The latest market report published by Credence Research, Inc. “Global Hybrid and Electric Vehicle Fuses Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 0.85 billion in 2020 and expected to reach a healthy CAGR of over 22.7% during the forecast period from 2021 to 2027 to reach around USD 2.9 billion in 2027.
Browse the full report at https://www.credenceresearch.com/report/hybrid-and-electric-vehicle-fuses-market
A fuse protects electrical and electronic devices attached to the circuit by preventing electricity overload. Electric fuses are used in a variety of applications, each with its own set of voltage specifications. The main factor driving the market’s growth in the coming years will be the increase in electronic content as a result of the growing adoption of hybrid and electric vehicles. The demand for automotive fuses has risen dramatically in recent years due to the increasing electrification of automotive parts and components.
Key Trends in Global Market
Growing Sales of Electric and Hybrid Vehicle
Macroeconomic factors such as the effect of GDP on commercial vehicle sales, urbanization, and infrastructure development are propelling the Electric and Hybrid Vehicles industry market forward. Increased demand for these vehicles in nations like Japan, South Korea, India and China has prompted auto parts manufacturers to upgrade their systems. This is accelerating the global growth of the automotive fuse industry by increasing demand for efficient automotive parts.
Different Drivers Contributing in Market Growth
Over the projected timeframe, increasing demand for luxury cars, combined with the increasing popularity of self-driving and semi-autonomous vehicles, would create new growth avenues for the automotive fuse industry. Apart from that, in the coming years, huge vehicle electrification developments and the need for vehicle safety and comfort will drive product demand. The booming automotive powertrain market will continue to grow. In the coming years, the growing automotive powertrain market will contribute much more to the overall size of the automotive fuse industry.
Global Market by Product Type Insights
High Voltage Fuses and Blade Fuses are two Product Type of this market. The blade fuse market is expected to be the largest in terms of fuse form because they are more lightweight, lighter, durable, and have a simpler structure, which is widely used by OEMs.
Global Market by Application Insights
Global market is bifurcated based on Application as Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs). Due to the growing applications of high capacity batteries and high cost as compared to other device fuse, the battery fuse market is expected to be the largest market in terms of BEV applications during the forecasted period.
Global Market by Regional Insights
As Asian countries such as China and India, are more populous and have only recently begun to adopt advanced technology, Asia Pacific holds an impressive share of the global market. Due to a rise in passenger and commercial vehicle demand, this region is projected to dominate the market in the future. Also, automobile manufacturers are heavily investing in this area due to the low cost of labor and mounting demand for vehicles. This rise in vehicle demand would lead to increased use of automotive fuse, which will push the market even higher.
Latin American countries, such as Brazil, are concentrating on new technology automobiles. Several of the world’s leading car manufacturers are based in North America and Asia Pacific, and their economies are bolstered by the electronics industry.
Global Market Competitive Landscape
Most prominent players in the global market include MERSEN, Eaton, Pacific Engineering, SCHURTER Holding and Littelfuse. The report covers very detailed profiles of these key players.
Global Hybrid and Electric Vehicle Fuses Market by Product Type, 2015 – 2027
· Blade Fuses
· High Voltage Fuses
Global Hybrid and Electric Vehicle Fuses Market by Application, 2015 – 2027
· Battery Electric Vehicles (BEVs)
· Hybrid Electric Vehicles (HEVs)
Global Hybrid and Electric Vehicle Fuses Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Hybrid and Electric Vehicle Fuses Market: Key Players
· Pacific Engineering
· SCHURTER Holding