Electric Fuse Market Size, Share, Opportunities, And Trends By Type (Power Fuse & Fuse Link, Distribution Cutouts, Cartridge & Plug Fuse), By Voltage (Low, Medium, High), By Material (Copper, Silver, Bronze), By End User Industry (Energy And Power, Automotive, Manufacturing, Consumer Electronics, Construction, Others), And By Geography - Forecasts From 2023 To 2028

The electric fuse market is projected to grow at a CAGR of 6.99% during the forecast period from US$3911.02 million in 2021 to US$6277.98 million by 2028.

The electric fuse market is a segment of the electrical components and equipment industry that specializes in the production and distribution of electric fuses. Electric fuses are essential safety devices used in electrical circuits to protect against overcurrent’s or short circuits. When excessive current flows through a circuit, the fuse is designed to "blow" or melt, thus interrupting the current and preventing damage to the electrical system, fires, or other hazards. As a result, electric fuses are crucial components in various applications, including residential, commercial, industrial, automotive, and more.

Market Drivers:

• Growing demand from automotive sector.

The automotive industry relies heavily on electric fuses to protect vehicles' electrical systems. The growing automotive sector, especially with the development of electric and hybrid vehicles, has significantly increased the demand for electric fuses. In this regard, the automotive sector has become an imperative consumer of electric fuses in India. As the country's automobile industry has been expanding, the demand for electric fuses has increased, primarily due to their imperative uses. . India holds a robust position in the global heavy vehicles market, boasting several notable achievements according to the India Brand Equity Foundation. It ranks as the world's largest producer of tractors, the second-largest manufacturer of buses, and the third-largest producer of heavy trucks. In the fiscal year 2022, India's annual automobile production reached an impressive 22.93 billion vehicles. The Indian automotive industry demonstrates strength both in terms of domestic consumption and international exports. In the fiscal year 2023, the country witnessed a remarkable total of 3.89 billion passenger vehicle sales, while its automobile exports reached a significant figure of 4,761,487 units.

• New product launches and innovations.

Key developments in the market are also driving the market growth. For instance, in March 2022, Littlefuse Incorporation which is regarded as an industrial technology manufacturing company critically empowering a connected, sustainable, and safer world announced the launch of a new 828 series of high-voltage cartridge fuses. These fuses are for onboard chargers and power distribution units of electric vehicles which have an operating temperature range of -55 to 125 degree Celsius.

• It is projected that the electric fuse market in the United States will grow steadily. 

Electric fuse plays a pivotal role in minimizing short circuits by preventing excessive current flow in electrical equipment and circuits owing to which such devices find high applicability in consumer electronics, automotive, power & energy, and manufacturing sectors. The United States is witnessing a significant increase in its electricity generation owing to the rapid industrialization and growing demand from households which has provided a positive outlook to the market demand of electric fuse in the power & energy sector. According to the Energy Information Administration, in 2022, total end-use electricity consumption reached 4.05 trillion kWh which represented a 2.6% increase over 3.93 trillion kWh units consumed in 2021. Furthermore, as per the same source, in 2022, retail electricity sales witnessed 3.5% growth in the residential sector whereas the commercial sector experienced a 3.4% increase.

Moreover, besides power & energy bolstering growth in other major end-users of electric fuse is driving the market growth. According to the International Organization of Motor Vehicle Manufacturers, in 2022, the United States experienced a 10% increase in its automotive production with volume reaching up to 10.06 million. Furthermore, the favorable investments and initiatives undertaken by the US government to bolster the country’s manufacturing and consumer electronics sector coupled with the well-established presence of major electric fuse-providing companies such as Bel Fuse Inc. and Littlefuse Inc. are also acting as an additional driving factor for the US electric fuse market growth.

Market Developments:

• In November 2021: Eaton unveiled the EVK Series, an innovative addition to their Bussmann series fuses. These high-voltage fuses, according to the company, are specifically engineered to meet the stringent demands of the latest high-powered electrified vehicles (EVs), boasting ratings of up to 1,000 volts of direct current (VDC) and 600 amps. The primary purpose of Eaton's EVK series fuses is to effectively manage and safeguard the charging systems of electric commercial, passenger, and high-performance vehicles. These fuses play a pivotal role in enabling more advanced EV system designs while contributing to enhanced vehicle acceleration and range, all within a streamlined and efficient package.

