Global automotive fuse block demand is anticipated to be valued at US$ 19.6 Million in 2022, forecast to grow at a CAGR of 8% to be valued at US$ 20.74 Million from 2022 to 2032. With the rising number of electric vehicles on the road and the consequent demand for lightweight and intelligent electrical solutions, there will be explosive growth in the market for automotive fuse blocks.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 19.6 Million |
| Expected Market Value (2022) | US$ 20.74 Million |
| Anticipated Forecast Value (2032) | US$ 44.78 Million |
| Projected Growth Rate (2022 to 2032) | 8% CAGR |
The usage of high-quality fuses in automobiles has been deemed essential by governments, firms, and safety solutions. As a result of this, it has become mandatory for automakers to construct automotive fuse blocks in order to have an organized method of installing a bunch of fuses for each automotive model. In the fast paced automobile industry, technology, safety and the use of electronics products in automobiles have become ever more sophisticated, resulting in the evolution of automotive fuse blocks that regulate lighting, indicating, door locks, computerized ignition control, entertainment systems and far more.
With an increasing number of Light Commercial Vehicles (LCVs) on the market, the market for automotive fuse blocks in North America is expected to grow with a significant share on the global scale. By the end of 2028, it is projected that the production of LCVs in North America will rise by 1.3 folds in the market.
As a result of COVID-19 lockdown being enacted worldwide, the global demand for automobiles declined, which in turn led to decreased production of automotive fuse blocks. Having decreased sales of raw materials and automotives, automotive fuse blocks in the market saw a sharp decline.
Due to the latest and most complex electrical solutions deployed for efficient working, the market is dominated by the passenger vehicle segment with more than 48% market share in the automotive sector. Growing demand for driverless vehicles and hybrid electric cars will further contribute to some massive opportunities that will lead to the growth of the automotive fuse block market. Thus, the market for automotive fuse blocks is expected to grow in the future.
Various emerging technologies in the automotive industry, such as connected cars, autonomous vehicles, wireless connectivity, and others requiring high torque motors, demand fuses for continuous operation, which is expected to drive the automotive fuse block market worldwide. Furthermore, the adoption of electric vehicles across the globe is another factor that is expected to drive the global market for automotive fuse blocks. Due to the battery-powered elements found in electric vehicles, automotive fuse blocks have become an integral part of vehicles and are expected to contribute to the growth of the global automotive fuse block market.
A skilled technician is required to properly maintain and service automotive fuse blocks and automotive fuses, since the fuse and the wires are connected to various accessories, and each of the parallel wires has a unique code. Due to the complexity of the wiring code, only skilled technicians are capable of understanding the wire, which is predicted to inhibit the growth of the global automotive fuse block market over the forecast period.
In order to produce automotive fuse blocks that can withstand high temperatures, automotive fuse block manufacturers deliberately focus on producing high-strength moulded fuse blocks. In addition, they are concentrating on using high-quality materials to minimize the chance of automotive fuse blocks being broken during handling and installation, or being damaged by heat.
In the next few years, the demand for luxury vehicles will substantially impact the demand for automotive fuse blocks. This convergent technology and the social trend are creating a new mobility ecosystem that will have a profound impact on a big number of players in the automotive industry.
Keeping a proper safety margin for fuse blocks in the market can be tricky for automotive fuse blocks in the market. The risk is also associated with the prediction of how the market will behave in terms of the current loads when it comes to electric vehicles. Further, optimization of fuse rating and memory circuit characteristics at the same time as maintaining the ambient temperature and loading cycles are new issues to the automotive fuse block.
When it comes to performing any kind of repair on the vehicle, finding the specific fuse could be a problem. Furthermore, fuses serve different purposes and cannot be interchanged with other fuses since they perform different functions. Due to this, the automotive fuse block market is expected to be hindered by a significant growth barrier in the near future. As cars become more sophisticated and feature-rich, so will the load on the fuse block to increase. This will likely restrain automotive fuse block growth over the upcoming years. The absence of skilled labor and engineers will be the greatest challenge in ensuring the growth of automotive fuse block market.
Due to the rapid growth of automotive in Europe, the market for automotive fuse blocks is expected to remain the largest during the forecast period. As vehicle production rises and advanced safety features are mandated by western European governments, such as emergency braking systems, accident data recorders, etc., the sales of auto fuse blocks are expected to increase over the forecast period.
The growing number of expanding businesses, as well as increased investment in the automotive industry in this region, is expected to boost the demand for fuse blocks in the auto industry. With Germany's long-standing position as Europe's largest market for new passenger cars, as well as the continent's top automaker, the country has therefore contributed to the largest market for automotive fuse blocks. Therefore, the market for automotive fuse blocks is continually growing in this region.
As a result of the presence of large manufacturers in the automotive industry with operational plants in Asia-Pacific, the region accounts for over 36% of the total market share and is expected to grow rapidly over the forecast period. In the next few years, the Asia Pacific fuse block market is expected to continue to grow at a significant rate, owing to the increase in production of passenger cars in the region.
China has emerged as one of the biggest producers and consumers of electric vehicles. Chinese officials are prioritizing creating favorable conditions for electric vehicles (EVs) in the short-term, which is set to boost the demand for automotive fuse blocks in the near future. As the market in APAC grows, a number of factors will drive its growth, including technological advancements, government programs, and ongoing EV project.
Some of the key participants present in the global automotive fuse block market include Littlefuse, Inc., HELLA New Zealand Limited, Prakant Electronics Pvt.Ltd., Cooper Bussmann, Inc., Huizhou HINEW Electric Appliance Co., Ltd., OMEGA FUSIBILI S.p.A., Anupam Industries, MUD-UK, and MTA S.p.A.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Littlefuse, Inc., and HELLA New Zealand account for considerable market size, where several regional level players are also operating across key growth regions, particularly in the Europe.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Fuse Type, Circuit Type, Voltage Type, Material Type, Vehicle type, Sales Channel |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Littlefuse, Inc.; HELLA New Zealand Limited; Prakant Electronics Pvt.Ltd.; Cooper Bussmann, Inc.; Huizhou HINEW Electric Appliance Co., Ltd.; OMEGA FUSIBILI S.p.A.; Anupam Industries; MUD-UK; MTA S.p.A |
| Customization | Available Upon Request |
Fuse Type:
Circuit Type:
Voltage Type:
Material Type:
Vehicle Type:
Sales Channel Type:
Region:
FMI projects the global automotive fuse block market to expand at an 8% value CAGR by 2032
Europe is expected to be the most opportunistic market for automotive fuse blocks.
Littlefuse, Inc., HELLA New Zealand Limited, Prakant Electronics Pvt. Ltd., and Cooper Bussmann, Inc. are some prominent automotive fuse block manufacturers
Explore Similar Insights
Automotive Fuse Block Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
