The global market is expected to cross market value of USD 2.9 billion in 2027 from USD 0.85 billion in 2020. It is expected to grow at a CAGR of over 22.7% during the forecast period.
Electric oscillations are protected by using an automotive fuse to secure electrical circuits, wiring, switches, and parts. The product is used in circuits that have a direct current of lesser than 24 volts. These electric systems, on the other hand, are rated at 42 volts in electric systems and are sometimes used in non-automotive electric products. In the near future, the increasing popularity of 3D printing in the automotive sector will open up new growth opportunities for the automotive fuse industry. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Hybrid and Electric Vehicle Fuses Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
Impact of COVID-19
The sudden outbreak of pandemic COVID-19 has badly impacted every industry including automotive industry across the world. Various automotive production industries faced the closure due the lockdown happened in 2020. However, Electric and hybrid sales got improved after lockdown was lifted in major nations. Particularly, BEV and HEV sales got mounted and the forecast period is certainly considered the most opportunistic period for manufacturers of this industry. Furthermore, the declined rates of batteries and support from government for electrification of vehicle is expected to bolster the market growth.
Asia-Pacific to Dominate the global market
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. Asia-Pacific dominated with over 56.1% share in 2020.
Global Market is led by the Blade Fuses
Blade Fuses and High Voltage Fuses are the two Product Types of global market. Blade Fuses dominated the market in year 2020 and likely to continue during the future. They gained high traction due their unique feature of being highly durable, lighter and lightweight.
Battery Electric Vehicles (BEVs) continue to dominate the global market in terms of Application
Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs) are the two applications of this market. BEV dominated the market in 2020 as private entities and various countries governments have planned to have a web of charging infrastructure around the globe so that the green energy promotion can be achieved .
Frequently asked questions about global industry
- Which are the different Product Types of Hybrid and Electric Vehicle Fuses?
Ans: High Voltage Fuses and Blade Fuses are the different Product Types available in the market
- Who are the key players in the global industry?
Ans: MERSEN, Eaton, Pacific Engineering, SCHURTER Holding and Littelfuse are the key players operating in this market
- Which is the fastest growing Application segment for global industry?
Ans: Battery Electric Vehicles (BEVs) Application offers tremendous opportunities to players
- Which is the leading regional market for global industry?
Ans: Asia-Pacific has the largest share owing to various developments happening in this space
- What will be the CAGR (2021 - 2027) of in global industry?
Ans: The market is anticipated to grow at a CAGR of 22.7% throughout the forecast period
