Automotive Fuse Market

Global Automotive Fuse Market Outlook 2030 -

Automotive Fuse is used to protect the wiring and electrical equipment in vehicles. They are usually rated at 32 volts DC, but sometimes they are rated at 42 volts. There are different types of fuse used in automotive, which includes blade, glass tube, and semiconductor. Blades tubes consist of plastic body and two prongs that allow the fuse to fit into the system. Among all electrical devices in a vehicle, fuse units have the highest usage and demand. This can be ascribed to the rise in demand for vehicles with advanced technological features. Automotive manufacturers are increasing the production of such vehicles in order to meet the rising demand from consumers. Furthermore, rise in fuel prices and environmental concerns are accelerating new inventions in the automobile sector. Production of environmental friendly electric vehicles is on the rise, fuses have major applications in electric vehicles with more integrated electronic features. The rising demand for automobiles from the emerging economies has led the car manufacturers to develop improved systems, thus increasing the demand for an efficient automotive fuse market. Due to the increasing number of high-capacity batteries and high-cost applications compared with other application fuses, the battery fuse market is expected to become the largest market during the forecast period.

Market scope and structure analysis:

COVID-19 Impact analysis

COVID-19 has negatively affected the global economy and subsequent shrinking of the GDP in global economies, thereby changing consumer spending patterns globally. The worldwide lockdown has forced governments to shutdown various electronics manufacturing plants and outlets to prevent the spread of the virus. The pandemic has disrupted the global automotive fuse market as a result of shortage of workforce. This led to demand supply gaps, thus hampering production. The global sales of vehicles are projected to fall, thus interrupting 10 successive years of strong growth. In addition, due to the lockdown and travel restrictions, the crude oil prices dropped significantly. Consumers spending pattern changed drastically. Thus, the abovementioned factors are expected to hamper the global automotive fuse market growth during the forecast period.

Top Impacting Factors

• Growing need for electronic components in the automobile industry, and rise in demand for electric vehicle are driving the growth of the market.  
• Limited development in the field of low-voltage fuses, lack of skilled workforce, and growing prices of raw materials is expected to hamper the growth of the market.
• Rising demand in aftermarket, and technological development income can be seen as an opportunity for the market investments.

The automotive fuse market trends are as follows:

Rise in demand for electric vehicle

Owing to the increasing pollution levels all around the world and decreased air quality, governments all around the world are encouraging sales of electric vehicles by giving attractive financial benefits to the end users and enhancing the infrastructure for an electric vehicle like charging stations in their country. With the increase in sales of electric vehicles in the region, the automotive fuse market is also expected to rise. The government in the region is spending a lot of money to increase the demand for electric vehicles. For example, the Norway government exempts buyers of electric vehicles from vehicle import duties, as well as registration and sales taxes. Owners don't have to pay road tolls and get free use of ferries and bus lanes in congested city centers, which has cost around USD 1 billion for the Norway Government. According to OFV, electric vehicles continue to dominate in Norway, with electric vehicle sales in 2019 rising from 31.2% in 2018 to 42.4%. This means that sales of electric vehicles have increased by nearly 1/3 year-on-year. Adding in plug-in hybrid sales, about 56% of Norway's new car sales in 2019 had a plug. Thus the growth of electric vehicle will directly impact the market of automotive fuse market

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the automotive fuse market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive fuse market.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the automotive fuse market growth scenario.
• The report provides a detailed automotive fuse market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the automotive fuse market research report:

• Which are the leading market players active in the automotive fuse market?
• What would be the detailed impact of COVID-19 on the market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the automotive fuse market?
• What are the projections for the future that would help in taking further strategic steps?

 Automotive Fuse Market Report Highlights