The global On-Board Fuse Box market is expected to witness a market value of US$ 3.9 Billion in 2023 and is expected to accumulate a market value of US$ 6.2 Billion by registering a CAGR of 4.6% in the forecast period 2023 to 2033. The On-Board Fuse Box market registered a CAGR of 2.4% in the historical period 2018 to 2022. Factors such as installation of fuse boxes in vehicles, to protect the electrical circuits, as well as an increasing number of on-road vehicles, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for On-Board Fuse Box has been flourished. One of the major factors that is expected to boost the market growth includes the growing demand for automotive electronics, such as infotainment systems, advanced driver assistance systems (ADAS), and telematics. The on-board fuse box plays a critical role in protecting these electronic components from overloads and short circuits.
Governments and regulatory bodies around the globe, are increasingly focusing on vehicle safety, which is another major factor that is expected to boost the the demand for on-board fuse boxes in the forthcoming years. The on-board fuse box provides protection against electrical faults and prevents potential safety hazards.
Besides, the market growth is also driven by factors such as the development of advanced on-board fuse box technologies, such as smart fuse boxes and solid-state fuses. Smart fuse boxes can detect and isolate electrical faults, while solid-state fuses offer better protection against short circuits and overloads.
Additionally, the continuously growing demand for electric vehicles (EVs) is one of the major factors that is projected to augment the market growth in the near future. EVs require on-board fuse boxes to protect the battery and other electronic components from electrical faults and overloads. Also, the increasing production of vehicles and the growing demand for advanced safety and comfort features are also driving the on-board fuse box market.
Furthermore, the increasing vehicle ownership rate, especially in developing countries, is expected to create lucrative avenues for the market growth. As more vehicles hit the road, the demand for on-board fuse boxes is expected to increase to ensure the safety of vehicle occupants. In addition, factors including the increasing demand for customization options in vehicles are anticipated to stimulate the growth of the on-board fuse box market. Customization options such as audio systems, lighting, and other accessories require additional electrical components that need to be protected by on-board fuse boxes.
On the regional end, the On-Board Fuse Box market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing demand for advanced safety and comfort features, growing focus on vehicle safety, and advancements in fuse box technology. Key players in the market are continuously investing in research and development to develop innovative on-board fuse box designs and technologies, and the United States is the largest market for on-board fuse boxes in North America.
On the other hand, the On-Board Fuse Box market in Asia Pacific is expected to account for a significant share over the forecast period, attributed to the factors such as the increasing demand for automotive electronics, as well as technological advancements in fuse box.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of On-Board Fuse Box are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in January 2020, Schneider Electric unveiled its own upgrade to the traditional fuse box. Schneider will be looking to integrate batteries and inverters into its Energy Center equipment over the course of the year and is currently looking for partners. The new product is part of a broader range of Square D home energy management devices that Schneider is aiming at homeowners.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 3.9 Billion |
| Projected Market Value in 2033 | USD 6.2 Billion |
| Growth Rate (2023 to 2033) | 4.6% CAGR |
Demand for On- Board Fuse Box will witness steady recovery in short-term period. The market for fuse box will witness a high growth due to high growth in the automotive industry. Fuse boxes are installed compulsorily in cars for protection which is one of the most important factor expanding the fuse box market in the forecast period.
On- Board Fuse Boxes are basically used in Passenger cars, Commercial vehicles, Metro, Monorails, Tramway and Electrical buses to protect electrical circuits from damage. They also withstand shocks and vibrations as well as protect the circuits from fire and smoke in case of emergency. Fuse Boxes are installed to protect the electrical circuits in vehicles which is one of the important factor driving the sales of automotive fuse boxes in the forecast period.
Over the forecast period, the market is likely to grow because of increasing number of on- road vehicles and the mandatory installation of fuse boxes in them. Fuse boxes are installed in vehicles to protect electrical circuits as they control the electrical currents that flow through wired to different components that are attached to it. This factor is accelerating the demand for on- board fuse boxes.
Fuse boxes are installed at different places in a vehicle. Many vehicles have two fuse boxes installed that are located in the engine compartment as well as in the interior of the vehicle mostly within the dashboard. Manufacturers provide customized fuse boxes according to the shape, dimension and cable connections of the vehicle.
Automotive industry was badly affected due to COVID-19. Production and demand of automobiles plummeted in 2020 as many production facilities were shut down due to lockdown. This also resulted in decline in sales for passenger cars as well as commercial vehicles which negatively impacted the automotive industry.
Passenger cars are equipped with two fuse boxes that are located in different locations in a car that are protected from external elements. Increase in automotive production also impacts the automotive fuse boxes market as they are essential part of vehicle that protect the vehicle’s electrical components from any damage.
Automotive industry faced huge losses due to closure of production facilities and decline in vehicle sale due to COVID-19. North America automotive industry also suffered economic decline due to the pandemic which caused disruption in the economy. The market is slowly recovering as manufacturing facilities have resumed in USA and Canada.
Manufacturers in this region provide a broad selection of fuse boxes for customers with robust designs for vehicles to protect the wires in electrical circuits. Manufacturers focus on innovative electrical designs that have high quality and also prioritize vehicle safety which is one of the major factors expanding the market in North America.
Many countries in Asia Pacific region have witnessed a decline in economic activities due to COVID- 19, which has impacted the automotive industry as well. But the market is slowly recovering with the resume of manufacturing factories for vehicles in many countries in the region. The automotive fuse box market will grow in the region due to growing demand of passenger cars as well as growth in disposable income of the population in Asia Pacific countries.
Countries like China, Japan and India will accelerate the growth of automotive fuse boxes due to high number vehicle production as well as increase in number of on- road vehicles in the region. Manufacturers make Fuse boxes in different sizes depending on the vehicle as well as in different colors according to the customer requirement.
Some of the leading manufacturers and suppliers of On- Board Fuse Box include Littelfuse Inc., Mersen, Apolo Industrial Corporation, Blue Sea Systems, Hella NZ, Pacific Engineering Corporation and others.
Many leading manufacturers are focusing on providing fuse boxes to protect the on- board electrical circuit. Many manufacturers design and create customized fuse boxes for various applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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