According to study, the on- board fuse box market is projected to witness growth of over 5% CAGR during the forecast period 2021- 2031. 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.
What is Driving Demand for On-Board Fuse Box?
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 Recovery Likely to Augment On-Board Fuse Box Sales
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.
US and Canada On-Board Fuse Box Market Outlook
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 US 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.
Asia Pacific Demand Outlook for On-Board Fuse Box
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.
Who are the Key Manufacturers and Suppliers of On-Board Fuse Box?
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.
On-Board Fuse Box Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Electrical Buses
- Under- hood
By Sale Channel:
- North America
- Latin America
- South Asia & Pacific
- ASEAN countries
- East Asia
- South Korea
- Middle East & Africa
- South Africa
- North Africa
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.