Wilmington, Delaware, United States , March 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global 48 volt battery system market was valued at US$ 2.3 Bn in 2021 and is projected to expand at a CAGR of 27.8% from 2022 to 2031. Demand for compact, cost-efficient 48V automotive battery packs among original equipment manufacturers (OEMs) underpins substantial revenue streams for the battery manufacturers. These (OEMs) are undertaking product portfolio expansion in order to increase customer base.
Battery manufacturers in Asia Pacific are utilizing new materials and bringing constant design advancements to improve performance of 48V battery system, thereby taping into growing consumer demand for cleaner vehicles. Development of electrified vehicles is a key 48 volt battery system market trend that will continue to offer opportunities for battery manufacturers in the near future.
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Key Findings of 48 Volt Battery System Market Study
- Implementation of Electric Powertrain Solutions to Offer Significant Opportunities: Adoption of electric powertrain technology is increasing among automotive OEMs. The automobile industry is adopting a range of electric powertrain solutions in order to achieve fuel economy and to comply with the revised CO₂ emission performance standards in the European Union and the U.S. The trend is gaining momentum, especially for passenger vehicle manufacturers. The passenger vehicle segment accounted for major market share in 2021. The segment is projected to create significant opportunities in the next few years.
- Growing Demand for 48V Battery Pack for Mild Hybrid Applications: Demand for 48V battery pack is increasing rapidly in mild hybrid applications. Automakers have implemented 48V battery pack in mild hybrid vehicles in the past few years. The benefits of 48V architecture include cost-efficiency for automakers and improved driving experience for passengers. The 48V mild hybridization of conventional combustion engines has unlocked significant opportunities for battery manufacturers in the 48 volt battery system market.
Key Drivers
- Increase in implementation of regulations for greenhouse gas emissions from various passenger vehicles is a key driver of the market
- Globally, the automotive industry is transitioning toward electrification of powertrain in order to comply with the fuel economy regulations. Additionally, advancements in mild hybrid vehicles in order to improve driving experience are propelling 48V battery system market development.
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Regional Growth Dynamics
- Asia Pacific is a lucrative market for 48 volt battery systems. The region accounted for major share of the global market in 2021. This is ascribed to surge in demand for 48 volt mild hybrid vehicles among end consumers.
- As per the 48 volt battery system market report, Europe and North America are likely to be promising markets in the next few years. Governments in these regions are undertaking initiatives to incentivize the uptake of zero emission vehicles. This is likely to support the adoption of 48V battery system among automotive manufacturers.
Competition Landscape
TMR analysts indicate that the market landscape is fragmented, with relatively few players accounting for majority share. Key companies in the 48 volt battery system market are focusing on product innovations to increase market share.
Prominent players operating in the 48-volt battery system market are
- ZF Friedrichshafen AG,
- Vicor Corporation,
- Valeo SA,
- Robert Bosch GmbH,
- BorgWarner, Inc.,
- GS Yuasa Corporation,
- Furukawa Electric Co. Ltd.,
- Delphi Technologies, and Continental AG.
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48 Volt Battery System Market Segmentation
- Component
- AC/DC Inverter
- 48-volt Lithium-ion Battery
- Battery Controller
- Power Distribution Box
- Electric Vehicle
- Battery Electric Vehicle (BEV)
- Mild Hybrid Electric Vehicle (MHEV)
- Plug-in Hybrid Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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