LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hybrid and electric vehicle fuses market provides an extensive analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio envisages an emerging trend as a major factor, which has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global hybrid and electric vehicle fuses market will grow at a CAGR of over 23% during the period 2018-2022. One major factor driving the market’s growth is the increasing electronic content in hybrid and electric vehicles. Electronic technology is important for the advancement of automotive performance and functionality. With the use of motors and actuators in EVs, many functionalities operated by mechanics in the past have now moved into the realm of electronics. The electronic content in automobiles has been increasing at a rapid pace and is expected to increase even further because of the high adoption and preference for hybrid and electric vehicles. Automotive parts that were previously driven by engine have now become electric. For instance, the air conditioning compressor was previously driven by the engine, but the current electric models use electricity from the battery to generate the spin. Additionally, the safety features in automobiles are aided by electronic systems.
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In this report, fuses being designed specifically for hybrid and electric vehicles is one of the key emerging trends highlighted by Technavio, which is expected to drive the global hybrid and electric vehicle fuses market:
Fuses specifically designed for hybrid and electric vehicles
Several fuse manufacturers have introduced fuses specifically designed for application in EVs. These fuses are designed to protect sensitive equipment such as high voltage high capacity batteries, power conversion equipment, contactors, cabling, and other auxiliary circuits in electric and hybrid vehicles. The fuses offered by a major vendor provide protection as low as 135% of the rated current, covering a wide range of overcurrent conditions while avoiding any damages related to the cycling fatigue. The fuses require 48% less space and weigh 50% less compared with traditional fuses used in EVs.
“The fuses that are being designed by several major manufacturers are capable of meeting various unique requirements such as shock and vibration, mounting requirements, high-temperature performance, and many other parameters,” says a senior analyst at Technavio for research on automotive electronics.
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Global hybrid and electric vehicle fuses market segmentation
This market research report segments the global hybrid and electric vehicle fuses market into the following applications (HEVs and BEVs) and key regions (the Americas, APAC, and EMEA).
The HEVs segment contributed to the largest market share in 2017, accounting for nearly 86% of the market. The market share for this application is expected to decrease by nearly 16% by 2022. However, this segment is expected to dominate the global market throughout the forecast period.
In terms of revenue, the market was dominated by APAC, which accounted for more than 63% of the market in 2017. It was followed by the Americas and EMEA respectively. The increase in EV population and the increasing demand for the technological advancement in battery and motors could increase the market share of APAC region during the forecast period.
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