Automotive Fuse Boxes Market
Automotive Fuse Boxes Market Analysis by Type (Blade, Glass Tube, Bosch), by Vehicle Type (Passenger Vehicles, Commercial Vehicles, Battery Electric Vehicle, Hybrid Electric Vehicle), by Mounting (Battery Mounted Fuse Boxes), by Sales Channel, by Region - Global Forecast 2022-2032
Analysis of Automotive Fuse Boxes market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global Automotive Fuse Boxes Market Outlook
The global automotive fuse boxes market is estimated at USD 3.8 Billion in 2022 and is forecast to exceed USD 5.9 Billion by 2032, registering a CAGR of 4.6% from 2022 to 2032. The market for automotive fuse boxes is likely to grow on the back of
Report Attributes |
Details |
Automotive Fuse Boxes Market Size (2021A) |
USD 3.6 Billion |
Estimated Market Value (2022E) |
USD 3.8 Billion |
Forecasted Market Value (2032F) |
USD 5.9 Billion |
Global Market Growth Rate (2022-2032) |
4.6% CAGR |
North America Market Share (2021) |
~27% |
North America Growth Rate (2022-2032) |
~4.9% CAGR |
US Growth Rate (2022-2032) |
~5.1% CAGR |
Market Share of Top 5 Companies |
~24% |
Key Companies Profiled |
|
The automotive fuse boxes market is likely to witness enhanced growth in the East Asia and South Asia & Oceania region, both of them witnessing growth rate of 5.3% and 5.6% during the forecast years of 2022-2032.
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2017-2021 Global Automotive Fuse Boxes Market Outlook in Comparison to 2022-2032 Growth Forecast
The need for automotive industry to upgrade to efficient networks by placing greater emphasis on sustainability is creating developmental avenues in automotive electrical components and equipment market, creating a positive impact on demand for automotive fuse boxes.
The rise in consumer preferences for electrical, electro-mechanical functions in vehicles are paving way for innovations in operations and design of power systems. The extensiveness of fuse boxes in being the solution of circuit protection in automobiles is prevailing. There lies extensive opportunity in terms of integration of smarter and intelligent electronic fuse as compared to traditional automotive fuse boxes which were most south-after till now due to their affordable unit cost.
Manufacturers in the automotive fuse boxes market are introducing a wide range of automotive fuse boxes in accordance with the ever evolving requirements of the automotive industry. They are introducing fuse boxes with numerous plugs to endure highest selling product and have a remunerative variant in terms of both value and volume of the product. All these factors are poised to provide a gain of 175 BPS to the automotive fuse boxes market demand during the forecast years of 2022-2032.
Short-run (2022 Q2 to 2025): In the short run, the demand in the market is likely to grow at the back of incorporation of smarter and intelligent electronic fuses
Medium-run (2025-2028): In the medium-term, the demand is anticipated to grow in East Asian region due to the steady revenue sources of auto component manufacturers and the rising demand for auto parts creating revenue prospects of steady income
Long-run (2028-2032): This period is anticipated to observe moderate growth because of the rising demand for luxury vehicles along with the introduction of electric vehicle specific products
Fact.MR projects the automotive fuse boxes market is expected to witness exhibiting growth at 4.6% CAGR during 2022 and 2032 in comparison to a CAGR of 3.1% with which it grew from 2017 and 2021.
Rising Trend for Vehicle Electrification to pave way for Enhanced Revenues
The trend in vehicle electrification is gaining momentum, these days. Governments across the world are shifting from internal combustion and hybrid vehicles to complete electric vehicles, affecting power system’s operations. This is likely to pave way for numerous opportunities in future system developments to curtail pollutant emissions and taper down the fossil fuel dependency. Therefore, the trend for vehicle electrification is likely to impact the sales of auto components like automotive fuse boxes positively in coming years.
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Escalating Power Demand in Vehicles and Luxury Vehicles Proliferation to Influence Demand
The global power market is highly impacted with the advent of electric vehicles to meet sustainability goals in the automotive sector. Automakers are shifting from internal combustion engines to power-driven motors and majority of future vehicle sales is likely to be integrated with plug-ins leading to rise in automotive power demand. This is likely to create ripple effect on the demand for fuse boxes in coming years.
In addition to this, escalating demand for luxury vehicles among global consumers is likely to impact the demand for automotive fuse boxes in a positive direction. Premium luxury cars come up with most advanced safety options and latest in technology, fueling sales of luxury cars worldwide. The advancement and development of auto components is anticipated to enhance automotive fuse boxes market demand by 1.7X during the assessment period of 2022-2032.
Region-wise Insights
Which region accounts for more enhanced demand for Automotive Fuse Boxes Market?
North America automotive fuse boxes market accounts for the largest market share of 26.5% and is projected to grow at a CAGR of 4.9% during the forecast years. The installation of new facilities by the leading automakers is influencing the market. The boom in the automotive industry coupled with outcome of NAFTA negotiations is anticipated to have positive influence market growth of automotive fuse boxes in the region in coming years.
