Dublin, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The "Automotive Fuse Market by Fuse Type (Blade, Glass Tube, Semiconductor, Limiter, Slow Blow/Multi Slow Blow Fuses), Electric Vehicle Application, Voltage, Amperage, ICE Vehicle Type, EV Type, Aftermarket and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Market Dynamics
Drivers
- Growing Application of High-Voltage Architecture in Electric Vehicles
- Increasing Vehicle Safety and Comfort Features in Mid-Segment Vehicles
- Figure 25 Power Management for Advanced Driver Assistance Systems
- High Battery Capacity
Restraints
- Limited Development in Low-Voltage Fuses
- Volatility in Raw Material Prices
Opportunities
- Increasing Sale of Premium Vehicles
- Introduction of Semi-Autonomous and Autonomous Vehicles
Challenges
- Unorganized Aftermarket
- Connected Smart Junction Box for Autonomous Vehicles
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Fuse Market, by Fuse Type
7 Automotive Fuse Market, by Voltage
8 Automotive Fuse Market, by Ampere
9 Automotive Fuse Market, by Ice Vehicle Type
10 Automotive Fuse Market, by Electric Vehicle Type
11 Automotive Fuse Market, by Ev Application
12 Automotive Fuse Market, by Sales Channel
13 Automotive Fuse Market, by Application
14 Automotive Fuse Market, by Region
15 Competitive Landscape
16 Company Profiles
17 Analyst's Recommendations
18 Appendix
Companies Mentioned
- Aem Components
- Blue Sea Systems
- Che Yen Industrial Co. Ltd.
- Dongguan Tianrui Electronics Co. Ltd.
- E-T-A
- Eaton
- Fuzetec
- Gloso Tech
- Guangdong Uchi Electronics Co. Ltd.
- Littelfuse
- Mersen
- on Semiconductor
- Optifuse
- Pacific Engineering Corporation
- Schurter Group
- Sensata
- Shanghai Songshan Electronics Co.
- Shenzhen Deer Electronic Co. Ltd.
- Siba
- Sks Electronics
- Sleek Co. Ltd.
- Soc Fuse Technology
- Zhejiang Xinli Fuse Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/9inq4t
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