EV Fuse Market Growth Analysis | 2024-2031

Market Insights

The EV fuse market was estimated at USD 2.1 billion in 2024 and is likely to grow at a CAGR of 13.9% during 2024-2031 to reach USD 5.6 billion in 2031.

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Market Dynamics

Introduction

An electric vehicle has two battery systems, 12V/24V, and 48V systems (in the recent trend, few EVs are using a 48V system). There are two types of fuses, high voltage and low voltage fuses used in EVs. High-voltage fuses are used only in EVs, whereas low-voltage fuses are used in both ICE and EVs. Low voltage fuses (32V or 58V or 70V) protect components like lights, sensors, and other auxiliaries. High-voltage fuses in are critical for ensuring the safety and reliability of electrical systems. As EVs depend on high-voltage battery packs and power electronics, these fuses protect key components—such as batteries, inverters, motors, and charging systems—from overcurrent, short circuits, and thermal overloads, preventing potential damage, electrical failures, or fire hazards.

The rise of electric and hybrid vehicles is driving demand for high-voltage, high-current fuses. Manufacturers are developing fuses with voltage ratings up to 1000 VDC and current ratings up to 1000 A to protect critical components such as batteries and electronic control units, ensuring safety and reliability in advanced EV systems.

Market Drivers

The major factors driving the growth of the EV fuse market are:

• Increasing shift towards battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs)
• A growing shift towards higher voltage architects
• Advancements in battery and power electronics technology
• Stringent safety and emission regulations
• Rising integration of advanced driving assistance systems (ADAS)
• Increases in the integration of infotainment systems and IoT-based automotive technologies
• Technological advancement in fuse design

Recent Market JVs and Acquisitions:

A few strategic alliances, including M&As, JVs, etc., have been performed over the past few years:

• In January 2022, Eaton acquired Royal Power Solutions, a manufacturer of high-precision electrical connectivity components used in electric vehicle, energy management, industrial, and mobility markets. Royal Power Solutions also manufactures fuses for the automotive industry. The strategic move will enhance the position of Eaton in the EV fuse market.

Segments Analysis

By Propulsion Type

“HEVs hold a larger market share, whereas BEVs will be the faster-growing during the forecast period.”

The EV fuse market is segmented into BEV and HEV. The HEV market holds a larger share due to its longer presence, consumer acceptance, and established infrastructure. However, the global push for full electrification is accelerating BEV growth, driven by regulatory support, advancing technology, and declining battery costs. This shift will drive higher demand for fuses in BEVs, as they require advanced electrical protection for safety and performance.

By Vehicle Type

“LV is expected to remain the dominant and faster-growing vehicle type in the EV fuse market during the forecast period.”

The market is segmented into LV and M&HCV. LV is expected to remain the market's dominant and faster-growing vehicle type during the forecast period. LV, including passenger cars, SUVs, and light trucks, represent the majority of vehicles on the road worldwide. This segment accounts for a significant portion of total vehicle sales and is expected to continue dominating the market in the coming years. As a result, the demand for EV fuses, which are essential components in these vehicles, will be strong and consistent.

By Voltage Type

“High voltage fuse will be the dominant voltage type by value, whereas low voltage will be the dominant voltage type by volume.”

The market is segmented into low-voltage and high-voltage fuses. Low-voltage fuses will dominate by volume due to their widespread use across numerous vehicle systems. In contrast, high-voltage fuses will lead by value, as they are designed to handle significant currents and protect critical high-voltage components, making them more expensive per unit.

By Low-Voltage Application Type

“Braking & Safety system holds the largest market share, whereas propulsion & powers system will be fastest growing.”

The market is segmented into infotainment systems, lighting systems, HVAC systems, braking & safety systems, propulsion & power systems, and other auxiliaries. Braking & Safety systems are essential in all vehicles, including hybrids and battery-electric vehicles. As a result, the widespread integration of these systems across all vehicle types drives a higher demand for fuses, leading to an increased total volume requirement in the EV fuse market.

By High-Voltage Application Type

“Battery packs are the largest high-voltage application type in the market.”

The market is segmented into battery pack, inverter, DC-DC converter, on-board charger, and electric motor. The battery pack is the largest application in the EV high-voltage fuse market. It is driven by its critical role in electric and hybrid vehicles, high cost and technological complexity, and the growing demand for electric mobility.

By Voltage Range Type

“100 VDC to 500 VDC is likely to be the dominant voltage range type, whereas 500 VDC to 1000 VDC is expected to be the fastest-growing voltage range during the forecast period.”

The market is segmented into less than 100 VDC, 100 VDC to 500 VDC, and 500 VDC to 1000 VDC. 100 VDC to 500 VDC fuses are likely to remain the dominant voltage range type in the coming years due to their extensive use in high-voltage systems across both BEV and hybrid vehicles, cost-effectiveness compared to 500 VDC to 1000 VDC, and compatibility with EV infrastructure.

The 500 to 1000 VDC fuse segment is expected to experience the fastest growth, driven by the rising adoption of high-voltage systems in BEV and hybrid vehicles. The demand for faster charging, extended driving ranges, and enhanced performance in these vehicles is fueling the need for 500 to 1000 VDC.

By Fuse Type

“Cartridge fuse is the dominant as well as faster-growing fuse type of the market during the forecast period.”

The market is segmented into blade fuse and cartridge fuse. Cartridge fuses dominate the EV fuse market due to their critical role in high-value, high-performance systems requiring advanced technology and superior current/voltage protection. Their use in safety-critical applications such as powertrains, electric motors, and battery management systems, along with their complexity and high-quality materials, drives their demand despite their higher cost.

Blade fuses are widely used in common, less complex applications such as lighting, infotainment, and low-voltage circuits. Their affordability, simplicity, and compatibility across all vehicle types make them a standard component in nearly every vehicle on the road.

Regional Insights

“The Asia-Pacific is expected to be the dominant region during the forecast period.”

Asia-Pacific will continue to lead the EV fuse market, driven by its position as the largest EV production hub, a strong network of automotive suppliers, the highest EV adoption rates, expanding charging infrastructure, technological advancements, and government regulations promoting electrification and safety.

With growing EV adoption, strict regulations, and strong EV production, Europe remains the second-largest region in the EV fuse market, following Asia-Pacific.

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Key Players

The market is fragmented, with a large number of players across the region. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. The following are the key players in the EV fuse market.

Here is the list of the Top Players (Based on Dominance)

• Eaton
• Littlefuse, Inc.
• Xi 'an Zhongrong Electric Co., LTD.
• Pacific Engineering Corporation (PEC)
• Sensata Technologies, Inc.
• Mersen

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s EV fuse market realities and future market possibilities for the forecast period of 2024 to 2031. After a continuous interest in our EV fuse market report from the industry stakeholders, we have tried to further accentuate our research scope to the EV fuse market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The global EV fuse market is segmented into the following categories.

By Propulsions Type

• BEV
• HEV

By Vehicle Type

• LV
• M&HCV

By Voltage Type

• Low-Voltage Fuse
• High-Voltage Fuse

By Low-Voltage Application Type

• Infotainment System
• Lighting System
• HVAC System
• Braking & Safety System
• Propulsion & Power System
• Other Auxiliaries

By High-Voltage Application Type

• Battery Pack
• Inverter
• DC-DC Converter
• On-board Charger
• Electric Motor

By Voltage Range Type

• Less than 100 VDC
• 100 VDC to 500 VDC
• 500 VDC to 1000 VDC

By Fuse Type

• Blade Fuse
• Cartridge Fuse

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.