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Surging Adoption Of Electric Vehicles Fuels Growth In The 48 Volt Battery System Market: Strengthening the Growth Trajectory of the 48 Volt Battery System Market
48 Volt Battery System Market
What Is the Expected CAGR for the 48 Volt Battery System Market Through 2025?
In recent times, the market size for the 48 volt battery system has experienced exponential growth. Forecasts predict that it is set to expand from a value of $4.37 billion in 2024 to $5.57 billion in 2025, showcasing a compound annual growth rate (CAGR) of 27.5%. This remarkable growth during the historic period is a result of factors such as fuel efficiency standards, advancements in power electronics, the incorporation of hybrid technology in mainstream market vehicles, consumer demand for fuel economy, and cost-effectiveness.
What's the Projected Size of the Global 48 Volt Battery System Market by 2029?
The market for 48 volt battery systems is anticipated to witness a surge in the upcoming years with its value reaching $14.25 billion in 2029, growing at a CAGR of 26.5%. This significant growth projected for the forecasted period can be attributed to factors such as the enforcement of stricter emission regulations, the growing demand for electric functionalities, ongoing vehicle electrification, rising usage across various vehicle categories, and governmental efforts promoting eco-friendly mobility. Key trends emerging during this period include the inclusion in mild hybrid vehicles, ancillary systems' electrification, support towards advanced driver assistance systems, developments in energy storage technologies, and alliances for achieving standardization.
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Top Growth Drivers in the 48 Volt Battery System Industry: What's Accelerating the Market?
The surge in electric vehicle (EV) utilization sets the stage for the expansion of the 48 volt battery system market. An EV is energized by an electric motor that draws power from a battery capable of being recharged from an external supply. A 48 volt battery system, providing more power and reduced charging periods than a conventional 12-volt system, enables quicker acceleration and extended driving distances for EVs. This aids in enhancing energy proficiency and further reducing emissions. Given this, the growing use of electric vehicles spikes the requirement for the 48 volt battery system. For example, the US Department of Energy reported in January 2023 that the rate of new plug-in electric car (PEV) sales including EVs and plug-in hybrid electric vehicles (PHEV), had risen to 7.4% for the first time in September 2022, a substantial increase from the previous months, with 1.2% of these sales accounted for by PHEVs. As such, the escalating adoption of electric vehicles is fueling the 48 volt battery system market.
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What Trends Will Shape the 48 Volt Battery System Market Through 2029 and Beyond?
The emergence of product innovations is a notable trend in the 48 volt battery system market. The prominent corporations in this industry are focusing their efforts on creating inventive solutions to solidify their standing. To illustrate, American Battery Solutions Inc, an industrial and commercial lithium-ion battery producer based in the U.S., unveiled the alliance I48-3.0 lithium-ion battery in January 2022. This battery offers enhanced power, improved range, resilience, and requires minimal maintenance, making it perfect for golf cars and other electric vehicles in an industry-standard GC2 size. This product stands out for its ability to handle extreme power demands with 350 Amp pulse and 120 Amp continuous discharge capabilities.
What Are the Main Segments in the 48 Volt Battery System Market?
The 48 volt battery system market covered in this report is segmented -
1) By Component: Alternating Current(Ac) Or Direct Current(Dc) Inverter, 48-Volt Lithium-Ion Battery, Battery Controller, Power Distribution Box, Other Components
2) By Architecture: Crankshaft Mounted, Belt Driven, Transmission Output Shaft, Dual-Clutch Transmission-Mounted
3) By Electric Vehicle: Battery Electric Vehicle (BEV), Mild Hybrid Electric Vehicle (MHEV), Plug-In Hybrid Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
Subsegments:
1) By Alternating Current (AC) Or Direct Current (DC) Inverter: Grid-Tied Inverters, Off-Grid Inverters
2) By 48-Volt Lithium-Ion Battery: Prismatic Cells, Cylindrical Cells, Pouch Cells
3) By Battery Controller: Battery Management Systems (BMS), Charge Controllers
4) By Power Distribution Box: Fuse Boxes, Relay Boxes
5) By Other Components: Connectors, Cooling Systems, Monitoring Systems
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Which Top Companies are Driving Growth in the 48 Volt Battery System Market?
Major companies operating in the 48 volt battery system market include Continental AG, Delphi Technologies, East Penn Manufacturing Company, Enersys Inc., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc, BorgWarner Inc., Robert Bosch GmbH, Valeo SA, A123 Systems LLC, Furukawa Electric Co. Ltd., Vicor Corporation, BYD Co. Ltd., ZF Friedrichshafen AG, Aptiv PLC, Panasonic Corporation, Toshiba Corporation, Tianjin Lishen Battery joint stock Co. Ltd., OptimumNano Energy Co. Ltd., Contemporary Ampere*x Technology Co. Ltd., Samsung SDI Co. Ltd., LG Energy Solution Ltd., SK Innovation Co. Ltd., Honeywell Corporation, Sinopoly Battery Limited, Victron Energy B.V., Trojan Battery Company
Which Regions Will Dominate the 48 Volt Battery System Market Through 2029?
Asia-Pacific was the largest region in the 48 volt battery system market in 2024. The regions covered in the 48 volt battery system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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