The Global Automotive Fuse market accounted for $16.33 billion in 2019 and is expected to reach $32.07 billion by 2027 growing at a CAGR of 8.8% during the forecast period.
Some of the factors propelling the growth of the market are the increasing application of high-voltage architecture, increasing demand for vehicle power and battery capacity and increasing vehicle safety & comfort features in mid-segment vehicles. However, the lack of development in the low voltage fuses is hindering the growth of the market.
Automotive fuses are used for protection of electrical wiring, components, circuits and switches of the vehicles from fluctuating power flows. They are usually used for circuits lower than a direct current of 24 volts but sometimes these are rated for electrical systems with 42 volts in non-automotive electrical systems.
Based on the fuse type, the blade segment is anticipated to hold considerable market share during the forecast period owing to the reasons like they are more compact, lighter, durable and have a simpler structure which is extensively used by the OEMs. By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to an increase in production of passenger and commercial vehicles, availability of cheap labour and growing demand for the vehicles.
What the report offers:
Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
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