Automotive Fuse Market Trends

Statistics for the 2023 & 2024 Automotive Fuse market trends, created by Mordor Intelligence™ Industry Reports. Automotive Fuse trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of Automotive Fuse Industry

Electric/Hybrid Vehicles to Witness Major Growth

  • Battery electric vehicles (BEVs), commonly known as all-electric vehicles, utilize an electric motor instead of a traditional internal combustion engine. In contrast, hybrid electric vehicles combine an internal combustion engine with one or more electric motors, drawing energy from stored batteries. Unlike BEVs, hybrid electric vehicles cannot be plugged in for charging; their batteries recharge through regenerative braking and the internal combustion engine. This electric motor's added power can enable a smaller engine, and the battery can also support auxiliary loads, minimizing engine idling when the vehicle is stationary.
  • Fuses in Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) safeguard electrical circuits, equipment, and batteries from faults like overloads and short circuits. EVs operate their electrical circuits using direct current (DC) voltage.
  • As charging times decrease, a growing demand for systems supporting higher voltage and current is growing. Transitioning from 400V to 800V introduces significant challenges for battery circuit protection. While the push for quicker charging times necessitates elevated system voltages, an extended driving range increases fault currents. The diverse range of planned EVs amplifies the demand for higher operating currents. These dynamics are reshaping circuit protection needs.
  • Electric cars are making significant inroads in global markets: in China, over one in three new car registrations were electric; in Europe, the figure surpassed one in five; and in the United States, it reached one in ten. Conversely, electric car sales remain subdued even in advanced automotive markets like Japan and India. This concentration in sales shapes the global electric car stock and underscores the significance of trends in China, which accounts for about two-thirds of total car sales and stocks.
Automotive Fuse Market: Number of Electric Car (EV) Sales in the Region (in 1,000s), by Selected Country, Asia-Pacific, 2023

Asia Pacific to Register Major Growth

  • China is a global leader in the automotive and mobility industry, driven by its strong domestic market and immense potential. The Chinese Ministry of Industry and Information Technology predicts domestic vehicle production is expected to reach 35 million by 2025, reinforcing China's position as the world's leading car manufacturer. This growth propels rapid advancements across various sectors of China's automobile industry.
  • As reported by the International Trade Administration, Japan ranks as the world's fourth-largest automotive market, trailing only China, the United States, and India. Japan is a global powerhouse in automotive manufacturing, hosting major automakers like Toyota, Honda, Nissan, Mazda, and Suzuki. The automotive sector constitutes 2.9% of Japan's GDP, underscoring its economic significance. Consequently, Japan enforces stringent laws focused on vehicle safety and pollution control.
  • Japan is championing international standards for testing cycles that gauge fuel consumption, CO2, and other emissions. Notably, Japan played a pivotal role in developing the World Harmonized Light Vehicle Test Cycle (WLTC) under the UN's World Forum for Harmonization of Vehicle Regulations. Reflecting this commitment, Japan is transitioning from its JC08 test cycle to the WLTC for passenger and non-heavy-duty vehicles.
  • The automotive industry is crucial to economic growth and job creation, contributing 7.1% to India's GDP. The growing consumer demand, rising income, urbanization, and changing consumer behavior are the major driving forces for the automotive industry’s growth.
  • In April 2024 alone, production figures for passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,358,041 units. Additionally, in FY23, total automobile exports from India amounted to 4,761,487 vehicles. Over the years, the sector's contribution to the national GDP has significantly increased to 7.1%. Moreover, the automotive sector provides direct and indirect employment to approximately 19 million individuals.
Automotive Fuse Market : Market CAGR (%), By Region, Global

Automotive Fuse Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)