According to the new research report available at MarketStudyReport.com under the title ‘Global Electric Fuse Market Insights, Forecast to 2025’, the worldwide electric fuse market is presumed to witness momentous growth by the year 2025.
An electric fuse is used to prevent the appliances from overcurrent in the circuit. Different electric devices operate on different voltage and hence the requirement for fuse is based on voltage rating. Moreover, the product is gaining attention from the automotive industry. High-end vehicles are being launched with advanced electronic systems. It becomes mandatory to use electric fuse in such automobiles for the safety of embedded electronic apparatuses, which in turn is boosting the growth of electric fuse market.
Increasing demand for advanced in-car systems like driver assistance systems, infotainment systems, premium audio systems, on-board diagnostic systems and electronic transmission have been the main factors for the increase in the sales of fuses in automotive electronics market. Furthermore, widespread use of high-end infotainment systems in luxury cars will boost the market growth.
According to the report, electric fuse market is expected to grow with a CAGR of 4.2% over period of 2018 to 2022. Also, the study provides a comprehensive insight about segmental growth, trends, drivers, challenges, opportunities impacting the industrial growth.
The worldwide electric fuse market is analysed on the basis of product type, application spectrum and regional landscape. Based on the product type, the market is fragmented as low voltage fuses and high voltage fuses. While speaking of the application spectrum, the market is segmented as automotive, industrial, electronics & electrical, and power.
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Considering the regional landscape, the market is bifurcated into five major regions; the U.S, Canada, and Mexico fall under North America; Europe comprises of UK, France, Italy, Germany, and rest of Europe; India, Japan, China, Australia, South Korea, Vietnam, Indonesia, Thailand, Philippines, and Malaysia come under Asia Pacific; Brazil and rest of South America compose Central & South America; and Egypt, South Africa, Turkey, GCC countries, and rest of Middle East & Africa fall under Middle East & Africa region.
The prominent companies operating in electric fuse market include Siemens, ABB, SCHURTER, Bel Fuse, Schneider Electric, Eaton, Mitsubishi Electric, Littlefuse, Mersen, Legrand, AVX Corporation, Fuji Electric, and Bourns.