LONDON, Jan. 18, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Automotive 48V System Global Market Report 2024, the automotive 48V system market has witnessed exponential growth, soaring from $5.7 billion in 2023 to an estimated $7.27 billion in 2024, marking an impressive Compound Annual Growth Rate (CAGR) of 27.5%. This trajectory is poised to continue with a projected surge to $17.8 billion by 2028, driven by a CAGR of 25.1%. The historic period's growth can be attributed to fuel efficiency regulations, electrification demands, increasing power needs, limitations of conventional 12V systems, and the rise of hybridization trends.
Automotive 48V System Market Key Drivers and Trends:
Anticipated growth over the forecast period is propelled by factors such as increasing consumer expectations, the transition to electric and hybrid vehicles, sustained demand for fuel efficiency, the market's appetite for enhanced vehicle performance, and regulatory focus on noise reduction. Major trends in the forecast period include the proliferation in vehicle segments, integration of advanced safety systems, continuous evolution of start-stop technology, development of more compact components, and customization for regional markets.
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Impact of Electric Vehicles (EVs):
The growing adoption of electric vehicles (EVs) is expected to be a significant driver for the automotive 48V system market. As EVs demand more power due to electric propulsion, regenerative braking, and other electric systems, a 48V system proves more efficient than a traditional 12V system. The higher voltage of the 48V system also allows for the integration of advanced features such as electric power steering, electric air conditioning compressors, and electric turbochargers, ultimately improving electric vehicle performance and energy efficiency.
According to Autocar Professional, in the first half of 2023, India witnessed retail sales of over 700,000 electric vehicles, accounting for 73% of the country's total EV sales in 2022. This surge in EV adoption is expected to support the growth of the automotive 48V system market.
Technological Innovations:
Companies in the automotive 48V system market are increasingly adopting 48-volt electrical architecture to enhance overall vehicle efficiency. For example, Tesla, in March 2023, incorporated a 48-volt electrical architecture in its CyberTruck, significantly impacting the vehicle's weight, power delivery efficiency, and ability to handle higher electrical loads with smaller cabling. The adoption of higher voltage in auxiliary devices results in lower current losses and allows for the use of thinner wires, reducing weight and cost.
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Segments and Leading Regions:
The automotive 48V system market, as detailed in the report, is segmented as follows:
- Type: Mild-Hybrid Vehicles, Low-Power BEVs (Battery Electric Vehicles)
- Architecture: Belt Driven (P0), Crankshaft Mounted (P1), Dual-clutch transmission-mounted or input shaft of transmission (P2/P3), Transmission output shaft or rear axle (P4) Silicone
- Application: Entry-Level Vehicles, Mid-Premium Vehicles, Luxury Vehicles
Asia-Pacific emerged as the largest region in the automotive 48V system market in 2023, contributing 45.9% or $2,586.2 million, followed by North America, Western Europe, and other regions.
The comprehensive insights provided in the automotive 48V system market report empower players in the automotive 48V system market to make strategic decisions. Understanding market segments, key drivers, and emerging trends will position businesses to leverage growth opportunities and stay competitive in this dynamic market.
Automotive 48V System Global Market Report 2024 by The Business Research Company provides insights on the automotive 48V system market size, automotive 48V system market segments, automotive 48V system market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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