EV Fuse Market Forecast
According to research, EV fuse market is projected to grow with a CAGR of 20% – 25% in the forecast period of 2021-2031.
Demand for this product will be witnessed across all regional markets. Due to the massive electronic content in hybrid and battery electric vehicles, which requires a fuse to deal with overload, the market for this product is set to prosper.
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What is Driving Demand for EV Fuse?
An essential component of electric vehicles is the EV fuse which contains a sacrificial link that breaks during an overload or short circuit scenario to protect rest of the electrical system. Therefore, this fuse is required to safeguard the other expensive components of the vehicle from power surges and faults, both of which can be significantly damaging. Also, electronic content in electric vehicles is increasing, hence leading to an increase in the requirement of fuses.
Furthermore, the prices of Lithium-ion batteries are reducing, leading to their enhanced use in EVs. Lithium batteries are more susceptible to damage and sensitive to high temperatures.
They are also not as robust as other rechargeable technologies and require protection from being over-charged or discharged. These factors will raise the requirement of quality fuses and ensure increase in the sales.
Choices of Fuses to Provide Scope of Growth to EV Fuse
An essential aspect of the electric vehicle is the choice of fuses. These fuses differ by fuse speed, voltage, and amperage rating and different fuses cater to different requirements and have different applications.
A lot of factors need to be considered like the rated voltage of the fuse should not be lower than the operation voltage of the system, suitable dimensions and mounting methods for the fuse must be checked, and many more. These factors will enforce the production and usage of a variety of fuse, hence boost the growth.
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Asia-Pacific EV Fuse Demand Outlook
The Asia-Pacific region is expected to have the largest market share in the global EV fuse market in the forecast period. There will be a rapid rise in the market of this product in this region which is attributed to the presence of many Original Equipment Manufacturers (OEM) native to this region.
Also, plug-in hybrid cars have replaced the conventional fuel running vehicles in countries like Japan and South-Korea, putting a constant demand for EV fuses to the manufacturers.
North America and Europe EV Fuse Sales Outlook
North-American region’s market share is expected to grow at a rapid pace during the forecast period. This growth shall be owing to the global demand of EV fuses and US as the biggest exporter of EVs. The growth will also be due to major key players like Littlefuse Inc. present in this region, manufacturing a wide range of EV fuses that cater to all applications.
The European region is expected to grow at a steady pace in the domain of EV Fuses. This region has been the most supportive to electric vehicles and has adopted them as well.
EVs are gaining immense popularity and will gradually become the ideal choice in this region. Increase in the number of EVs means an increase in the number of fuses required. Hence, the demand for EV fuses will rise in the forecast period.
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Who are the Key Manufacturers and Suppliers of EV Fuse?
Some of the key players operating in the global market are
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