The North America electrical fuses market is expected to witness the onset of slimmer and more compact electronic products as leading companies are vying to meet the shifting consumer preferences. The growth of the electrical fuses market in North America can be attributed to the research activities to develop innovative and advanced electronic goods. The primary driver of the North America electrical fuses market is the demand for reliable power delivery systems. The solar energy and electric vehicles sectors are likely to witness strong growth and emerge as potential markets for electrical fuses in North America. The applications of different types of electric fuses are expected to rise in vehicles owing to the growing need for high power electric fuses to manage the energy used in vehicles.
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The electrical fuses market in North America is segmented into categories based on voltage level-low voltage and high voltage electrical fuses. Electrical fuses have applications in several sectors such as power generation, industrial, consumer electronics, construction, and automotive. The North America electrical fuse market is likely to exhibit a CAGR of 6.0% from 2016 to 2024. In 2015, the market was worth US$1.84 bn and is anticipated to rise to US$3.09 bn by 2024.
Growth of Electrical Fuses Market in North America to be Steered by Expansion of Construction and Automotive Sectors
Mexico, Canada, and the U.S. are the most profitable markets for manufacturers of electrical fuses. The U.S. emerged dominant in the North America electrical fuses market with the leading share in 2015. The construction and automotive sectors in the U.S. are growing significantly. As a result of this, the demand for electrical fuses is also substantially increasing from these sectors. The rising spending capacity of consumers is another factor driving the growth of these sectors, thus fuelling the sales of electrical fuels in the country. The U.S. market for electrical fuses is poised to touch a valuation of US$2.15 bn by the end of 2024 from a market worth US$1.29 bn in 2015. The market is projected to expand at a 5.9% CAGR over the forecast period.
Construction Industry to be Key Revenue Contributor for Electrical Fuses Market
The growing urbanization and rising population in North America have catapulted construction activities in the region. As a result of this, the demand for reliable power delivery system is increasing in the region. Electrical fuses enable safe electricity transmission and supply across industries. The construction segment held a share of approximately 45.4% in 2015 in terms of volume and is expected to retain a lead through 2024. Moreover, the introduction of advanced electric vehicles is also likely to provide considerable growth opportunities to manufacturers of electrical fuses in North America. New hybrid electric vehicles are likely to emerge as potential applications for electric fuses over the coming years.
Availability of Less Expensive Substitutes to Inhibit Market Growth
The growing penetration of illegitimate manufacturers of less expensive substitutes of electrical fuses in North America is expected to act as a barrier to the growth of the electrical fuses market. The profitability of manufacturers of original switchgears is expected to be adversely affected due to the presence and circulation of these alternative products. However, steps are being taken by governments of countries in the North America region to combat the growth of duplicate products.
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The emergence of regional players is also likely to challenge the position of the established players in the North America electrical fuses market. The key players in the market are Littlefuse Inc., Mersen S.A., Bel Fuse Inc., Siemens AG, Mitsubishi Electric, General Electric, and ABB Ltd., among others.