Hybrid and Electric Vehicle Fuses Market Report Overview
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The global hybrid and electric vehicle fuses market size was USD 1.250 billion in 2022, as per our research, the market is expected to reach USD 5,442.89 million in 2031, exhibiting a CAGR of 17.1% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with hybrid and electric vehicle fuses experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The development of electric vehicle (EV) products has typically focused on enhancing performance and range. However, selecting the proper fuse is crucial for safeguarding the EV and its parts as well as for ensuring the advancement of the technologies. Fuses are the protectors; these safety devices are employed to guard against excessive voltage damage to household equipment like televisions, refrigerators, and computers. The fuse is made of a thin strip or strand of metal, and anytime an electrical circuit experiences a large current or an excessive current flow, the fuse melts, opening the circuit and cutting it off from the power source. It also serves as a stabilizer or circuit breaker, protecting the equipment from harm. Nowadays, there are many different types, functionalities, and designs of fuses on the market. Their strips are constructed of zinc, copper, and aluminum and are always connected in series with the circuit to protect the running wires from overcurrent. The basic circuit diagram and fuse symbol are shown below.
Fuses are used to protect household equipment against short circuits, overload, high current damage, etc. If we don't utilize fuses, electrical problems can develop in the wiring, which might cause the wire and electric equipment to catch fire and possibly start a house fire. The lives of radios, televisions, computers, and other household appliances could also be at danger. When a fuse blows, a sudden spark happens that could cause your home to suddenly go dark by cutting off the power, preventing any additional mishaps. To safeguard our home appliances from injury, we require fuses.
COVID-19 Impact: Increased Electrical Content in Cars During Pandemic to Boost Market Growth
The market growth during and after the COVID-19 timeframe has been negatively impacted. The market for hybrid and electric vehicle fuses is growing significantly as a result of the increased electrical content in these cars, yet factors like refurbished and fake goods could restrain this expansion. The COVID-19 outbreak has had a significant impact on the manufacturing sector, and manufacturers of industrial machinery are not an exception. Many have seen significant disruptions in their manufacturing and supply chains, and many of their customers are also experiencing problems with their operations. The crisis has put tremendous strain on global supply systems, which has made it more challenging to source supplies.
Latest Trends
"Benefits Of Using Emission-Free Automobiles to Augment Market Growth"
Growing public knowledge of the benefits of using emission-free automobiles is one of the main market drivers. However, present green car designs do not allow for the production of the same amount of power as petroleum-powered vehicles. Consequently, these considerations are driving up demand for hybrid vehicles in light-duty applications. However, government programs, incentive plans, and subsidies to encourage cleaner automobiles are also boosting the industry. The market has been expanding thus far, and the opportunities are anticipated to grow during the anticipated time.
Hybrid and Electric Vehicle Fuses Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into blade fuses, high voltage fuses, cartridge fuses, high current fuses and others.
In terms of product, high voltage fuses is the largest segment.
- By Application Analysis
Based on application, the market can be divided into battery electric vehicles (bevs) and hybrid electric vehicles (HEVS).
In terms of application, battery electric vehicles is the largest segment.
Driving Factors
"Rising need for automotive fuses to Enhance Market Sales"
One of the main drivers of the hybrid and electric vehicle fuses market growth is the expanding use of hybrid and electric vehicles, which is leading to an increase in electronic content. The need for automotive fuses has grown significantly over the last few years as more vehicle parts and components become electrified. Modern vehicles come with electronic features like keyless entry, reverse camera monitors, GPS navigation systems, and other technologies that are convenient for users. The widespread electrification of automotive components will eventually increase the number of fuses needed per vehicle, resulting in the steady expansion of the market for hybrid and electric vehicle fuses in the ensuing years.
"Customized Fuses to Provide Impetus to the Market"
One of the main market trends for hybrid and electric car fuses that is gaining pace is the creation of fuses specifically made for them. Vendors in the automotive fuse market are concentrating on releasing goods made especially for a number of applications in electric vehicles in response to the rising demand for electric vehicles. Manufacturers of automotive fuses, such as Eaton, are creating fuses that are intended to safeguard delicate components in electric and hybrid vehicles, such as high voltage, large capacity batteries, power conversion equipment, and other auxiliary circuits. Advanced fuses are a possible option for deployment in electric vehicles because they take up 48% less space and weigh 50% less than regular fuses.
Restraining Factors
"lack of Infrastructure in Potential Areas to Impede Market Expansion"
One of the main obstacles to the expansion of the electric car fuse market is a lack of infrastructure in potential areas. Owners of electric vehicles (EVs) do not have access to more filling stations than owners of conventional vehicles. The main issue in potential markets is the inadequate addressing of needs and requirements of developing an easily accessible recharging network. For instance, the main barrier to the widespread adoption of EVs in India is the lack of an infrastructure for electric charging. The inadequate charging infrastructure in India is a major factor in Mahindra's inability to grow Reva sales. Due to the same issue, electric bikes too failed to see significant sales growth in India. Governments are crucial in the construction of the infrastructure for charging.
Hybrid and Electric Vehicle Fuses Market Regional Insights
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"to Dominate the Market Due to "
Asia Pacific dominates the hybrid and electric vehicle fuses market share. During the projected period, the HEVs segment's market share rise for hybrid and electric vehicles would be substantial. Due to affordability and partly in reaction to the new fuel emission reduction measures proposed by the region, the growth is ascribed to an increase in the adoption of HEVs.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Eaton (Ireland)
- Littelfuse (U.S)
- MERSEN (France)
- Pacific Engineering (U.S.)
- SCHURTER Holding (Switzerland)
- SOC (U.S.)
Report Coverage
This research profiles a report on hybrid and electric vehicle fuses with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1250 Million in 2022 |
Market Size Value By |
US$ 5 Million by 2031 |
Growth Rate |
CAGR of 17.1% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global hybrid and electric vehicle fuses market expected to touch by 2031?
The global hybrid and electric vehicle fuses market is expected to touch USD 3.220 billion by 2031.
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What CAGR is the hybrid and electric vehicle fuses market expected to exhibit during 2022-2031?
The hybrid and electric vehicle fuses market is expected to exhibit a CAGR of 17.1% over 2022-2031.
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Which are the driving factors of the hybrid and electric vehicle fuses market?
Rising need for automotive fuses and customized fuses to provide impetus are the driving factors of the hybrid and electric vehicle fuses market.
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Which are the top companies operating in the hybrid and electric vehicle fuses market?
Eaton, Littelfuse, MERSEN, Pacific Engineering, SCHURTER Holding, SOC are the top companies operating in the hybrid and electric vehicle fuses market.
