Global Automotive Fuse Boxes Market 2019-2023
About Automotive Fuse Boxes
An automotive fuse box encloses fuses used in automobiles to protect the electrical circuits from short-circuiting due to overcurrent.
Technavio’s analysts forecast the global automotive fuse boxes market to grow at a CAGR of 5.39% during the period 2019-2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive fuse boxes market for 2019-2023. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Fuse Boxes Market 2019-2023
Technavio recognizes the following companies as the key players in the global automotive fuse boxes market: Eaton, HELLA, LEONI, Littlefuse, and MERSEN.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing adoption of electric vehicles. Electric vehicles are heavily dependent on ECUs. sensors. and motors for their operation. An advanced fuse box is required to protect these complex electronic systems. Therefore. increasing adoption of electric vehicles is expected to drive the electric vehicles market. For instance. the adoption of electric vehicles is highest in countries such as Norway.”
According to the report, one driver in the market is growth of automotive electronics. Growth in the automotive electronics industry is one of the key factors driving the global automotive fuse boxes market. With the advent of sophisticated electronic components. automotive manufacturers are replacing mechanical components with advanced electronically powered parts as electronic parts provide more accuracy and efficiency than mechanical parts.
Further, the report states that one challenge in the market is increasing availability of counterfeit products. Counterfeiting is a global phenomenon, which is becoming worse owing to various factors such as inefficient supply chain and lack of stringent legislation to prevent counterfeiting. Counterfeit products are re-engineered copies of genuine components that are made to look alike and sold as branded products.