The market for automotive fuse boxes is expected to grow at a CAGR of 5% during the forecast period of 2023 to 2030. Fuse boxes are the sole option for protecting the circuits due to the increase in the number of electronic, electrical, and electro-mechanical elements in automobiles, which has resulted in various advances in the design and operation of vehicle power modules. The market is dominated by conventional automobile fuse boxes, however, there is a need for lighter, cheaper per unit, smarter electronic fuse boxes. This is then expected to provide a likely option for lowering expenses and significantly reducing vehicle weight.
Increasing the number of Cars with Additional Electronic Components is the Key Market Booster
Fuse boxes are becoming more prevalent in the automobile industry due to the increase in the number of electronic components being used in cars to provide more sophisticated safety and security features. The global production of automobiles is directly correlated with the manufacturing of automotive fuse boxes. As a result, the market for automotive fuse boxes is projected to grow as vehicle production rises. The development of electric vehicles, which have more sophisticated electrical systems, is a key factor propelling the automotive fuse box industry. These sophisticated electronic systems need to be protected, which calls for an advanced fuse box.
Rising Demand for Premium Cars
In addition, the rising demand for luxury cars among consumers worldwide is probably going to have a beneficial effect on the market for automobile fuse boxes. The newest technology and most advanced safety features are offered in premium luxury vehicles, driving the rising demand for these vehicles globally. During the forecast period of 2023–2030, it is predicted that the growth and advancement of automotive components will increase demand for automotive fuse boxes by over 1.5 times.
Technological Disruption in Automobile Industry to Drive the Market During the Forecast Period
Global demand for automotive fuse boxes has increased as a result of simultaneous disruptions in the automobile industry. The rise of electric vehicles and driverless cars, as well as the predominance of technological solutions in the automotive sector, are all contributing to this. Consumer preferences for electrical and electro-mechanical features in vehicles are growing, which is opening the door for innovations in power system operation and design. Fuse boxes are widely used as the primary method of circuit protection in autos. In comparison to conventional automobile fuse boxes, which until now were most sought-after due to their low unit cost, there is a significant possibility for the integration of smarter and more intelligent electronic fuses.
Sluggish Automotive Sales to Have an Adverse Impact on Market Growth
While auto sales are leveling off in several places, including Europe and Japan, the global automotive fuse box market will be directly impacted by the sluggish economy and dropping auto sales. As a result, manufacturers of vehicle fuse boxes may experience constant competition. In addition, the global market for automobile fuse boxes is also largely consolidated
Plug-in Hybrids to Limit the Purpose of Fuse Boxes in the Long Term
The introduction of electric vehicles to achieve sustainability goals in the automobile industry has a significant impact on the worldwide power market. Automakers are moving away from internal combustion engines and toward power-driven motors, and the bulk of new vehicle sales are projected to include plug-in hybrids, which will increase the demand for automotive power. In the upcoming years, this is probably going to have a negative impact on the need for fuse boxes.
Blade Segment Within Fuse Boxes Type to Lead with 35% Revenue Contribution Currently
With respect to the type of fuse boxes, the blade category held a 35% market share in 2021 and is anticipated to grow at a 5.5% CAGR during the forecast period of 2023 to 2030. Simple design, low price, and improved efficiency of blade-type fuse boxes are key reasons attributed to its wide level of application in automobiles. Bosch type held 29% market share growing at a CAGR of 4.5 % during the forecast period and remains as the second-largest market segment. Their market share is expected to decrease in the upcoming years because they are primarily used in older automobiles.
Passenger Cars to Dominate
The automotive fuse box market segmented by end-users includes passenger vehicles, commercial vehicles, battery electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles. With a market share of 27% in 2021 and a projected CAGR of 5 % during the forecast period, passenger vehicles will continue to lead this segment. This is as a result of the increasingly sophisticated and intricate electronic systems used in passenger automobiles.
North America Remains the Global Leader
The market for automotive fuse boxes in North America had the greatest revenue share accounting to about 28.5% in 2021 and is anticipated to expand at a CAGR of 5% during the forecast period. The market is being impacted by the big automakers' construction of new plants. In the upcoming years, it is projected that the rise in the automotive sector and the results of the NAFTA negotiations will positively impact market growth for automotive fuse boxes in North America.
Europe Stands Second
While the market for automotive fuse boxes in Europe, which currently owns a share of 24%, is expected to grow at a 4.8% CAGR during the forecast year. The European auto industry is investing substantially to transition from IC engines to electric power, which is helping the market thrive. Sales in the region are likely to be impacted by the uncertainties that European manufacturers confront over investments, competitiveness, and profitability, but it will be a lucrative market for the major players to gain market share.
Asia – The Fastest Growing Region
The Asia is predicted to witness a substantial increase in the adoption of integrated starter generators notably in growing economies like China and India. Asia currently contributes more than 22% of revenue share is expected to grow at a CAGR of 5.7% during the forecast period. In terms of hybrid passenger car use and production, China has been the market leader. Due to the Chinese government's promotion of the purchase of electric vehicles, which is anticipated to stimulate the growth of the global automotive fuse box market, China is regarded as the developing market for hybrid vehicles. The Chinese government anticipates that global car production would increase to 30 million units by 2020 and 35 million units by 2026, maintaining China as the world's largest market for automobiles.
Market to Remain Fragmented and Highly Competitive During the Forecast Period
Due to the presence of numerous local and regional companies, the global market for automotive fuse boxes is extremely fragmented and competitive. Key players use a mix of strategies such as mergers & acquisitions, expansions, collaborations, and partnerships to enhance their position in the highly competitive market. For instance, Eaton acquired Royal Power Solutions in 2023 in order to leverage from the electrification trend in high-growing markets. The key companies operating in the automotive fuse block market include Littelfuse, Inc., HELLA New Zealand Limited, Prakant Electronics Pvt. Ltd., Eaton, Hinew International Company Limited, Omega Fusibili S.p.A., Anupam Industries, MUD-UK, MTA S.p.A., MERSEN USA, Apolo Industrial Corporation, Blue Sea Systems, Pacific Engineering Corporation, LEONI Bordnetz-Systeme GmbH, Semicon and others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Fuse Boxes market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Fuse Box Type
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Vehicle Type
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Mounting
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Sales Channel
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
