Increasingly Stringent Regulations Governing Carbon Emissions Driving Use of Automobile 48V Systems
Rockville , April 19, 2024 (GLOBE NEWSWIRE) -- With this business landscaped characterized by cost-effective hybridization opportunities enabling a wide range of vehicle functions, the global
automotive 48-volt system market
is expected to reach US$ 3.08 billion in 2024 and climb to a value of US$ 24.98 billion by the end of 2034.
Automotive 48V systems are used extensively in electric vehicles (EVs) to supply power to a range of electrical components, such as air conditioning compressors, pumps, steering drives, lighting systems, and electrical heaters. The growing use of products to power automobile auxiliary systems, which provide them with mild hybrid functionality, is another factor propelling market growth.
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48-volt vehicular power systems have been around for a while, primarily for powering large pumps and actuators in off-road vehicles and other specialized applications. Over the past 10 years, they have been utilized in passenger cars and commercial vehicles to reduce energy consumption for electric superchargers, active suspension systems, and other energy-intensive features. Growing regulatory pressure to improve fuel economy has gained manufacturers’ interest in using 48 V to reduce direct loads on internal combustion engines in their vehicles.
| Report Attribute | Details |
| Value Projection (2034) | US$ 24.98 Billion |
| Growth Rate (2024-2034) | 23.3% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways from the Market Study:
- Sales of automotive 48V systems across the globe are set to reach US$ 3.08 billion in 2024.
- The market is forecasted to touch US$ 24.98 billion by the end of 2034, expanding at a CAGR of 23.3%.
- Sales of automotive 48V systems in the United States are forecasted to reach US$ 752.2 million in 2024.
- China occupies 60% share of the East Asia market in 2024.
- Sales of automotive 48V systems in Japan are forecasted to touch US$ 325.8 million in 2024.
- The East Asia market is projected to expand at a CAGR of 24.7% over the next 10 years.
“Given the surge in electric vehicle sales, the market for automotive 48V systems is forecasted to expand at a significant pace over the next decade,” says a Fact.MR analyst.
Related Market Projections for 2034
| Automotive Electronics Market | US$ 590 Billion |
| Automotive Actuators Market | US$ 42 Billion |
Key Companies Profiled in This Report
- Robert Bosch GmbH
- BorgWarner Inc.
- Dana Limited
- Continental AG
- MAHLE GmbH
- GKN (Melrose Industries PLC)
- Delphi Technologies
- Magna International Inc.
- Lear Corporation
- Valeo SA
- Honda Motor Company
- Hyundai Motor Company
-
Ford Motors Company
Lack of Skilled Workers in Automotive 48V System Market Leading to Compatibility Issues
The market for automotive 48V systems is being impeded by a lack of skilled technicians. Specialists are required to detect and resolve any issues that may arise with 48V systems in cars. Automotive 48V systems often need to work in concert with other systems in the vehicle, like powertrains or the 12V standard electrical system. Professionals with the necessary skills are needed to ensure accurate integration; incompetence is leading to compatibility issues.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive 48V system market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the automotive 48V system market study based on architecture (belt-driven, crankshaft-mounted, dual-clutch transmission-mounted, transmission output shaft) and vehicle category (entry-level, mid-premium level, luxury), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact.MR Research:
Automotive Electronics Market : Global demand for automotive electronics stands at US$ 261.8 billion in 2023 and is predicted to reach a market value of US$ 580.5 billion by the end of 2033.
Automotive Actuators Market : The global automotive actuators market is estimated at USD 20.1 Billion in 2022 and is forecast to reach USD 38.3 Billion by 2032, growing with a CAGR of 6.6% during 2022-2032.
About Fact.MR :
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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