Newark, NJ, Jan. 31, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global automotive power distribution block market is expected to grow from USD 7.75 billion in 2017 to USD 12.01 billion by 2025 at a CAGR of 5.6% during the forecast period 2018-2025.
Automotive power distribution blocks are used for handling the routing of power circuits of the vehicle's electrical system. These are non-fused distribution blocks and are used primarily for routing and connecting power or ground circuits. It helps in reducing the number of wires required for the electric power supply system, and thus helps to save cost and time.
A distribution block is defined as an economical method by which an electrical circuit can be distributed from a single input source to several devices in the branch circuit which in turn reduces the total number of wires in the electrical panel and saves time and money. In automobiles, changes have been made essentially in all design aspects. But only one aspect is the same for centuries i.e. the power distribution architecture. Thus, with the technological revolution, there are potential opportunities to revolutionize automotive power distribution blocks.
The global automotive power distribution block market is expected to witness rapid growth over the forecast period, owing to increased demand for secured and effective power distribution block is expanding in case of the number of electric vehicles over the globe. In addition to this, the key contributing factors for the market growth are increased use of electrical applications in the automotive industry and high demand for power distribution blocks in the passenger vehicles segment which are likely to boost up the market. However, the lack of developments in technology in the power distribution box and complex design and structure of the automotive power distribution block is anticipated to hinder the market growth over the forecast period.
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Key players operating in the global automotive power distribution block market include Littelfuse, Inc., Leoni, TE Connectivity, Schneider Electric, Infineon Technologies AG, Eaton, Legrand, Samvardhana Motherson Group and ABB Inc. among others. To enhance their market position in the global automotive power distribution block market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership.
- For instance, in 2017, Leoni launched the next generation of its modular system for high-voltage power distribution in electric and hybrid vehicles at the IAA International Motor Show in Frankfurt which is lighter and less expensive than comparable products.
- In September 2018, Littelfuse, Inc. announced the launch of EPC Series and MiniFlec Series Power Distribution Modules for the commercial vehicle industry.
- In February 2019, Schneider Electric announced the launch of Masterpact MTZ, the next generation high-power low voltage circuit-breakers assembled in the Indian market.
The fuse segment held the largest market share in the automotive power distribution block market and valued at USD 2.59 billion in 2017
The component segment is classified into fuse, can, relay, others. The fuse segment held the largest market share in the automotive power distribution block market and valued at USD 2.59 billion in 2017. It is because of increase in the demand of fuses to use in the fuse box to stimulate the growth of the segment.
Configurable power distribution box segment is dominating the market with the highest share of 64.30% in 2017
Type segment includes hardwired and configurable. Configurable power distribution box segment is dominating the market with the highest share of 64.30% over the forecast period because it integrates the application of fuses, relays, microcontrollers, and multiple layers of interconnections into a single integrated assembly to provide power for different uses.
Passenger cars segment is playing a significant role in influencing business growth and valued around USD 3.30 billion in 2017
Vehicle type segment is divided into segments such as passenger cars, LCV and HCV. The passenger cars segment is playing a significant role in influencing business growth and valued around USD 3.30 billion in 2017. Increased production of passenger cars, rise in demand for premium vehicles and SUVs and switching over to highly efficient vehicles are some factors fuelling the growth of the passenger car market.
The battery-electric vehicle (BEV) segment is growing rapidly with the market share of 48.9% in 2017
The electric vehicle segment includes battery electric vehicle (BEV), HEV and PHEV. The battery-electric vehicle (BEV) segment is growing rapidly with the market share of 48.9% in 2017, due to stringent government policies and efficient consumption of energy.
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The construction equipment segment is anticipated to grow at the highest CAGR of 9.01% in 2017
The off-highway vehicle type includes agricultural tractors and construction equipment. The construction equipment segment is anticipated to grow at the highest CAGR of 9.01% in 2017 as there are increased development of infrastructure.
Regional Segment Analysis of Automotive Power Distribution Block Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global automotive power distribution block market with USD 3.11 Billion in 2017. In addition to this, Europe is anticipated to hold the significant market share in the market. This is mainly due to higher adoption of number of electric vehicles across the region.
About the report:
The global automotive power distribution block market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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