Rise in consumer preferences for electro-mechanical, electrical, and electronic functions in vehicles has led innovations in design & operation of relevant power systems. Pervasiveness of fuse boxes, as the only solution of circuit protection in automobiles, continues to prevail. In light of these factors, worldwide sales of automotive fuse boxes are likely to bring in approximately US$ 4,900 Mn revenues by 2028-end, according to a new Fact.MR study.
Although traditional automotive fuse boxes have been sought-after on the coattails of their affordable unit cost, an elephant-sized opportunity exists for integration of smarter, more intelligent electronic fuse. Use of electronic fuse has the potential of significantly trimming costs and weight of vehicles. Uptake of power demand in new vehicles, in combination with recent luxury cars sales proliferation are likely to brim the future requirement for automotive fuse boxes.
Sensing the evolving requirements of the automotive industry, manufacturers have introduced a wide range of automotive fuse boxes. Fuse boxes with 30 to 50 plugs are forecast to endure as the highest selling product, with fuse boxes comprising 50 to 75 plugs also emerging as a remunerative variant. The study envisages 50 to 75 plugs containing automotive fuse boxes to represent a significantly higher growth than their 30 to 50 plugs variants, however the latter continues to reign supreme – in terms of both value and volume during the forecast period.
Automotive Fuse Boxes Market: North America to Prevail as Fast-Expanding Market
North America continues to endure as fast-expanding market for automotive fuse boxes, in terms of both value and volume. Automotive fuse boxes in North America will be influenced by new facilities being installed by leading automakers such as BMW, Toyota Motor Corp. and Volvo Cars. Supported largely by robust exports from North America, this boom in the automotive industry will push production rate higher in the near future, albeit domestic sales have showcased a slight decline since the recent past.
Future of the automotive component industry in North America will also be impacted by the outcome of NAFTA negotiations, which have grown increasingly fraught recently, thereby posing a direct influence on the automotive fuse boxes market in the region. Although the automotive fuse boxes market in North America will grow at a relatively higher rate vis-à-vis Europe, revenues from the latter will remain significantly larger over the period of forecast.
European automakers are focusing on huge expenditure for making the switch from IC engines to electric power, however outcomes remain hazy with the fact that widespread public acceptance remains undetermined. These factors will directly influence the growth of the auto component industry in the region, thereby affecting the automotive fuse boxes market.
Sales of automotive fuse boxes in Europe will remain affected by uncertainties faced by the auto component manufacturers in terms of profitability, investment, and global competition. Europe is likely to prevail as a remunerative marketplace for automotive fuse boxes.
Automotive Fuse Boxes Market: Growing Trend of Vehicle Electrification to Pave Avenues
Vehicle electrification is an emerging trend gaining widespread momentum in urban, traffic planning, and power system studies. Governments, particularly in developed countries, are mandating the shift from internal combustion & hybrid vehicles to fully electric powertrains. Diffusion of electric vehicles significantly affects the power system’s operations.
However it paves a wide range of opportunities for future system developments, such as curtailing the fossil fuel dependency and emissions of environment pollutants. These benefits will continue to drive the trend of vehicle electrification in the near future, albeit challenges prevail regarding power generation and charging of EVs. The trend will further pose a significant impact on development and sales of various auto components, such as automotive fuse boxes.