Automotive Fuse Market

Global Automotive Fuse Market Size (2024 to 2032)

The global automotive fuse market was valued at USD 26.17 billion in 2023 and is anticipated to reach USD 26.69 billion in 2024 from USD 31.28 billion by 2032, growing at a CAGR of 2.00% from 2024 to 2032.

Automotive fuses are a class of fuses that are used to protect wiring and electrical equipment for vehicles. The fuse limits the electrical current flowing through the wire to protect certain components of the vehicle. Fuses are just a special type of wire in a self-contained connector. Most of the fuses are two-blade connectors and a plastic housing that contains the connector. Short circuits and overloading of circuits are protected by fuses, which are the cheapest safety devices in electrical circuits. Fuses are used in low and high-voltage circuits of moderate to high capacity where frequent operation is expected. Automotive fuse is the cheapest type of protection, has zero maintenance, and has the ability to interrupt enormous, short-circuit currents without producing noise, flame, gas, or smoke.

 MARKET DRIVERS

The demand for automotive fuse is increasing with the increasing trend of premium and hybrid vehicles. The growing population with strict government norms related to safety and harmful emissions will propel the automotive fuse market. Moreover, the increasing demand for electric vehicles will boost the automotive fuse market in the forecast period. The growth of the automotive fuse market is further driven by increasing vehicle production. Strict government regulations related to harmful emissions and road safety regulations are increasing the demand for new vehicles, which will directly increase the demand for automotive fuse for new productions.

The increasing purchasing power of the population is driving automobile manufacturing, which will propel the growth of the automotive fuse market. Additionally, the rising trend of electric and hybrid vehicles, along with safety and luxury properties in the mid-segment vehicle, is promoting the automobile business. The increasing sale of premium hybrid and electric vehicles will have a positive impact on the high-voltage automotive fuse market, i.e.,>250V because these premium and hybrid electric vehicles have high-volt electric systems with other smart features.

Commercial activities like agriculture, mining, oil, and gas are increasing, which requires commercial vehicles. With the growth of these sectors, the demand for automobiles will also increase. In this sector, the demand for an automotive fuse that can handle the power of more than >200 Volts is required. Therefore, the demand for high-volt automotive fuse will boost the automotive fuse market growth.

Additionally, the technological advancement in order to ensure soldering, the development of fully insulated clips, and the use of tin and nickel-plated brass contacts ensuring resistance to vibration and shock are leading towards the development of advanced automotive fuse, which is further fueling automotive fuse market growth. Furthermore, the demand for fuse replacement will also boost the growth of the automotive fuse market in the period between 2023 and 2028.

MARKET RESTRAINTS

The lack of technological advances in low voltage fuse and the lack of a skilled workforce will restrict the automotive fuse market growth. Moreover, the unorganized aftermarket and smart junction boxes for autonomous vehicles are significant restraints that are hampering the growth of the automotive fuse market.

Impact Of COVID-19 On The Global Automotive Fuse Market

The impact of COVID-19 has significantly impacted the global automotive fuse market. Automotive sales declined in this period which in turn led to a decrease in the demand for fuse for automobiles. Moreover, the pandemic's strict protocols led to the unavailability of a smaller workforce, which in turn affected the manufacturing and supply chain of automobiles along with automotive fuse. Since 2021, industrial activities and other activities have started, which increased the demand for new automobiles and maintenance of existing automobiles, which will automatically increase the demand for the automotive fuse. Hence, the increasing demand for automobiles boosts the growth of the automotive fuse market in the projected period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Automotive Fuse Equipment Market By Fuse Type

Based on Fuse type, the global automotive fuse market is segmented into Blade, Glass Tube, and Semi-Conductor. The blade fuse segment is going to dominate the market as blade fuse is more compact, durable, lighter, and has a very simple structure, which is broadly used by the original equipment manufacturers. The blade fuse plays a very critical role in protecting the electrical components and devices of the vehicle and acts as a safety measure to protect from the overcurrent of an electric circuit. Moreover, they are designed only for 12-24Voltelectric systems.

Global Automotive Fuse Equipment Market By Voltage Type

Based on Voltage type, the global automotive fuse market is segmented into 12-24V, 24-248V, 49-150V, 151-300V, and>300V. A vehicle with a 24–48-volt electric system is dominating the market in the projected period due to the increasing number of mild vehicles that consist of a 48V electric system with low emission benefits. Vehicles with 12-24 volts are also estimated to grow in between projected periods but at a moderate rate.

