The 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. The automotive fuse market is driven the increasing trend for vehicle electrification, safety and comfort features in mid-segment vehicles which will lead to increase in the number of fuses installed per vehicle. Also, increasing demand for premium HEV and PHEV will also give a positive impact in the automotive fuse market.
Semiconductor fuses are advanced fuses that act very fast. They have several fuse element strips in parallel, depending on the ampere rating of the fuse. 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 semiconductor fuse. A semiconductor fuse works by allowing the flow of energy provided to the circuit through the power source to complete the run of the circuit and properly power the device. If either a short circuit or a power signal overload should occur, the semiconductor fuse would give out to the energy transfer.
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The BEV fuse market is estimated to be the fastest growing fuse market during the forecast period. BEVs are electric vehicles that use chemical energy stored in rechargeable battery packs for power. The growth and success of BEVs are dependent on innovations in battery technology. However, many automotive players are taking initiatives to develop the battery technology. Hence, developments and innovations in the field of battery technology would boost the market for BEVs, and therefore, drive the market for automotive fuses. BEVs are considered as zero-emission vehicles. The rebates from the governments on BEV purchase can help to increase the sales of BEVs.
Asia Pacific is expected to be the fastest market for automotive fuse during the forecast period. The Chinese market is the largest in Asia Pacific and is witnessing significant growth in demand for premium vehicles. China is one of the major markets for premium vehicles, given the rising disposable income in the country. The governments of Asia Pacific have recognized the growth potential of the automotive industry and have consequently taken different initiatives to encourage major OEMs to enter their domestic markets. Several European and American automobile manufacturers such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US) have shifted their production plants to emerging economies. Hence because of increased sales of passenger cars in the region, the automotive fuse market will grow.
Key Market Players:
The key companies profiled in the study are Eaton (Ireland), Schurter Group (Switzerland), Littelfuse (US), Sensata (US), Mersen (France), Pacific Engineering Corporation (Japan), Optifuse (US), AEM Components (US), E-T-A (US), ON Semiconductor (US) and Fuzetec (China).
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