48 Volt Battery System Global Market Report 2023: Rising Adoption of Electric Vehicles Boosts Demand

Dublin, May 19, 2023 (GLOBE NEWSWIRE) -- The "48 Volt Battery System Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global 48 volt battery system market is expected to grow from $2.72 billion in 2022 to $3.49 billion in 2023 at a compound annual growth rate (CAGR) of 28.2%. The 48 volt battery system market is expected to grow to $9.01 billion in 2027 at a CAGR of 26.8%.

The rising adoption of electric vehicles (EV) is expected to propel the growth of the 48 volt battery system market going forward. The electric vehicle refers to a vehicle powered by an electric motor that takes electricity from a battery and can be charged from an external source. A 48 volt battery system can deliver greater power and faster charging times than a traditional 12-volt system, allowing for faster acceleration and longer driving ranges for EVs, which may enhance energy efficiency and cut emissions even further.

As a result, the rising adoption of electric vehicles increases the demand for the 48 volt battery system. For instance, in September 2022, according to the Global EV Outlook 2022 report shared by the International Energy Agency, a France-based autonomous intergovernmental organization, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million units sales. Additionally, the sales of electric cars worldwide in 2021 had a sales share of 4%. Therefore, the rising adoption of an electric vehicles is driving the 48 volt battery system market.

Product innovations are a key trend gaining popularity in the 48 volt battery system market. Major companies operating in the 48 volt battery system market are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2022, American Battery Solutions Inc., a US-based industrial and commercial lithium-ion battery manufacturer launched the alliance I48-3.0 lithium-ion battery. This battery provides higher power, increased range, durability, and low maintenance for golf cars and other electric vehicles in an industry-standard GC2 size. This product's unique feature is its ability to withstand the rigors of high power with 350 Amp pulse and 120 Amp continuous discharge capabilities.

In February 2022, BorgWarner Inc., a US-based vendor of automotive engineering systems and components, acquired Akasol AG for an undisclosed sum. This acquisition is intended to greatly boost BorgWarner's commercial vehicle and industrial electrification capabilities, putting the company in a strong market position. Akasol AG is a Germany-based producer of lithium-ion battery systems that provide safe, dependable, and compatible power on a large scale for worldwide electric transportation.

Asia-Pacific was the largest region in the 48 volt battery system market in 2022. The regions covered in the 48 volt battery system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the 48 volt battery system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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Where is the largest and fastest growing market for 48 volt battery system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 48 volt battery system market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Markets Covered:

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)

Key Attributes:

Report AttributeDetails
No. of Pages250
Forecast Period2023 - 2027
Estimated Market Value (USD) in 2023$3.49 billion
Forecasted Market Value (USD) by 2027$9.01 billion
Compound Annual Growth Rate26.8%
Regions CoveredGlobal

Key Topics Covered:

1. Executive Summary

2. 48 Volt Battery System Market Characteristics

3. 48 Volt Battery System Market Trends And Strategies

4. 48 Volt Battery System Market - Macro Economic Scenario

5. 48 Volt Battery System Market Size And Growth

6. 48 Volt Battery System Market Segmentation

7. 48 Volt Battery System Market Regional And Country Analysis
7.1. Global 48 Volt Battery System Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global 48 Volt Battery System Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

A selection of companies mentioned in this report includes

  • Continental AG
  • Delphi Technologies
  • East Penn Manufacturing Company
  • EnerSys
  • GS Yuasa Corporation
  • 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

For more information about this report visit https://www.researchandmarkets.com/r/otm1ys

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Global 48 Volt Battery System Market

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