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48 Volt Battery System Market Analysis: $13.79 Billion by 2029 With a CAGR of 25.8%
48 Volt Battery System
48 Volt Battery System Market Value Projection: How Much Will the Market Size by 2025?
The market size of the 48-volt battery system has experienced considerable expansion in the past few years. Expert estimates suggest it will progress from $4.37 billion in 2024 to $5.51 billion in 2025, reflecting a compound annual growth rate (CAGR) of 26.0%. This unprecedented growth during the historical period can be credited to factors like fuel efficiency standards, progress in power electronics, the introduction of hybrid technology in mainstream market vehicles, customer preference for fuel economy, and cost-effectiveness.
What Will Be the Market Growth Forecat for 48 Volt Battery System in 2029?
The market of 48 volt battery systems is poised for significant expansion in the upcoming years, predicted to increase to $13.79 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 25.8%. This growth trajectory during the estimated period can be associated with more rigid emission regulations, heightened demand for electric components, the ongoing trend of vehicle electrification, and its wider adoption across a variety of vehicle categories, along with government campaigns for sustainable transportation. Expected trends in this period encompass incorporation in mild hybrid vehicles, ancillary systems' electrification, support for enhanced driver assistance systems, advancements in energy storage technologies, and partnerships for standardization.
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What Are the Core Competitive Drivers in the 48 Volt Battery System Industry?
The surge in the use of electric vehicles (EV) is predicted to stimulate the expansion of the 48-volt battery system industry in the future. Electric vehicles are vehicles powered by an electrical engine that uses power from a battery that can be charged from an external power source. The 48-volt battery system has more power and can be charged quicker than the conventional 12-volt battery, making for quicker acceleration and extended driving ranges, thus improving energy efficiency and further reducing emissions. This increase in the uptake of electric vehicles raises the demand for 48 volt battery systems. For instance, according to a January 2023 report by the American Department of Energy, a US institution that oversees nuclear infrastructure and energy policies, the new plug-in electric vehicle (PEV) monthly sales, encompassing fully electric vehicles and plug-in hybrid cars, exceeded seven percent for the first time in September 2022, reaching 7.4%. Plug-in hybrid vehicles accounted for 1.2% of them. As such, the booming acceptance of electric vehicles is stimulating the 48-volt battery system market.
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Which 48 Volt Battery System Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the 48 Volt Battery System Market?
The increasing prevalence of product innovations is a salient trend in the 48 volt battery system market, with leading firms focusing on creating unique solutions to bolster their market presence. For example, in January 2022, American Battery Solutions Inc., a company based in the United States manufacturing industrial and commercial lithium-ion batteries, introduced the Alliance I48-3.0 lithium-ion battery. Tailored for golf cars and other electric vehicles, this industry-standard GC2 size battery offers enhanced power, extended range, superior durability, and minimal maintenance. A distinguishing feature of this product is its robustness to endure high power demands, with a 350 Amp pulse and 120 Amp uninterrupted discharge capacity.
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Who Are the Leaders 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 Amper*ex 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 Regional 48 Volt Battery System Markets Offer the Greatest Growth Potential?
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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