Electric Fuse Market Scope:

 

Report Metric	Details
Market Size Value in 2021	US$3911.02 million
Market Size Value in 2028	US$6277.98 million
Growth Rate	CAGR of 6.99% from 2021 to 2028
Base Year	2021
Forecast Period	2023–2028
Forecast Unit (Value)	USD Million
Segments Covered	Type, Voltage, Material, End-User Industry, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Abb Ltd, Schneider Electric, Siemens Ag, Bel Fuse Inc, Legrand, Eaton Corporation, Mersen LP, S&C Electric Company, Hubbel Incorporated Designs, Panasonic Corporation, Mitsubishi Electric
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Type
  • Power Fuse & Fuse Link
  • Distribution Cutouts
  • Cartridge & Plug Fuse
• By Voltage
  • Low
  • Medium
  • High
• By Material
  • Copper
  • Silver
  • Bronze
• By End-User Industry
  • Energy and Power
  • Automotive
  • Manufacturing
  • Consumer Electronics
  • Construction
  • Others
• By Geography
  • North America
    • By Type
    • By Voltage
    • By Material
    • By End-User Industry
    • By Country
      • USA
      • Canada
      • Mexico
  • South America
    • By Type
    • By Voltage
    • By Material
    • By End-User Industry
    • By Country
      • Brazil
      • Argentina
      • Others
  • Europe
    • By Type
    • By Voltage
    • By Material
    • By End-User Industry
    • By Country
      • Germany
      • Spain
      • United Kingdom
      • France
      • Others
  • Middle East and Africa
    • By Type
    • By Voltage
    • By Material
    • By End-User Industry
    • By Country
      • Saudi Arabia
      • South Africa
      • Others
  • Asia Pacific
    • By Type
    • By Voltage
    • By Material
    • By End-User Industry
    • By Country
      • China
      • Japan
      • Australia
      • Japan
      • India
      • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. ELECTRIC FUSE MARKET ANALYSIS, BY TYPE

5.1. Introduction

5.2. Power Fuse & Fuse Link

5.3. Distribution Cutouts

5.4. Cartridge & Plug Fuse

6. ELECTRIC FUSE MARKET ANALYSIS, BY VOLTAGE

6.1. Introduction

6.2. Low

6.3. Medium

6.4. High

7. ELECTRIC FUSE MARKET ANALYSIS, BY MATERIAL

7.1. Introduction

7.2. Copper

7.3. Silver

7.4. Bronze

8. ELECTRIC FUSE MARKET ANALYSIS, BY END-USER INDUSTRY

8.1. Introduction

8.2. Energy and Power

8.3. Automotive

8.4. Manufacturing

8.5. Consumer Electronics

8.6. Construction

8.7. Others

9. ELECTRIC FUSE MARKET ANALYSIS, BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Type

9.2.2. By Voltage

9.2.3. By Material

9.2.4. By End-User Industry

9.2.5. By Country

9.2.5.1. USA

9.2.5.2. Canada

9.2.5.3. Mexico

9.3. South America

9.3.1. By Type

9.3.2. By Voltage

9.3.3. By Material

9.3.4. By End-User Industry

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.2. Argentina 

9.3.5.3. Others

9.4. Europe

9.4.1. By Type

9.4.2. By Voltage

9.4.3. By Material

9.4.4. By End-User Industry

9.4.5. By Country

9.4.5.1. Germany

9.4.5.2. Spain

9.4.5.3. United Kingdom

9.4.5.4. France

9.4.5.5. Others

9.5. Middle East and Africa

9.5.1. By Type

9.5.2. By Voltage

9.5.3. By Material

9.5.4. By End-User Industry

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.2. South Africa

9.5.5.3. Others

9.6. Asia Pacific

9.6.1. By Type

9.6.2. By Voltage

9.6.3. By Material

9.6.4. By End-User Industry

9.6.5. By Country

9.6.5.1. China

9.6.5.2. Japan

9.6.5.3. Australia

9.6.5.4. Japan

9.6.5.5. India

9.6.5.6. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

11. COMPANY PROFILES

11.1. ABB Ltd

11.2. Schneider Electric

11.3. Siemens Ag

11.4. Bel Fuse Inc

11.5. Legrand

11.6. Eaton Corporation

11.7. Mersen LP

11.8. S&C Electric Company

11.9. Hubbel Incorporated Designs

11.10. Panasonic Corporation

11.11. Mitsubishi Electric

ABB Ltd

Schneider Electric

Siemens Ag

Bel Fuse Inc

Legrand

Eaton Corporation

Mersen LP

S&C Electric Company

Hubbel Incorporated Designs

Panasonic Corporation

Mitsubishi Electric