Automotive 48V System Market size is projected to reach $21.00 billion by 2027

According to a recent report published by Report Ocean, titled, “Automotive 48V System Market by Architecture, and Vehicle Class: Opportunity Analysis and Industry Forecast, 2020–2027”, the automotive 48V system market was valued at $2.27 billion in 2019, and is projected to reach $21.00 billion by 2027, registering a CAGR of 26.5% from 2020 to 2027. By architecture, the belt driven segment was the highest revenue contributor in 2019, accounting for $1,436.55 million, and is estimated to reach $ 988.63 million by 2027, registering a CAGR of 23.4% during the forecast period. In 2019, Asia-Pacific was anticipated to account for the major market share.

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The Asia-Pacific region is dominating the market in term of revenue, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the automotive 48V system market in 2019, whereas India is expected to grow at a significant rate during the forecast period.

Automakers worldwide are moving toward electrifying their fleets, but it does not mean every future car or truck will need to be plugged in. Instead, the first wave of this advancement is 48-volt technology. This new technology includes the benefits of decreased emissions and even improved acceleration. And the new onboard battery systems provide extra power to run infotainment and advanced safety systems in vehicle.

Moreover, the 48-volt systems are an easy way for automakers to improve performance, fuel economy, and even durability. Most cars today contain the typical 12-volt electrical system that relies on an alternator to convert the engine’s power into electrical current. That current charges the vehicle’s starter battery and runs all the vehicle’s electrical components, including lighting, infotainment, and safety systems. But 12-volt systems are becoming inadequate for modern vehicles. Further, many parts in the vehicle today are demanding electrical power, advanced safety technology to convenience features. That is the main reason automakers including Fiat Chrysler Automobiles (FCA), Mercedes-Benz, and Volkswagen have started designing vehicles using 48-volt systems.

COVID Impact Banner: The mid-level vehicle class segment of automotive 48V system will slightly affect due to the decrease in hybrid vehicle sale globally.

Due to COVID-19 pandemic, the automotive 48v system market has been affected as the supply chain has been affected.
Due to the imposed lockdown, manufacturing units across the globe has halted their production which has affected the purchase of new advanced vehicles.
The unavailability of skilled labor has also affected the automotive 48v system market as people preferred to maintain social distancing thus affecting the automotive 48v system based vehicle productions.
The global automotive 48V system market is driven by increase in demand for hybrid and electric vehicle and rise in demand for 48V battery system. However, high cost of system in vehicles and anticipated rise in sale of battery electric vehicles are expected to hinder the growth of the market. Furthermore, increased safety & comfort features in vehicles and reduction of CO2 emission to meet future emission legislations are anticipated to provide lucrative growth opportunities for the players operating in the automotive 48V system market.

The global automotive 48V system market is segmented on the basis of architecture, vehicle class, and region. Belt Driven (P0), Crankshaft Mounted (P1), Dual-clutch transmission-mounted/input shaft of transmission (P2/P3), and transmission output shaft/rear axle (P4) are studied under the architecture segment. Entry, mid, premium, and luxury are categorized under vehicle class. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings Of The Study

In 2019, by architecture type, the belt driven architecture segment generated the highest revenue.
In 2019, by vehicle class type, the mid-sized vehicle segment was the highest revenue contributor.
In 2019, by region, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.
The key players analyzed in the report include BorgWarner Inc., Robert Bosch GmbH, CONTINENTAL AG, Dana Limited, Delphi Technologies, GKN (Melrose Industries PLC), Lear Corporation, Magna International Inc., MAHLE Powertrain Ltd, and Valeo SA.

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This release was published on openPR.