EV Fuse Market is Forecasted to Reach US$ 5.6 Billion in 2031, Says Stratview Research

The global EV fuse market is projected to witness a growth rate of 13.9% annually from 2024 to 2031, with an anticipated size of US$ 5.6 billion by 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global EV fuse market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:
Market Size in 2024: US$ 2.1 billion
Market Size in 2031: US$ 5.6 billion
Growth (CAGR): 13.9% during 2024-2031
Leading Propulsion Type: HEV
Leading Vehicle Type: LV (light vehicle)
Leading Voltage Type: High-Voltage
Leading Low-Voltage Application Type: Braking & Safety Systems
Leading High-Voltage Application Type: Battery Pack
Leading Fuse Type: Cartridge Fuse
Leading Voltage Range Type: 100 VDC to 500 VDC
Leading Region: Asia-Pacific
Forecast Period: 2024-2031
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 8
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the EV Fuse Market:
The global EV fuse market is segmented based on propulsion type, vehicle type, voltage type, low-voltage application type, high-voltage application type, voltage range type, fuse type, and region.

Based on propulsion type - The EV fuse market is segmented into BEV and HEV. The HEV market holds a larger share due to its longer presence, consumer acceptance, and established infrastructure. However, the global push for full electrification is accelerating BEV growth, driven by regulatory support, advancing technology, and declining battery costs. This shift will drive higher demand for fuses in BEVs, as they require advanced electrical protection for safety and performance.

Based on the vehicle type - The market is segmented into LV and M&HCV. LV is expected to remain the market's dominant and faster-growing vehicle type during the forecast period. LV, including passenger cars, SUVs, and light trucks, represent the majority of vehicles on the road worldwide. This segment accounts for a significant portion of total vehicle sales and is expected to continue dominating the market in the coming years. As a result, the demand for EV fuses, which are essential components in these vehicles, will be strong and consistent.

Based on the voltage type - The market is segmented into low-voltage and high-voltage fuses. Low-voltage fuses will dominate by volume due to their widespread use across numerous vehicle systems. In contrast, High-voltage fuses will lead by value, as they are designed to handle significant currents and protect critical high-voltage components, making them more expensive per unit.

Based on the low-voltage application type - The market is segmented into infotainment system, lighting system, HVAC system, braking & safety system, propulsion & power system, and other auxiliaries. Braking & Safety systems are essential in all vehicles, including hybrids and battery-electric vehicles. As a result, the widespread integration of these systems across all vehicle types drives a higher demand for fuses, leading to an increased total volume requirement in the EV fuse market.

Based on the high-voltage application type - The market is segmented into battery pack, inverter, DC-DC converter, on-board charger, and electric motor. The battery pack is the largest application in the EV high-voltage fuse market. It is driven by its critical role in electric and hybrid vehicles, high cost and technological complexity, and the growing demand for electric mobility.

Based on the voltage range type - The market is segmented into less than 100VDC, 100VDC to 500VDC, and 500VDC to 1000VDC. 100 VDC to 500 VDC fuses are likely to remain the dominant voltage range type in the coming years due to their extensive use in high-voltage systems across both BEV and hybrid vehicles, cost-effectiveness compared to 500 VDC to 1000 VDC, and compatibility with EV infrastructure. The 500 to 1000 VDC fuse segment is expected to experience the fastest growth, driven by the rising adoption of high-voltage systems in BEV and hybrid vehicles. The demand for faster charging extended driving ranges, and enhanced performance in these vehicles is fueling the need for 500 to 1000 VDC.

Based on the fuse type - The market is segmented into blade fuse and cartridge fuse. Cartridge fuses dominate the EV fuse market due to their critical role in high-value, high-performance systems requiring advanced technology and superior current/voltage protection. Their use in safety-critical applications such as powertrains, electric motors, and battery management systems, along with their complexity and high-quality materials, drives their demand despite their higher cost.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to be the dominant region during the forecast period. This growth outlook is mainly attributed to the following-
- Its position as the largest EV production hub
- A strong network of automotive suppliers
- The highest EV adoption rates
- Expanding charging infrastructure
- Technological advancements
- Government regulations promoting electrification and safety.

Likewise, Europe remains the second-largest region in the EV fuse market, With growing EV adoption, strict regulations, and strong EV production.

EV Fuse Market Drivers:

Some of the key drivers listed in the report are given below.
- Increasing shift towards battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs)
- A growing shift towards higher voltage architects
- Advancements in battery and power electronics technology
- Stringent safety and emission regulations
- Rising integration of advanced driving assistance systems (ADAS)
- Increase in integration of infotainment systems and IoT-based automotive technologies
- Technological advancement in fuse design

Top Companies in the EV Fuse Market:

The market is moderately concentrated, with some local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players.
- Eaton
- Littlefuse, Inc.
- Xi 'an Zhongrong Electric Co., LTD.
- Pacific Engineering Corporation (PEC)
- Sensata Technologies, Inc.
- Mersen

What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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