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Automotive Fuse Boxes Market is Expected to Grow at a CAGR of 5% By 2030

The market for automotive fuse boxes is expected to grow at a CAGR of 5% during the forecast period of 2022 to 2030. According to market analysis, the global increase in vehicle sales will serve as a backdrop for the continued growth of the automotive fuse box market. Additionally, the single component within the car that connects to all-electric features, including the lights, the engine, the transmission, and other auxiliary parts, is the automobile fuse box. Rising demand for lightweight, low unit cost, and smart electric solutions, rising demand for cars proportional to demand fuse blocks, emerging automotive technologies like connected cars, autonomous vehicles, wireless connecting technologies, and other technologies that required high torque motors, and expanding growth of the automotive industry globally are some of the major and crucial factors. On the other hand, the demand for hybrid electric vehicles is rising along with the development of driverless vehicles, which will further support the expansion of the automotive fuse block market throughout the period covered by the forecast.

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These days, the electrification of vehicles is a growing trend. Governments all over the world are converting to fully electric vehicles from internal combustion and hybrid vehicles, which has an impact on how the power grid functions. This is probably going to open up a lot of chances for future system innovations to reduce pollutant emissions and taper off reliance on fossil fuels. As a result, the trend toward electrifying vehicles is projected to have a favorable effect on the sales of automotive components like automotive fuse boxes in the years to come.

The market for type of fuse boxes is segmented as glass tube, blade, Bosch, and others. Due to their widespread use in cars, blade type fuse boxes have a substantial revenue share on the global market. Blade category held a 35% market share in 2021 and is anticipated to grow at a 5.5% CAGR during the forecast period of 2022 to 2030.  Plug-in fuse boxes, commonly referred to as blade fuse boxes, have a plastic body with two prongs set on a socket. These fuse boxes are frequently seen in vehicles because of their great efficacy, simple design, and affordable price. Additionally, the vehicle type in the report is segmented into commercial and passenger cars. 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 due to rising urbanization, rising living standards, and rising income levels of the populace. Additionally, the majority of passenger automobiles have fuse boxes built in since they have more complex electrical systems and a greater number of technological features. There are more passenger cars than commercial vehicles on the road worldwide. Therefore, hybrid electric car sales contributed to over 20% revenue share and is projected to expand at a CAGR of 5.5 % during the forecast period 2022 and 2030. The transition from traditional internal combustion engines to battery-powered automobiles is increasing the market share of electric cars in the automotive sector.

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The market for automotive fuse boxes in North America had the greatest revenue share accounting for 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. 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. Europe has increased its investments in more environmentally friendly and fuel-efficient cars. Due to incentives for EV purchases, a rise in demand for automobile fuse boxes is anticipated in Northern Europe. When it comes to the manufacture and use of electric vehicles, China has taken the lead. Asia currently contributes more than 22% of revenue share and is expected to grow at a CAGR of 5.7% during the forecast period. The Chinese government has prioritized creating favourable conditions for EVs on the supply side, which will drive up demand for automobile fuse boxes in the near future. 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. Given the presence of well-known automakers in the area, such as Mahindra & Mahindra Ltd., Maruti Suzuki, and Tata Motors, as well as the increased need for passenger cars in China and India’s economies, the demand is projected to continue strong in the area. Another factor supporting demand in the region’s growth is the government’s efforts to revitalise the auto industry in the area by allowing 100 percent Foreign Direct Investment (FDI) in India’s automotive sector.

Automotive Fuse Boxes Market

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 2022 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.

Key Market Trends:

  • The market for automotive fuse boxes is expected to grow at a CAGR of 5% during the forecast period of 2022 to 2030.
  • Blade category held a 35% market share in 2021 and is anticipated to grow at a 5.5% CAGR during the forecast period of 2022 to 2030. 
  • 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.
  • Hybrid electric car sales contributed to over 20% revenue share and is projected to expand at a CAGR of 5.5 % during the forecast period 2022 and 2030.
  • 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.
  • 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.
  • Asia currently contributes more than 22% of revenue share is expected to grow at a CAGR of 5.7% 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.
  • 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.

Automotive Fuse Boxes Market is segmented into:

ATTRIBUTEDETAILS
Research Period2020-2030
Base Year2021
Forecast Period2022-2030
Historical Year 2020
Unit USD Million
SegmentationBy Fuse Box Type (2019-2029; US$ Mn)
By Vehicle Type (2019-2029; US$ Mn)
By Mounting (2019-2029; US$ Mn)
By Sales Channel (2019-2029; US$ Mn)
Region Segment (2019-2029; US$ Mn)
Covid-19 Impact (2020-2021; US$ Mn)

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