The global automotive 48V system market is poised to register meteoric growth, in spite of the downswing induced by the recent global crisis. As the world transitions towards hybrid and electric vehicles, a fundamental change in engine electrical systems is evident.
Reliance on traditional 12V DC systems is rapidly diminishing due to the advanced and more power-consuming engine designs of premium, mid-range, and luxury vehicles. Consequently, the dependency on 48V systems to offset resistive losses is burgeoning, supporting the expansion of the automotive 48V system market size.
Moreover, the increasing ownership of luxury vehicles is likely to fuel greater adoption, owing to the installation of infotainment systems. These infotainment devices consume significant power, thus requiring stronger electricity input.
Over the next decade, a substantial portion of global electricity demand is expected to be met by renewables. Consequently, automotive manufacturers are foraying into hybrid and electric vehicle production on a large scale. 48V electrical systems play a pivotal role in achieving this fuel economy. Industry experts have concluded that this approach can help attain significant efficiency, especially in 'mild hybrid' automobiles. Based on these trends, the 48V system market is likely to proliferate in the future.
Robust Government Legislations Aiding Market Progress: Worldwide concerns about increasing fossil fuel-induced pollution have compelled governments to establish strict regulatory frameworks to curb these noxious emissions. The urgency to achieve sustainable development goals is driving these measures. Such legislations have greatly enhanced the scope of the automotive 48V system market in recent years.
A case in point is Denmark's Climate Act, which aims to significantly reduce CO2 emissions. This ambitious law has increased confidence among other nations that emission reduction targets are attainable with consistent efforts. Likewise, the U.S introduced a new climate change bill aimed at curbing greenhouse gas emissions from public lands, alongside supporting the transition towards cleaner energy. Such legislations have motivated prominent manufacturers to establish their businesses across different regions, accelerating the growth prospects of the 48V system market.
Maximum Uptake Witnessed in Luxury Vehicles: As disposable incomes surge, expenditure on luxury automobiles is rising prolifically. For instance, luxury car brands have recorded substantial sales, especially across regions like China. These accelerating sales are enhancing the scope for numerous manufacturers in the 48V system market, as these cars require advanced electrical systems to power their engines, infotainment systems, and batteries.
Examples of industry advancements include Continental AG's joint venture to develop its 48V battery systems business and BorgWarner Inc.'s broad 48V technology portfolios for the luxury car market, yielding significant fuel savings and peak efficiency.
For example, Chevrolet introduced its first Orlando variant model equipped with 48V mild hybrid technology in China. India also represents an equally promising opportunity, attributed to rising living standards and surging disposable income. Leading automotive manufacturers are unveiling models equipped with 48V lithium-ion battery packs, offering significant fuel efficiency.
Europe: This region represents a high growth opportunity, with Germany pivoting growth. With the continent actively incorporating its carbon emission reduction endeavors, the penetration of the automotive 48V system market is set to reach a substantial share of the global market. Various German OEMs such as Volkswagen are significantly contributing to this growth.
The automotive 48V system market is experiencing tremendous upsurge. Since the pandemic's onset, electrification projects throughout regions like China and Europe are heightening demand for mild-hybrid vehicles. These vehicles offer greater efficiency and low running costs, fueling demand for 48V systems across these regions. Additionally, climbing demand for electric vehicles is expected to sustain the automotive 48V system market throughout the pandemic's duration. For instance, Chinese authorities announced significant investments in the construction of new charging points for EVs.
Such burgeoning investment volumes are a good sign for the flourishing of the automotive 48V system market. Various product launches amid the pandemic have also helped keep the market afloat. For example, Suzuki announced the launch of its new SUV model equipped with 48V systems.
Continuous technological advancements, strategic collaborations, joint ventures, and product launches comprise the primary expansion strategies of the aforementioned players in the automotive 48V system market.
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Reliance on traditional 12V DC systems is rapidly diminishing due to the advanced and more power-consuming engine designs of premium, mid-range, and luxury vehicles. Consequently, the dependency on 48V systems to offset resistive losses is burgeoning, supporting the expansion of the automotive 48V system market size.
Moreover, the increasing ownership of luxury vehicles is likely to fuel greater adoption, owing to the installation of infotainment systems. These infotainment devices consume significant power, thus requiring stronger electricity input.
Automotive 48V System Market Trends
48V Systems for Improvement in Fuel Economy: As environmental concerns mount, significant changes are visible across the global fuel consumption Analysis. Countries aim to curtail energy-related carbon dioxide emissions while investments in new fossil fuel projects are expected to decline. This shift is largely in response to the search for renewable alternatives.Over the next decade, a substantial portion of global electricity demand is expected to be met by renewables. Consequently, automotive manufacturers are foraying into hybrid and electric vehicle production on a large scale. 48V electrical systems play a pivotal role in achieving this fuel economy. Industry experts have concluded that this approach can help attain significant efficiency, especially in 'mild hybrid' automobiles. Based on these trends, the 48V system market is likely to proliferate in the future.
Robust Government Legislations Aiding Market Progress: Worldwide concerns about increasing fossil fuel-induced pollution have compelled governments to establish strict regulatory frameworks to curb these noxious emissions. The urgency to achieve sustainable development goals is driving these measures. Such legislations have greatly enhanced the scope of the automotive 48V system market in recent years.
A case in point is Denmark's Climate Act, which aims to significantly reduce CO2 emissions. This ambitious law has increased confidence among other nations that emission reduction targets are attainable with consistent efforts. Likewise, the U.S introduced a new climate change bill aimed at curbing greenhouse gas emissions from public lands, alongside supporting the transition towards cleaner energy. Such legislations have motivated prominent manufacturers to establish their businesses across different regions, accelerating the growth prospects of the 48V system market.
