Automotive Fuse Market is anticipated to grow at a CAGR of 7.2% with the Rise in Electric Vehicles
Sep 7, 2018
Global Automotive Fuse Market will multiply at an impressive CAGR of 7.2% by 2024 & Top Key Players Eaton Corporation Inc., Littlefuse Inc., MERSEN S.A, SCHURTER Inc., SIBA, Sensata Technologies Inc., Carling Technologies Inc., Mouser Electronics Inc.
New York, United States - September 7, 2018 /MarketersMedia/ —
The automotive fuse market has been segmented by product type into plug-in fuses, cartridge fuses, cable fuses, PAL fuses, glass fuses and others such as specialty fuses and high current fuses; by end-user into original equipment manufacturer (OEM) and aftermarket. Among these segments, the aftermarket segment is estimated to dominate the overall automotive fuse market in upcoming years which can be attributed to the preference of consumers over local manufacturers for replacement.
The global market of automotive fuse is expected to witness a robust growth by the end of forecast period by expanding at a compound annual growth rate of 7.2% over the period 2017-2024. Factors such as advanced technical features and rise in demand for vehicles across the globe are anticipated to drive the growth of automotive fuse market by significant revenue by the end of 2024. Moreover, the global automotive fuse market is estimated to reach at market valuation of USD 16.1 Billion by the end forecast period.
In the regional segment, Asia Pacific represented the largest market of automotive fuse in previous years and is expected to continue its dominance in overall automotive fuse market during the forecast period by expanding at a compound annual growth rate of 8.5% over the period 2017-2024. This can be attributed to high demand for automobiles in developing economies such as China and India among others in this region. Rapidly increasing penetration of the advanced technologies combined with growing economy are some of the factors that are anticipated to drive the growth of automotive fuse market in North America region over the period 2017-2024.
Technical Advancements to Boom the Market
Factors such as GDP impact, urbanization, developing infrastructure, improving life style and purchasing power of the consumers are expected to benefit the expansion of automotive fuse market. Apart from this, rising demand for automobiles in developing economies and technological advancements such as improved soldering qualities and development of fully insulated chips among others are believed to supplement the growth of automotive fuse market globally.
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However, presence of local vendors and low cost offering by them is likely to dampen the growth of automotive fuse market in the near future.
The report titled “Automotive Fuse Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the automotive fuse market in terms of market segmentation by product type, by voltage level, by end-user 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 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., Mouser Electronics Inc., Optifuse Panduit Corp., AEM Inc., Blue Sea Systems, GLOSO Tech Inc., Anixter Corp., DongGuan Better Electronics Tech. Co. Ltd and NTE Electronics 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 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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