Rising Sales of Commercial Vehicles is likely to Drive the Automotive Fuse Market at a CAGR of 7.2% During the Forecast Period
Global automotive fuse market is expected to register a 7.2% CAGR over the forecast period. Moreover, the global automotive fuse market is expected to reach at USD 16.1 Billion by the end of 2024. The market of automotive fuse is anticipated to grow at remarkable pace over the forecast period owing to increasing number of vehicles across the globe. Furthermore, rising implementation of automotive electronic components in vehicles such sound system, security system, charger and others are likely to fuel the demand for automotive fuse during the forecast period.
The Asia Pacific automotive fuse market dominated the overall automotive fuse market in 2016. Furthermore, Asia Pacific automotive fuse market is expected to continue its dominance during the forecast period owing to a number of factors such as swelling disposable income of the consumers and increasing number of vehicles. According to International Organization of Motor Vehicle Manufacturers, China alone produced 24,420,744 cars and 3,698,050 commercial vehicles in 2016. Moreover, high production rate of vehicles in Asian countries is a major factor which is likely to intensify the demand for automotive fuse in Asia Pacific region over the forecast period.
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Advancements in Automotive Fuse
Lack of uniformity in performance of conventional automotive fuses is a major reason which has fuelled the demand for effective and technologically advanced automotive fuses. Further, airmatrix fuse and multi-layer ceramic chip fuse are some advanced automotive fuses and are showcasing great potential for future growth in automotive fuse market.
Increasing Adoption of Automotive Electronics
The vehicle manufacturers are installing a number of electronic components in vehicles to offer more comfort and convenient to the customers. Further, increasing number of electronic devices in vehicles is fuelling the demand for automotive fuse across the globe.
However, presence of local manufacturers and poor quality product offering by them is likely to hamper the growth of the automotive fuse market in the near future.
The report titled “Automotive Fuse Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive fuse market in terms of market segmentation by product type, by voltage level, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive fuse market which includes company profiling of Eaton Corporation Inc., Littlefuse Inc., MERSEN S.A, SCHURTER Inc., SIBA, Sensata Technologies Inc., Carling Technologies Inc., AEM Inc., Blue Sea Systems, GLOSO Tech Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive fuse market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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