Global Automotive 48V System Market Overview
The key driver impacting the automotive 48V system market is the growing automotive sector across the globe. It is due to the rising demand for commercial and passenger, and luxury vehicles. For instance, as per the International Organization of Motor vehicle manufacturers (OICA), the 2019 passenger car sales is raised by about 5%, and it reached 69.5 million units. As per Crescendo Worldwide Organization, In 2019, global automobile production was predicted as 92 MN Vehicles, and it is projected to grow by a CAGR of 20.78% by 2028. It is expected to reach around $ 9 trillion by 2030. The rising automobile production creates a massive demand for a 48V system to boost vehicle engines' performance and reduce carbon emissions. Moreover, the low cost of 48V systems in mild hybrids and low-powered BEVs contributes to the automotive 48V system market growth in the coming years. Whereas with regards to volume, the market was calculated XX Units in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the globally automotive 48V system market size was valued at around USD $2500 million in 2020, and it is estimated to grow at a CAGR of about 25% during the forecast period 2021 to 2027.
The rigorous emission norms for automobiles made by the governments globally to regulate the CO2 level in the environment are estimated to augment automotive 48V system adoption in automobiles in the forecast period. For instance, European Commission proclaims its plan to cut the emission rate by 37.5% by the end of 2030. Original Equipment Manufacturers (OEMs) are likely to implement 48V technology in their next-generation models to meet these standards. Also, In June 2020, Denmark passed the Climate Act with the aim of dropping CO2 emissions by 70% by the end of 10 years. Similarly, in December 2017, the U.S Parliament bring in a new climate change bill that aspires to control greenhouse gas emissions from public lands and supporting the move toward cleaner energy. However, the increases in the overall vehicle cost may hamper the market in the long run. Also, the rise in the sale of battery electric vehicles across the globe negatively impacts the market. The current industry trends, such as the growing trend of vehicle electrification and increasing demand for advanced safety and comfort features in vehicles, are expected to offer new lucrative market opportunities for the key players.
The automotive 48V system market is vast, with many local and global players. The automotive 48V system market is extensive, with many regional and international players. The important market leaders follow numerous strategies to improve their market position, such as acquisitions, extending product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. For instance, in 2018, Continental AG initiated a joint venture agreement with Sichuan Chengfi Integration Technology to expand its business of 48V battery systems. The significant players studied in the report include A123 Systems LLC, Continental AG, East Penn Manufacturing Company, Dephi technologies, EnerSys, Johnson Controls International Plc, Furkawa Electric Co, Ltd., GS Yuasa Corporation, Continental AG, Hitachi, Ltd, BorgWarner Inc., Valeo SA, Robert Bosch GmbH, Vicor Corporation, ZF Friedrichshafen AG, Delphi and Valeo SA.
In this research report, the automotive 48V system market is segmented by architecture, vehicle type, component, and region.
Analysis by Architecture:
By architecture, the report is categorized into the belt-driven, crankshaft mounted, dual-clutch transmission mounted, and transmission output shaft. The belt-driven segment dominates the architecture segment with over 55% share in 2020. It is because belt driven (P0) is the first configuration of power train utilized in the mild hybrid vehicles, thus contribute remarkably towards its universal adoption. Moreover, pure hybrid vehicles are very expensive due to their battery system, thus mild hybrid vehicles can lessen the gap between the advanced technologies and meet the order of low carbon emission at a suitable cost, thus creates a huge demand for belt-driven architecture segment in the forecast period.
Analysis by Vehicle Type:
By vehicle type, the report is categorized in heavy commercial vehicles, passenger vehicles, and light commercial vehicles. The passenger vehicles segment dominates the vehicle type segment with over 60% share in 2020. It is due to the high integration of the 48-volt battery system in passenger cars such as Renault Scenic and Buick LaCrosse. Also, rising sales and production of passenger cars contributes to passenger car segment growth in the forecast period.
Analysis by Components:
By components, the report is categorized into AC/DC inverter, 48-volt lithium-ion battery, battery controller, and power distribution box. AC/DC inverter dominates the components segment with over 30% share in 2020. It is because AC/DC inverter is the vital component of the 48-volt battery system. Moreover, the growing demand for a 48V battery system due to higher fuel efficiency and reduced carbon emission contributed to the growth of the AC/DC inverter segment in the coming years.
Analysis by Region:
In the regional outlook of the global automotive 48V system market, the Asia Pacific region dominates globally with a 35% market share in the forecast period. It is due to the rapidly expanding automotive sector and the noteworthy consumer base, along with the increasing penetration of battery-powered vehicles in India and China. Also, China looks for extraordinary growth in electric vehicle sales due to the Chinese government's subsidies. Moreover, the high availability of laborers at low cost and strict government norms for manufacturing low carbon emission vehicles contribute to tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Architecture
- Belt Driven
- Crankshaft Mounted
- Dual-Clutch Transmission Mounted
- Transmission Output Shaft
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Component
- AC/DC Inverter
- 48-volt Lithium-Ion Battery
- Battery Controller
- Power Distribution Box
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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