Manufacturers of Electrical Fuses in North America to Capitalize on Rising Demand for Electric Vehicles, reports TMR

The North America electrical fuses market is likely to witness the advent of more compact and slimmer electronics with leading players vying to cater to ever-changing consumer preferences. The development of the latest technologies and innovation have thus emerged as the most defining trends in the market. The electrical fuses market in North America is primarily driven by the rising demand for electricity and efficient power delivery systems. Besides this, diverse applications of electrical fuses across various industries will also fuel demand from the market.

Growth in the North America electrical fuses has been robust, primarily because the region boasts rapid technological advancements, economic growth, and a sizeable increase in population. Moreover, the construction industry in North America has reported considerable growth in the last few years in response to the increasing spending on housing infrastructure. This is subsequently boosting sales opportunities for electrical fuses manufacturers in the region

Bolsted by these factors, the market for electrical fuses in North America is expected to have a CAGR of 6.0% between 2016 and 2024, forecasts Transparency Market Research (TMR). As per TMR, the North America electrical fuses market stood at US$1.84 bn in 2015 and is expected to reach US$3.09 bn by the end of 2024.

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An electrical fuse can be defined as a device which is used to interrupt the flow of current by interrupting the electrical circuit during the condition of over current caused by short circuit and/or overload. During over current, the fuse element melts and saves the circuit as it disconnects the supply from the load. Electrical fuses are classified under different voltage segments such as low voltage fuses and high voltage fuses. On the basis of voltage level of installations, the electrical fuses market in North America has been segmented into two categories; low voltage fuses and high voltage fuses wherein plug-in fuses and cartridge fuses are the segments the low voltage fuses has been further categorized into. The electrical fuses market on the basis of application has been segmented into automotive, construction, consumer electronics, industrial, power generation and others. By country, the market has been segmented into the U.S., Canada and Mexico. The above segments have been covered in terms of both revenue (USD million) and volume (units million).

The need for reliable power delivery in North America is one of the primary factors responsible for the growth of the electrical fuses market in the region. The demand for electricity has been significantly high as a result of various factors such as economic growth, technological advancements and increase in population in the past few decades. The construction and automotive sectors across North America are witnessing significant growth since the last few years which in turn has resulted in an increased demand for electrical fuses. Large spending on housing and automobiles is driving demand for electrical fuses in the region. The construction sector is also experiencing a boom which in turn has triggered demand for electrical fuses in North America. These factors in combination are expected to drive the demand for electrical fuses in North America during the forecast period.

Report Link: http://www.transparencymarketresearch.com/north-america-electrical-fuses-market.html

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.