Global Automotive Fuse Equipment Market By Battery Capacity

Based on battery capacity, between 75-150kWh is going to dominate the market in the projected period due to its increasing demand in Asia and Europe.

Global Automotive Fuse Equipment Market By Application

Based on application, the global automotive fuse market is segmented into Auxiliary, Charge inlet, Battery, PCU, Onboard, and Traction Motor. The traction motor segment is estimated to dominate the market as the traction motor is used for the propulsion of vehicles by generating power to rotate the wheels. The traction motor is typically used in heavy vehicles.

Global Automotive Fuse Equipment Market By Vehicle

Based on vehicle, the global automotive fuse market is segmented into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Mild Hybrid Vehicles. Passenger cars are going to have the largest market share due to the increasing production of passenger cars compared to other vehicles.

Global Automotive Fuse Equipment Market By Market Type

Based on market type, the global automotive fuse market is segmented into OEM and aftermarket. The aftermarket segment will probably hold the largest share of this global automotive fuse market as most customers approach local manufacturers to exchange or maintain the fuse.

REGIONAL ANALYSIS

Asia-Pacific is estimated to dominate the automotive fuse market in the projected period due to the increasing production of passenger as well as commercial vehicles. The global automotive fuse market is expected to have huge scope in this region, especially in countries like China, India, and Thailand, as the demand for cars (passenger as well as personal cars) is increasing due to growing purchase power as well as changing lifestyles. The increasing demand for passenger cars will boost the growth of the Automotive Fuse Market. Also, the demand for heavy vehicles for activities such as agriculture, mining, oil, and gas is increasing, which in turn increases demand for the automotive fuse market along with heavy vehicles.

Additionally, the government in this region has also imposed strict norms related to harmful gas emissions, which will increase the demand for new automobiles that and further boost the automotive fuse market. Moreover, the growing focus on electric vehicles will lead to propelling the growth of the automotive fuse market during the forecast period.

North America holds the largest market share of automotive fuse because of the huge adoption of automobiles in this region. The existing automobile will also need replacing of a few parts, including the fuse, which will further boost the automotive fuse market in this region. Additionally, the purchasing power of the population is also high in this region, mainly the United States, which will contribute to increasing the sale of automobiles in the future, which will further propel the growth of the automotive fuse market.

Europe is expected to moderate the growth rate in this market, and Germany will become the contributor to the automotive fuse market growth in this region.

KEY PLAYERS IN THE GLOBAL AUTOMOTIVE FUSE EQUIPMENT MARKET

Eaton (Ireland), ON Semiconductor (US), Littelfuse, Inc. (US), Sensata Technologies, Inc. (US), MERSEN S.A. (France), SCHURTER Holding AG (Switzerland, Carling Technologies Inc. (U.S.), Mouser Electronics, Inc.(U.S.), OptiFuse (U.S.), Panduit Corp (U.S.), AEM, Inc. (U.S.), Blue Sea Systems(U.S.). Some of the major key players involved in the global automotive fuse equipment market.

RECENT HAPPENINGS IN THE  MARKET

• In Jan 2022, Eaton announced that it had completed its acquisition of Royal Power Solutions in order to enhance its ability to capitalize on this secular growth trend across its eMobility, aerospace, and electrical business.
• Eaton, a power management corporation, revealed in November 2021 that its eMobility unit has introduced the "EVK Series," a new range of Bussmann series fuses. This new line EVK Series of high volt fuses meets the requirement for use in the latest powered electric vehicle that has ratings up to 1000 volts of direct current and 600amps.

DETAILED SEGMENTATION OF THE GLOBAL AUTOMOTIVE FUSE EQUIPMENT MARKET INCLUDED IN THIS REPORT

This market Research Report on the global automotive fuse equipment market is segmented and sub-segmented into the following categories.

By Fuse Type

• Blade
• Glass Tube
• Semi-Conductor

By Voltage Type

• 12-24V
• 24-48V
• 49-150V
• 151-300V
• >300V

By Battery Capacity

• <30 kWh,
• 30-75kWh
• 75-150 kWh
• >150kWh

By Application

• Auxiliary
• Charge inlet
• Battery
• PCU
• Onboard

By Vehicle

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Mild Hybrid Vehicle (48 V)

By Market Type

• OEM
• Aftermarket

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America
• Middle East and Africa