How big is the automotive 48V system market:
IMARC Group, a leading market research company, has recently releases report titled “Automotive 48V System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global automotive 48V system market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 21.4 Billion by 2028, exhibiting a growth rate (CAGR) of 24.2% during 2023-2028.
What is automotive 48V system?
The automotive 48V system represents an advanced technology that integrates a 48-volt battery with an internal combustion (IC) engine and a regular 12-volt battery in numerous configurations. It includes several components, including a belt alternator starter, direct current (DC)-to-DC converter, high voltage battery, inverter, power distribution box, electric motor, charger, etc. The automotive 48V system assists in reducing weight, optimizing performance, and improving the harness packaging in the vehicle. It helps to minimize carbon dioxide emissions, enhance fuel efficiency, enable dynamic handling and performance, etc. The automotive 48V system is extensively used to provide torque boost, start-stop function, regenerative braking, power to the electric drive, compressors, and power steering, etc.
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Automotive 48V System Market Trends and Drivers:
The rising demand for electric and hybrid vehicles is among the key factors stimulating the automotive 48V system market. Moreover, the increasing utilization of this technology to power numerous electrical components, such as electrical heaters, air conditioning compressors, pumps, and steering drives, is acting as another significant growth-inducing factor. Besides this, the widespread adoption of automotive 48V systems to offer mild-hybrid functionality to automobiles by powering auxiliary systems, which, in turn, enhances the thermal performance of the engine, improves fuel efficiency, saves cost, etc., is positively influencing the global market.
Furthermore, the launch of favorable policies by government bodies to promote the use of EVs and subsequently reduce greenhouse gas emissions is also propelling the market growth. Apart from this, the inflating expenditure capacities of individuals, the growing consumer environmental concerns, and extensive investments in R&D activities are anticipated to fuel the automotive 48V system market over the forecasted period.
Who are the key players operating in the industry?
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Who are the key players in the Automotive 48V System Market?
- Borgwarner Inc.
- Continental Aktiengesellschaft
- Dana Limited
- Hyundai Motor Company
- Magna International Inc.
- MAHLE GmbH (Mahle Stiftung GmbH)
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
The report has segmented the market on the basis of
- Belt Driven (P0)
- Crankshaft Mounted (P1)
- Dual-Clutch Transmission-Mounted/Input Shaft of Transmission (P2/P3)
- Transmission Output Shaft/Rear Axle (P4)
The report has also provided a detailed breakup and analysis of the automotive 48V system market based on the architecture. This includes belt driven (P0), crankshaft mounted (P1), dual-clutch transmission-mounted/Input shaft of transmission (P2/P3), and transmission output shaft/rear axle (P4). According to the report, belt driven represented the largest segment.
Vehicle Class Insights:
A detailed breakup and analysis of the automotive 48V system market based on the vehicle class has been provided in the report. This includes entry-level, mid-range, premium, and luxury. According to the report, mid-range accounted for the largest market share.
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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