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 from 2018-2025. The North America region is dominating the market share due to an increased use of number of electric vehicles.
Global Automotive Power Distribution Block Market by Component (Can, Fuse, Relay, Others), Type, Vehicle Type, Electric Vehicle, Off-Highway Vehicle Type, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Prominent companies in the industry include Littelfuse, Inc., Leoni, TE Connectivity, Schneider Electric, Infineon Technologies AG among others. Various market leaders have made the significant use of opportunities provided by the market to capture a large portion of market and derive better revenue. 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.
The component segment is classified into can, fuse, relay, others. It is because of the increase in the demand of fuses as used in fuse box which might stimulate the growth of the segment. 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. Vehicle type segment is divided into segments such as passenger cars, LCV and HCV. Passenger cars segment 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 electric vehicle segment includes Battery Electric Vehicle (BEV), HEV and PHEV. The Battery Electric Vehicle (BEV) segment is growing rapidly due to stringent government policies and efficient consumption of energy. The Off-Highway Vehicle Type includes agricultural tractors and construction equipment. The construction equipment segment is growing at the highest CAGR of 9.01% in forecast period as there are increased development of infrastructure.
Demand for secured and effective power distribution block is expanding in terms of number of electric vehicles over the globe which in turn is driving the market growth. Also, increased demand for power distribution blocks in the passenger vehicles segment is another factor. In addition, increased use of electrical applications in automotive industry is stimulating the market growth. But lack of developments in technology in the power distribution box may hamper the growth of market. However, technological advancements in the commercial vehicle segment may boost the market in the coming years.
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