the safety level of automobiles, manufacturers are focusing to use advanced technological features of sensors, which are powered by fuses. Furthermore, high production and sales of automobiles, increase in demand for vehicle safety, and growing demand for energy-efficient vehicle manufacturing are the primary factors influencing the growth of the automotive fuse market. Moreover, an increase in demand for improving vehicle power and battery capacity are the factors inducing the growth of automotive fuses and hrc fuses. The number of motor vehicles produced worldwide is around 95 billion in 2018.
Subsequently, increasing use of smart fuses in the automobiles is the key factor boosting the growth of the automotive fuse market. These intelligent fuses reduce the cost and weight of the vehicle substantially. These electronic fuses can be placed virtually anywhere in the automobile unlike thermal fuses, which in turn, minimizes the longer cable runs, and a consequent reduction in cost and weight of the vehicle. With these expedited advantages in the automobile industry, the global automotive fuse market is experiencing lucrative opportunities.
The global automotive fuse market size was valued at $16.01 billion as of 2018 and is expected to grow with a CAGR of 7.87% throughout the forecast period 2019-2025.
Changes in the lifestyle of the consumers and developments in the vehicle infrastructure are the key elements influencing the automotive fuse market share. Growing demand for automobile electrification and comfort in vehicles are other fueling factors for the growth of the automotive fuse market. On the other hand, high rupturing capacity (HRC) fuses are used for short circuit protection in medium and low voltage conditions. These cartridge fuses are usually made of steatite material which provides good mechanical strength. Thus, automotive fuses are used to protect wiring and electrical circuits for vehicles from fluctuating current flows. These fused glass electrical power distribution safety devices are dimensionally stable and lightweight. Additionally, the increasing sales of electric and hybrid vehicles is estimated to showcase a huge impact on the high-voltage automotive fuse market size. Attractive packaging for fuses is a key element among automotive fuse manufacturers to increase their sales.
North America Holding Major Share of the Automotive Fuse Market
North America generated 32.85% of the automotive fuse market global revenue in 2018. Increasing focus on reducing vehicular emissions has shifted the focus of the automotive industry toward electric vehicles and charging infrastructure of the electric vehicles. Owing to the rising vehicle sales and technological advancements in wireless technology space in this region, the demand for the automotive fuse market is amplifying. Growing demand for more sophisticated electric features for the increasing production of automobiles, especially in passenger cars, bolster the growth of the automotive fuse market in this region. The presence of the state-of-the-art infrastructure and uptake of advanced technologies are key factors triggering the market growth.
Passenger Vehicle Emerged as the Fastest-Growing Segment in the Global Automotive Fuse Market
The application segment that will be creating the most lucrative opportunities for the automotive fuse market is the passenger vehicle. This application segment is projected to grow at a CAGR of 9.66% through to 2025. Increasing per capita income of the population is the influencing factor for the rapid surge in the passenger vehicle sales globally. The number of passenger vehicles sold across the globe was around 69 million in 2018. Thus, rapid growth in the passenger vehicles sales, which in turn, incite the growth of the automotive fuse market worldwide.
The Major Players in the Automotive Fuse Market:
Prominent players in the automotive fuse market include AEM Components Fuzetec Technology Co., Eaton Corporation Inc., ON Semiconductor, OptiFuse, Littelfuse, Inc., MERSEN S.A., Pacific Engineering Corporation, SCHURTER Holding AG, and Sensata Technologies.
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