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Driving Safety: Evolution of Automotive Fuses
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According to The Business Research Company's, The automotive fuse market size has grown strongly in recent years. It will grow from $18.32 billion in 2023 to $19.32 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increase in vehicle production, safety regulations, growth in the electric vehicle (ev) market, rapid urbanization.
The automotive fuse market size is expected to see strong growth in the next few years. It will grow to $23.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising autonomous vehicles, economic market growth, adoption of automotive electronics, rising disposable income. Major trends in the forecast period include miniaturization, smart fuses, integration of adas, partnership and collaboration.
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Market Drivers and Trends:
The growing need for electronic components in the automobile industry is expected to drive the growth of the automotive fuse market over the coming years. With the growth of technology, there is an increase in the implementation of new electronics in automobiles. New technologies such as autonomous technology, self-driving systems, and the onboard computer that controls a wide range of functions such as vehicle temperature, GPS, and even exhaust emission, require a lot of new electrical equipment to work. For instance, in November 2021, according to Wired Magazine, a US-based magazine, demand for semiconductors grew 29.7 percent between August 2020 and August 2021. Therefore, the growing need for electronic components in the automobile industry is driving the growth of the automotive fuse market.
Improved quality and development of fully insulated chips are providing an opportunity to expand the use of automotive fuses. This can be attributed to the fact that better quality fully insulated chips will be more powerful and energy-efficient which implies a wider user base. For instance, in September 2022, Novosense Microelectronics Co Ltd., a China-based manufactures and sells integrated sensor chips, isolation and interface chip, launched a collection of automotive-qualified chips NOVOSENSE automotive-qualified LDO NSR31/33/35 family chips are specifically developed for use in systems powered by vehicle batteries. They are excellent for automotive applications requiring high standby power consumption due to their ultra-low static power consumption of 5uA and low drop-out voltage.
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Major Key Players of the Market:
Eaton Corporation, Littelfuse Inc., Mersen S.A., SCHURTER Inc., SIBA, Sensata Technologies, Carling Technologies Inc., Mouser Electronics Inc., OptiFuse, Anodyne Electronics Manufacturing Corp., Blue Sea Systems, GLOSO TECH Inc., ON Semiconductor, Fuzetec Technology Co. Ltd., Pacific Engineering Corporation, Dongguan Better Electronics Tech. Co. Ltd, Anixter, NTE Electronics Inc., AEM Components (USA) Inc., E-T-A Elektrotechnische Geräte GmbH, Bel Fuse Inc., S&C Electric Company, G&W Electric Company, Mersen S.A., TE Connectivity Ltd., Bourns Inc., Cooper Bussmann, Keystone Electronics Corp., Phoenix Contact, Siemens Aktiengesellschaft, Vishay Intertechnology Inc., Weidmüller Interface GmbH & Co. KG, Würth Elektronik GmbH & Co. KG
Automotive Fuse Market 2024 Key Insights:
• The automotive fuse market size is expected to see strong growth in the next few years. It will grow to $23.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rising Demand For Electronic Components Propels Automotive Fuse Market Growth
• Enhanced Quality And Insulated Chips Expand Automotive Fuse Applications
• Asia-Pacific was the largest region in the automotive fuse market in 2023
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