Automotive Fuse Market Size was valued at USD 1.1 billion in 2022. The Automotive Fuse market is projected to grow from USD 1.17 Billion in 2023 to USD 1.94 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.55% during the forecast period (2023 - 2032). Increasing the demand for vehicles will result in increased use of automotive fuse. The growing need for electronic components in the automobile industry is the key market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Owing to the increasing pollution levels all around the world and decreased air quality, governments all around the world are encouraging sales of electric vehicles by giving attractive financial benefits to the end users and enhancing the infrastructure for electric vehicles, like charging stations in their country. With the increase in sales of electric vehicles in the Region, the automotive fuse market is also expected to rise. The government in the Region is spending a lot of money to increase the demand for electric vehicles. For example, the Norway government exempts buyers of electric vehicles from vehicle import duties, registration, and sales taxes. Owners don't have to pay road tolls and get free use of ferries and bus lanes in congested city centers, which has cost around USD 1 billion for the Norway Government. Thus the growth of electric vehicles will directly impact the automotive fuse market CAGR.
Additionally, the Growing need for electronic components in the automobile industry and the rise in demand for electric vehicles are driving the market's growth. Limited development in low-voltage fuses, lack of skilled workforce, and growing prices of raw materials are expected to hamper the market's growth. Rising demand in aftermarket and technological development income is an opportunity for market investments. Automotive Fuse market revenue.
Based on fuse type, the Automotive Fuse Market segmentation includes blades, glass tubes, semiconductors, and others. The blades segment dominates the market. This is due to the demand for vehicles with advanced technological features. The rising demand for automobiles from emerging economies has led car manufacturers to develop improved systems.
Based on the current, the Automotive Fuse Market segmentation includes <40a, 40-100a, and>100a. The <40a segment dominates the market. This is due to the widespread use of low-power electrical systems in passenger cars and light commercial vehicles, which require fuses with lower current ratings.
January 2022Â Eaton announced the acquisition of Royal Power Solutions, a manufacturer of enhanced electrical connectivity components for the electric vehicle, energy management, industrial, and mobility industries based in the United States. Eaton acquired USD 600 million for Royal Power Solutions under the terms of the transaction, which is almost 13.6 times the company's expected EBITDA in 2022.
October 2021Â Littelfuse, Inc. and Carling Technologies, Inc. announced the signing of a definitive agreement for Littelfuse to acquire Carling for USD 315 million in cash. Carling has a significant presence in the commercial vehicle, marine, and datacom/telecom infrastructure areas and is one of the prominent players in switching and circuit protection technology.
Based on vehicle type, the Automotive Fuse Market segmentation includes passenger cars and commercial vehicles. Due to the rising adoption of luxury automobiles, Passenger Cars dominated the market in 2022. Passenger automobiles remain the largest market for both keypad and keypad-less entry. The need for enhanced security and customized automobiles has been a primary driver of market expansion. Improved safety indoor systems, such as tailgate and bonnet hinges, have been used as a significant sticking point in this respect by automotive firms searching for ways to differentiate their vehicles.
Figure1: Automotive Fuse Market, by Vehicle Type, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on sales channels, the Automotive Fuse Market segmentation includes OEM and aftermarket. The OEM segment dominates the market. This is due to (OEM) components being the same as the ones that came with your automobile and are of the same high quality. They were the go-to destination for regular people and purists looking for precise replacement parts for their cars. OEM components have become accessible at other retail outlets and online through third-party suppliers in recent years. They are also the costliest. Unlike many aftermarket components, OEM parts are also crash-tested.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Automotive Fuse Market automotive fuse market area will dominate this market due to the rising demand for car safety features and regulatory regulations on safety systems such as airbags. Moreover, China’s Automotive Fuse market held the largest market share, and the Indian Automotive Fuse market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: AUTOMOTIVE FUSE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Automotive Fuse market accounts for the second-largest market share due to the rising electric car sales in this Region. Further, the German Automotive Fuse market held the largest market share, and the UK Automotive Fuse was the fastest-growing market in the European Region.
North America is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increased demand for vehicles, which will result in increased use of automotive fuse and a growing need for electronic components in the automobile industry.
