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(Transportation-News.com, December 01, 2018 ) Automobile sales have remained robust in the recent past, with the International Organization of Motor Vehicle Manufacturers (OICA) estimating nearly 97,000,000 units of automobiles, including commercial vehicles and passenger cars, sold in 2017. This has significantly rubbed off on demand and supply of imperative integral components, such as automotive fuse boxes. Pressing requirement of the automotive industry for upgradation to efficient networks, and greater emphasis on sustainability has been paving avenues for developments in automotive electrical equipment and components. The trend will have a direct impact on development and demand for fuse boxes.
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A recent FactMR study foresees the Automotive Fuse Boxes Market to showcase a modest 4.6% value CAGR between the period of forecast 2018 and 2028. Over 391,500 thousand units of automotive fuse boxes are envisaged to be sold globally by 2028-end.
Automotive Fuse Boxes Market: Automakers’ Shift from IC Engines to Power-driven Motors to Impact Growth
Advent of electric vehicles, as part of meeting sustainability goals in the automotive sector, has not only brought significant transformation in the industry, but also have impacted the global power market. Majority of future vehicle sales are likely to be those integrated with plug-ins, implying an imminent surge in automotive power demand. Automakers are shifting away from internal combustion engines toward power-driven motors.
Impending plans of Volvo to incorporate electric motors in its new car models, and BMW’s aim at replacing the 7-Series with its electric iNext as the flagship, are key examples of such technology shift. Growing popularity of plug-ins has meant that the power and auto sectors are becoming intertwined. Ripple effects of this trend will significantly rub off on the development and demand for automotive fuse boxes in the near future.
Demand for automotive fuse boxes will be significantly influenced by the rising demand for luxury vehicles among affluent consumers worldwide. Daimler AG recently reported 44% rise in luxury model sales over 2017, and Mercedes reported 21% sales in the U.S. alone in 2017. Luxury car manufacturers in the U.S. and China have witnessed sales exceeding their expectations compared to record lows of the recent past. In India, albeit the car industry has been representing signs of decline, exception is luxury models that have been and will observe a significant growth.
Consumers capable of affording luxury cars are being provided most advanced safety options, laundry list of customization choices, and the latest in technology. These factors, while fuelling luxury car sales worldwide, have significantly rubbed off on development of advanced auto components, thereby influencing demand for automotive fuse boxes on the trail.
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Automotive Fuse Boxes Market: Promising Future of Mobility to Pave New Avenues
Advent of new lightweight materials, increasing feasibility of electric & alternative powertrains, and rapid rise in car-sharing & ridesharing, have changed the way of transportation of people and goods. The new mobility ecosystem resulting from these converging technological and social trends will impact a host of automotive industry players. Global automotive OEMs are eyeing the shift from fixed capital production, product-sale, first-transaction business to being end-to-end mobility service providers, implying profound business model change in the forthcoming years.
Suppliers of automotive components such as fuse boxes, with an aim to access capabilities and assets for competing in the future, are likely to join forces with participants different from the ones in the current, more linear supply chain. The promising future of mobility will have significant impact on demand for auto components, such as fuse boxes, in the foreseeable future.
As demand for electric vehicles continues to rise, vendors of auto components, such as fuse boxes, are focusing on the introduction of the segment-specific products. For example, automotive fuse box manufacturers, such as Eaton, have introduced fuse boxes designed for protecting sensitive equipment.
These fuse boxes include power conversion equipment, high-voltage batteries, and auxiliary circuits in hybrid & electric vehicles. As fuses used in hybrid & electric vehicles require comparatively compact, and weigh significantly lesser than their conventional counterparts, investment-related benefits are making them a viable capitalization area for automotive fuse manufacturers.
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