The automotive fuse boxes market is expected to grow by USD 540 million during 2019-2023 according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive fuse boxes market 2019-2023. (Graphic: Business Wire)
The advent of sophisticated electronic components has allowed automotive manufacturers to replace mechanical components with advanced electronically powered parts as electronic pads. These pads are more accurate and efficient when compared to mechanical parts. Moreover, additional components such as lane assist system, speed assist system, and parking assistant system are being provided by the automotive vendors in order to differentiate their product offerings and achieve competitive advantage. As the electronic components in an automobile run on battery electricity, the increasing electrification of features and components in automobiles would increase the number of fuses used per vehicle, which will propel the demand for fuse boxes. Thus, the growth of automotive electronics will drive the growth of the market.
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As per Technavio, the extensive product development for electric vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Automotive Fuse Boxes Market : Extensive Product Development for Electric Vehicles
The increasing penetration of electric vehicles are compelling vendors in the market to launch fuse and fuse boxes particularly designed for electric vehicles. Electric vehicles have sensitive electric and hybrid automotive equipment, such as high voltage, high capacity batteries, power conversion equipment, cabling, and other auxiliary circuits. Therefore, for protecting these equipment, improving electrical system safety, and reducing potential warranty costs, vendors are launching advanced fuse boxes. Thus, the extensive product development for electric vehicles is expected to drive the automotive fuse boxes market growth during the forecast period.
"The advent of electronic fuse, development of autonomous vehicles, and growth of automotive industry in emerging economies will have a positive impact on the growth of the automotive fuse boxes market during the forecast period," says a senior analyst at Technavio.
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Automotive Fuse Boxes Market: Segmentation Analysis
This market research report segments the automotive fuse boxes market by end-user (ICE vehicle and electric vehicle), sales channel (OEMs and aftermarket), and geographic segmentation (APAC, EMEA, and Americas).
The APAC region led the automotive fuse boxes market in 2018, followed by EMEA and the Americas. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as increasing penetration of electric vehicles and consumer propensity toward high-end cars.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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