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive fuse market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The automotive industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Automotive Fuse industry to benefit clients and increase the market sector. In recent years, the Automotive Fuse industry has offered some of the most significant advantages to the automotive industry. Major players in the Automotive Fuse market, including Eaton (Ireland), ON Semiconductor (US), Littelfuse, Inc. (US), Sensata Technologies, Inc. (US), MERSEN S.A. (France), SCHURTER Holding AG (Switzerland), and 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.), and others are attempting to increase market demand by investing in research and development operations.
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to doing business right and operating sustainably. Eaton capitalizes on the global growth trends of electrification and digitalization, Eaton accelerating the planet's transition to renewable energy and helping to solve the world's most urgent power management challenges. Eaton announced the acquisition of Royal Power Solutions, a manufacturer of enhanced electrical connectivity components for the electric vehicle, energy management, industrial, and mobility industries based in the United States. Eaton acquired USD 600 million for Royal Power Solutions under the transaction terms, almost 13.6 times the company's expected EBITDA in 2022.
Littelfuse, Inc is an American electronic manufacturing company headquartered in Chicago, Illinois. The company primarily produces circuit protection products but also manufactures a variety of electronic switches and automotive sensors. Littelfuse was founded in 1927. Littelfuse, Inc. and Carling Technologies, Inc. announced the signing of a definitive agreement for Littelfuse to acquire Carling for USD 315 million in cash. Carling has a significant presence in the commercial vehicle, marine, and datacom/telecom infrastructure areas and is one of the prominent players in switching and circuit protection technology.
March 2022Â Littelfuse Inc., an industrial technology manufacturing firm dedicated to enabling a more sustainable, connected, and secure society, launched the new EV1K Series Fuses, the first Automotive Grade fuse with a 1000 Vdc rating. They are created and designed to fulfill the overcurrent circuit protection needs of the mobility market, notably EV applications.
October 2021Â Eaton released the EVK Series, a new line of Bussmann series fuses, through its eMobility business. With ratings up to 1,000 volts direct current (VDC) and 600 amps, the new series of high-voltage fuses meet the requirements for usage in the latest high-powered electrified vehicles (EVs). The EVK series fuses from Eaton are designed to manage and protect the charging systems of electric commercial, passenger, and high-performance vehicles such as sports cars and huge sport utility vehicles. The fuses facilitate acceleration and range in a compact package, allowing for more complex EV system topologies.
Blade
Glass Tube
Semiconductor
Others
<40a
40-100a
>100a
Passenger Cars
Commercial Vehicles
OEM
Aftermarket
| Report Attribute/Metric | Details |
| Market Size2022 | USD 1.1 billion |
| Market Size 2023 | USD 1.17 billion |
| Market Size2032 | USD 1.94 billion |
| Compound Annual Growth Rate (CAGR) | 6.55% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fuse Type, Current, Vehicle Type, Sales Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Eaton (Ireland), ON Semiconductor (US), Littelfuse, Inc. (US), Sensata Technologies, Inc. (US), MERSEN S.A. (France), SCHURTER Holding AG (Switzerland), and Carling Technologies Inc. (U.S.). Mouser Electronics, Inc. (U.S.), OptiFuse (U.S.), Panduit Corp (U.S.), AEM, Inc. (U.S.), and Blue Sea Systems (U.S.) |
| Key Market Opportunities | The demand for vehicles will increase the use of an automotive fuse. |
| Key Market Dynamics | Growing need for electronic components in the automobile industry Automotive manufacturers are investing heavily in this Region due to the availability of cheap labor and growing demand for vehicles. |
Automotive Fuse Market Highlights:
Frequently Asked Questions (FAQ) :
The Automotive Fuse Market size was valued at USD 1.1 Billion in 2022.
The global market is projected to grow at a CAGR of 6.55% during the forecast period, 2023-2032.
Asia Pacific had the largest share of the global market
The key players in the market are Eaton (Ireland), ON Semiconductor (US), Littelfuse, Inc. (US), Sensata Technologies, Inc. (US), MERSEN S.A. (France), SCHURTER Holding AG (Switzerland), and Carling Technologies Inc. (U.S.). Mouser Electronics, Inc. (U.S.).
The Passenger Cars Automotive Fuse category dominated the market in 2022.
The OEM had the largest share of the global market.
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