Yahoo Finance Automotive fuse market, by value, is projected to grow at a CAGR of 2.0% from 2022 to 2027, to reach USD 28.4 Billion by 2027 from USD 25.7 Billion in 2022
Rise in number of vehicle electronic components in the vehicle is driving the penetration of fuses in the automotive industry. Also increasing vehicle production will drive the automotive fuse market.
New York, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Fuse Market by Fuse Type, Electric Vehicle Application, Voltage, Amperage, ICE Vehicle Type, EV Type, Aftermarket and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05345165/?utm_source=GNW
Increasing vehicle safety and comfort features in mid-segment vehicles
In the recent decade, the automotive industry has witnessed many technological changes to help increase the safety standards of vehicles.The advanced technology has led to the introduction of enhanced ADAS features.
ADAS features play an essential role in the safety performance of the vehicle.As a result, major vehicle manufacturers globally are inclined toward integrating more ADAS features in the vehicles they manufacture.
Moreover, the growing trend of semi-autonomous and autonomous vehicles is fuelling the use of ADAS features in all variants of the vehicles.Apart from the ADAS features, there are various safety features available.
Some of them are the Anti-Lock Braking System (ABS), Tire Pressure Monitor System (TPMS), telematics, airbags, adaptive lighting, Land Departure Warning System (LDWS), stability control system, and accident-avoidance system, among others. All electronic circuits of these safety features are operating at a high voltage. Therefore, the automotive fuse plays an important role in smoothly operating these safety features.
Increasing battery capacity
Battery capacity is defined as the amount of electrical current that can be delivered at the specific rated voltage.All the hybrid and electric vehicles have a high voltage battery compared to conventional ICE vehicles.
A battery is a combination of cells and modules connected to each other, either in series or parallel.A cell is the smallest element of the battery and carries a voltage of 1 to 6 volts.
The capacity of cells depends on the amount of electrode material contained in the cells.The more electrode material contained in the cell, the greater its capacity.
A large cell has more capacity than a small cell with the same electrode material, even though they offer the same open-circuit voltage. A module is developed by connecting several cells connected in either series or parallel. Finally, a battery pack is developed by assembling several modules, which are again connected either in series or parallel. The demand for an increase in vehicle power and battery capacity in electric and hybrid vehicles is expected to fuel the demand for high-voltage fuse for traction motor and battery. Commercial activities, such as agriculture, mining, oil and gas, are increasing. This requires high battery capacity commercial vehicles. In these sectors, the demand for the automotive fuse that can handle high voltage is required. As a result, the demand for automotive fuse is expected to grow.
Increasing sale of premium vehicles
Increasing demand for premium vehicles is expected to showcase a huge impact in the automotive fuse market, owing to the number of fuses used compared to low vehicle segments.Additionally, with time, many premium features, such as ambient lighting and advanced ADAS features in premium vehicles, are expected to drive the automotive fuse market.
With improving economic status globally, there is a change in the overall lifestyle of consumers.This change is noticeable, especially in developing countries, such as China, India, and Brazil.
The increased sales of passenger cars globally, especially of premium passenger cars, which are more than USD 25,000, indicates improved lifestyle and financial status.With an increasing number of families having a high disposable income, the demands have changed in line with their new lifestyle, leading to a change in their preferences.
Hence, consumers can afford premium vehicles. The demand for automotive fuse is expected to grow in line with the increased demand for premium automobiles since the application of automotive fuse in premium vehicles is higher than in mid-segment or low-segment vehicles, owing to additional safety and luxury features.
The study contains insights from various industry experts, ranging from component suppliers to tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: OEMs - 57%, Tier 1 – 29%, Tier 2 - 14%
• By Designation: CXOs - 54%, Directors - 32%, Others - 14%
• By Region: Asia Pacific- 16%, Europe - 13%, North America - 63%, Rest of the World-8%
Major players profiled in the report are Eaton (Ireland), Littelfuse (US), Sensata (US), Schurter Group (Switzerland) and Mersen (France).
Research Coverage
In this report, the automotive fuse market is segmented into four major regions, namely, North America, Europe, Asia Pacific and the Rest of the World (RoW). The report estimates the size of the automotive fuse market, by volume and value, based on EV type (BEV, HEV, PHEV), ICE vehicle type (PC, LCV, HCV), by ampere (<40A, 40-100A, >100A), by voltage (12 & 24V, 24-48V, 49-150V, 151-300V, >300V), by applications in EV (auxiliary fuse, charge inlet fuse, battery fuse ,PCU fuse , on board charger fuse, traction motor fuse), by sales channel (OEM, Aftermarket) , by application (engine compartment, cabin area/under the dashboard) and by fuse type (blade, glass tube, semiconductor, others). In addition, the report estimates the market for aftermarket (North America, Europe, Asia Pacific, and RoW).
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue and volume numbers for the Asia Pacific electric 3-wheeler market and its sub segments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report will also help the market players understand the impact of COVID-19 on electric three-wheeler market.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05345165/?utm_source=GNW
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