Albany, NY -- (SBWIRE) -- 04/18/2017 -- The North America electrical fuses market is likely to witness the advent of more compact and slimmer electronics with leading players vying to cater to ever-changing consumer preferences. The development of the latest technologies and innovation have thus emerged as the most defining trends in the market.
The electrical fuses market in North America is primarily driven by the rising demand for electricity and efficient power delivery systems. Besides this, diverse applications of electrical fuses across various industries will also fuel demand from the market.
Growth in the North America electrical fuses has been robust, primarily because the region boasts rapid technological advancements, economic growth, and a sizeable increase in population. Moreover, the construction industry in North America has reported considerable growth in the last few years in response to the increasing spending on housing infrastructure. This is subsequently boosting sales opportunities for electrical fuses manufacturers in the region
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Bolsted by these factors, the market for electrical fuses in North America is expected to have a CAGR of 6.0% between 2016 and 2024, forecasts Transparency Market Research (TMR). As per TMR, the North America electrical fuses market stood at US$1.84 bn in 2015 and is expected to reach US$3.09 bn by the end of 2024.
The U.S., Canada, and Mexico make the most lucrative markets for electrical fuses in North America. Among these nations, the U.S. held the largest share in the market in 2015. The rising demand for electrical fuses from the automotive and construction sectors of the country has catapulted it to the forefront of the North America electrical fuses market.
In the same year, Canada emerged as the second-largest market for electrical fuses in North America, trailed by Mexico. The electrical fuses market in the U.S. is poised to reach US$2,152.0 mn by 2024 from a valuation of US$1,291.6 mn in 2015. The market is therefore poised to exhibit a CAGR of 5.9% from 2016 to 2024.
Additionally, in countries such as Mexico and the U.S., the production of vehicles has substantially increased, which has positively influenced the application of electrical fuses in the automotive sector.
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As a result of urbanization and industrial development, demand for electricity and reliable power delivery systems has been persistently increasing in North America. This has in turn given the sales of electrical fuses across the automotive and construction sectors a fillip. Electrical fuses are used across these industries to ensure safety during electricity transmission and distribution across these segments.
The construction segment led the North America electrical fuses market in 2015 in terms of revenue. In that year, the segment accounted for a dominant share of 40.3% in the market. By volume as well, the segment led the North America electrical fuses market in 2015, with a share of 45.4%.
Furthermore, the advent of electrical vehicles also provides considerable opportunities for the market's growth in North America. The increasing willingness among consumers to spend on hybrid and electrical vehicles is likely to bolster the applications of electrical fuses in EVs and hybrid vehicles.