Global Automotive Fuse Box Market: Introduction
The automotive fuse box is extensively used in automobiles, such as trucks, buses, and passenger cars to protect electrical circuits and wiring harnesses supplying electrical power to operate lights, heating, radios, air conditioning, windshield wipers, windows, and controls. The market for automotive fuse box is expected to grow in the coming years as many electronic features are included in automobiles. Moreover, the automotive fuse box inside the vehicle is the only part that connects to every electric feature including the lights, the engine, the transmission, and other auxiliary components. The automotive fuse box, comprising a board with a bunch of fuses seems to be simple in design, but it is definitely critical for the smooth running of an automobile. Importantly, all the electrical circuits in the automobile consist of fuses to protect them from a short circuit or overload, which are located in two or three automotive fuse boxes.
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Subsequently, the aim of the study is to analyze the most recent trends and dynamics in the global automotive fuse box market.
Global Automotive Fuse Box Market: Dynamics
Simultaneous disruptions in the global automotive industry have surged the demand for automotive fuse box across the globe. Current projections suggest that the sale of automotive fuse box will continue on their upward trajectory against the backdrop of increasing sales of vehicles across the globe. The increasing prevalence of electronic solutions in the automotive industry is playing an important role as bolstered by the rise of electric vehicles and driverless cars.
Additionally, slowing economy and declining automobile sales will directly impact the pace of the global automotive fuse box market, as the sale of automotive is flattening in many regions such as Europe and Japan. Consequently, automotive fuse box manufacturers face the prospect of ever-intensifying competition. Apart from this, the global automotive fuse box market is mainly a consolidated type of market.
Global Automotive Fuse Box Market: Segments
The global automotive fuse box market can be segmented on the basis of vehicle type, sales channel, installation, and region.
On the basis of vehicle type, the global automotive fuse box market can be segmented as:
- Passenger Cars
- Conventional
- Electric & Hybrid
- Commercial Vehicles
- Buses & Coaches
- Heavy Trucks and Trailers
On the basis of sales channel, the global automotive fuse box market can be segmented as:
- OEM
- Aftermarket
On the basis of installation, the global automotive fuse box market can be segmented as:
- Interior
- Passenger’s Side
- Driver’s Side
- Under-hood
Global Automotive Fuse Box Market: Regional Outlook
In the coming years, the growth of electric vehicles is expected to accelerate the automotive fuse box market growth in the ASEAN and other SEAP countries. India, with low penetration of EVs and consumer acceptance is expected to witness sluggish growth in the global automotive fuse box market. Moreover, Japan to witness a moderate growth and plunging share in the global automotive fuse box market owing to flattening automotive sales. Vehicle parc and rebound of automotive sales will push the demand for automotive fuse box market in the aftermarket segment.
China has emerged as the prominent region in terms of electric vehicle production and consumption. On the supply side, China’s government has made it a priority to create favorable conditions for the EVs which will propel the demand for automotive fuse boxes in the near term. Europe has also been expanding its investments for fuel-efficient and greener vehicles. Higher demand is foreseen for the automotive fuse box in Northern Europe due to EV purchase subsidies. Additionally, Japan with a keen interest in EVs to augment the sales of automotive fuse boxes.
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Global Automotive Fuse Box Market: Key Participants
List of some of the prominent market participants in the global automotive fuse box market discerned across the value chain include:
- Littelfuse, Inc.
- Mersen
- Apolo Industrial Corporation
- Blue Sea Systems
- Hella NZ
- Pacific Engineering Corporation