Maximum Uptake Witnessed in Luxury Vehicles: As disposable incomes surge, expenditure on luxury automobiles is rising prolifically. For instance, luxury car brands have recorded substantial sales, especially across regions like China. These accelerating sales are enhancing the scope for numerous manufacturers in the 48V system market, as these cars require advanced electrical systems to power their engines, infotainment systems, and batteries.
Examples of industry advancements include Continental AG's joint venture to develop its 48V battery systems business and BorgWarner Inc.'s broad 48V technology portfolios for the luxury car market, yielding significant fuel savings and peak efficiency.
Regional Outlook of Automotive 48V System Market
Asia Pacific: This region promises to be the most lucrative growth hotspot for the global automotive 48V system market share in the coming forecast period. Amongst all countries, China represents maximum growth opportunities, expected to surge at a stellar rate in the short run. Growth is largely attributed to the penetration of the local market by prominent automotive manufacturing giants.For example, Chevrolet introduced its first Orlando variant model equipped with 48V mild hybrid technology in China. India also represents an equally promising opportunity, attributed to rising living standards and surging disposable income. Leading automotive manufacturers are unveiling models equipped with 48V lithium-ion battery packs, offering significant fuel efficiency.
Europe: This region represents a high growth opportunity, with Germany pivoting growth. With the continent actively incorporating its carbon emission reduction endeavors, the penetration of the automotive 48V system market is set to reach a substantial share of the global market. Various German OEMs such as Volkswagen are significantly contributing to this growth.
COVID-19 Impact on Automotive 48V System Market
Despite the recent global crisis's debilitating impact on the global economy, the automotive industry is likely to weather the storm, paving the way for numerous opportunities over the coming years. As manufacturers secure their supply chains to avoid potential disruptions, shortfalls are expected to be minimal.The automotive 48V system market is experiencing tremendous upsurge. Since the pandemic's onset, electrification projects throughout regions like China and Europe are heightening demand for mild-hybrid vehicles. These vehicles offer greater efficiency and low running costs, fueling demand for 48V systems across these regions. Additionally, climbing demand for electric vehicles is expected to sustain the automotive 48V system market throughout the pandemic's duration. For instance, Chinese authorities announced significant investments in the construction of new charging points for EVs.
Such burgeoning investment volumes are a good sign for the flourishing of the automotive 48V system market. Various product launches amid the pandemic have also helped keep the market afloat. For example, Suzuki announced the launch of its new SUV model equipped with 48V systems.
Automotive 48V System Market: Prominent Players
The publisher has profiled key vendors in its automotive 48V system market report, including Continental AG, Bayerische Motoren Werke AG, Delphi Technologies, Ford Motors Company, Honda Motor Company, Hyundai Motor Company, Magma International Inc., Mazda Motor Corporation, MAHLE GmbH, Mitsubishi Motors, BorgWarner Inc., and DENSO CORPORATION.Continuous technological advancements, strategic collaborations, joint ventures, and product launches comprise the primary expansion strategies of the aforementioned players in the automotive 48V system market.
Analysts' Viewpoint
Heightening demand for fuel and engine efficiency across modern luxury, heavy-duty, and light commercial vehicles is the primary growth catalyst for the automotive 48V system market. Furthermore, the shifting fuel consumption Analysis is encouraging the adoption of renewable energy sources, providing further traction to this market.Competitive Analysis
Key companies in the automotive 48V system market include:
- Continental AG
- Bayerische Motoren Werke AG
- Delphi Technologies
- Ford Motors Company
- Honda Motor Company
- Hyundai Motor Company
- Magma International Inc.
- MAHLE GmbH
- Mazda Motor Corporation
- Mitsubishi Motors
- Schaeffler AG
- BorgWarner Inc.
- DENSO CORPORATION
- Hella GmbH & Co. Kgaa (Hella)
- Hitachi Automotive Systems, Ltd.
- Robert Bosch GmbH
- Others
Key Segments of Global Automotive 48V System Market
The report on the global automotive 48V system market offers information divided into three segments: architecture, end use, and region.Architecture:
- Belt-driven
- Crankshaft-mounted
- Dual-clutch Transmission-mounted
- Transmission Output Shaft
End Use:
- Entry-level Vehicles
- Mid-Premium Level Vehicles
- Luxury Vehicles
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Table of Contents
1. Executive Summary
2. Market Overview
3. Production Output and Trade Statistics, 2019 - 2023
4. Price Analysis, 2023
5. Global Automotive 48V System Market Outlook, 2019 - 2031
6. North America Automotive 48V System Market Outlook, 2019 - 2031
7. Europe Automotive 48V System Market Outlook, 2019 - 2031
8. Asia Pacific Automotive 48V System Market Outlook, 2019 - 2031
9. Latin America Automotive 48V System Market Outlook, 2019 - 2031
10. Middle East & Africa Automotive 48V System Market Outlook, 2019 - 2031
11. Competitive Landscape
12. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Continental AG
- Bayerische Motoren Werke AG
- Delphi Technologies
- Ford Motors Company
- Honda Motor Company
- Hyundai Motor Company
- Magma International Inc.
- MAHLE GmbH
- Mazda Motor Corporation
- Mitsubishi Motors
- Schaeffler Ag
- BorgWarner Inc.
- DENSO CORPORATION
- Hella Gmbh & Co. Kgaa (Hella)
- Hitachi Automotive Systems, Ltd.
- Robert Bosch GmbH
Methodology
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