While, the European automotive fuse boxes market holds 23.8% market share, projected to register 4.7% CAGR during the forecast years. The automakers in the European market are spending heavily to switch from IC engines to electric power, influencing market growth positively. However, owing to the uncertainties faced by the manufacturers in Europe with regards to investment, competition, and profitability is likely to impact the sales in the region, but will be a remunerative market for the key players in the market to capture market share.
What is the market scenario in East Asia and South Asia & Oceania Automotive Fuse Boxes Market?
The East Asia automotive fuse boxes market holds 21.2% of the overall market share and is bound to grow at the rate of 5.3% over the assessment period of 2022-2032. The South Asia & Oceania automotive fuse boxes market is likely to grow at a CAGR of 5.6% in coming years and it currently holds 20.5% of the overall automotive fuse boxes market share.
The demand is likely to remain robust in the region on the backdrop of the presence of prominent automobile manufacturers like Mahindra & Mahindra Ltd., Maruti Suzuki, Tata Motors etc. coupled with the augmented demand for passenger vehicles in economies in China and India. Furthermore, government initiatives to revive the auto industry in the region with the allowance of 100% Foreign Direct Investment (FDI) in the automotive industry in India, is considered to be another demand supporter in the growth of the region.
Above image delivers an outlook of the analysis of the market share of type, vehicle type, and regions have been provided in a nutshell. Passenger vehicles under vehicle type segment in automotive fuse boxes market dominates the demand pie by holding 26.3% market share as of 2021.
Category-wise Insights
Which type segment holds dominant market share and is likely to show higher growth in Automotive Fuse Boxes Market over the assessment period?
The automotive fuse boxes market under type is segmented into glass tube, blade, bosch, and others. Amongst them, blade segment dominates the market by holding 33.4% and is projected to register 5.4% CAGR during the assessment period. This is due to the reason that blade type fuse boxes are utilized extensively in vehicles due to their simpler design, low cost, and higher efficiency.
Whilst, the next leading segment is bosch type fuse boxes, which holds 28.6% market share, projected to grow at the rate of 4.8%. As they are mainly utilized in older vehicles, their market share is anticipated to decline in coming years.
Which end-users segment is estimated to support market growth in the Automotive Fuse Boxes Market during the forecast period?
Under the end-users segment, the automotive fuse boxes market is segmented into passenger vehicles, commercial vehicles, battery electric vehicles, hybrid electric vehicles, plug-in hybrid vehicles. Passenger vehicles dominates the market amongst them by holding 26.3% and growing at the rate of 4.7% during the forecast years. This is because of the reason that passenger vehicles have more advanced and complex electronic systems.
Furthermore, the drastic move from conventional internal combustion engines to battery electric vehicles is enhancing the market share of electric vehicles in the automotive industry. Therefore, share of hybrid electric vehicle which stands at 19.8% is likely to foresee growth of 5.4% during the forecast years of 2022-2032.
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Competitive landscape highlights only certain players
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Competitive Landscape: Top Companies in Automotive Fuse Boxes Market
The global automotive fuse boxes market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the growth of automotive fuse boxes market.
Fact.MR has provided detailed information about price points of key manufacturers in automotive fuse boxes market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
For instance :
- Hella KGaA Hueck & Co. and Faurecia in 2021 agreed to combine their businesses, with Faurecia acquiring 60% stake of Hella. This partnership is likely to create additional growth potential and to strategically increase investment in research and development
- Eaton in 2022 acquired Royal Power Solutions to capitalize on electrification trend in high-growth markets as there exists numerous growth opportunities with electrification of the economy
Global Automotive Fuse Boxes Market by Category
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By Type, Global Automotive Fuse Boxes Market is segmented as:
- Blade
- Glass Tube
- Bosch
- Others
-
By Vehicle Type, Global Automotive Fuse Boxes Market is segmented as:
- Passenger Vehicles
- Commercial Vehicles
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
-
By Mounting, Global Automotive Fuse Boxes Market is segmented as:
- Battery Mounted Fuse Boxes
- Others
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By Sales Channel, Global Automotive Fuse Boxes Market is segmented as:
- OEM
- Aftermarket
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By Region, Global Automotive Fuse Boxes Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- FAQs -
What is the global Automotive Fuse Boxes Market scenario?
The global value of automotive fuse boxes market is estimated to be worth over USD 3.8 Billion in 2022.
How far is the global demand expected to reach over the forecasted period?
The demand is anticipated to surpass USD 5.9 Billion by 2032 end.
What was the last 5-year CAGR for the demand in the Automotive Fuse Boxes Market?
During 2017-2021, global automotive fuse boxes market grew at 3.1% CAGR.
Who are the prominent players in the global Automotive Fuse Boxes Market?
Some of the prominent players in automotive fuse boxes market are Hella KGaA Hueck & Co., MTA Advance Automobile Solution, LEONI Wiring Systems, Cooper Industries, etc.
Which is the most leading region in the Automotive Fuse Boxes Market?
North America tops the global automotive fuse boxes market accounting for 26.5% of global market share in 2022.
Which type contributes maximum share in Automotive Fuse Boxes Sales?
Blade under the type contributes 33.4% market share in global sales of automotive fuse boxes.