Pre & Post COVID-19 Market Estimates-Global Automotive 48V System Market 2020-2024|Development of 48V Battery System to Boost Market Growth| Technavio
LONDON--(BUSINESS WIRE)--Apr 22, 2020--
The automotive 48V system market is expected to grow by 21.38 million units during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced the latest market research report titled Global Automotive 48V System Market 2020-2024 (Graphic: Business Wire)
The automotive 48V system is gaining in popularity globally amid strong demands for mild HEVs. Prominent luxury OEMs are also adopting 48V systems in ICE-based vehicles for applications such as electric superchargers and active suspension systems. The automotive 48V system is an ideal solution for automotive OEMs as demand for high power appliances is surging in the industry. As the 48V battery comprises a crucial component of the automotive 48V system, most battery manufacturers have begun developing 48V batteries. For instance, Johnson Controls offers 48V battery systems for mild HEVs for use with 48V motors and electronics to deliver 15% more fuel economy over conventional vehicles. Thus, the development of 48V battery system will drive the growth of the market during the forecast period.
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As per Technavio, the development of a low-cost 48V all-electric drive solution will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive 48V System Market: Development Of Low-cost 48V All-electric Drive Solution
Automotive 48V systems are popular among hybrid vehicles as they benefit from the use of these systems to create extra power during acceleration and increase fuel-efficiency. As a result, 48V systems have led to the development of low-cost mild hybrids that are becoming widely popular across the world. These systems are being developed for low-powered BEVs available in emerging economies. Valeo developed the 48V all-electric technology demo in partnership with Shanghai Jiao Tong University, which is 20% more economical than the existing high-voltage system used in low-powered BEVs. Demand for low-powered BEVs is growing in emerging economies where vehicles are often driven at low speeds in crowded urban areas. Thus, the development of 48V all-electric drive solution is fueling the growth of the market.
“Factors such as the integration of electric motor and inverter in mild hybrid vehicles, and the development of 48V systems for commercial vehicles will have a positive impact on the growth of the automotive 48V system market value during the forecast period,” says a senior analyst at Technavio.
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Automotive 48V System Market: Segmentation Analysis
This market research report segments the automotive 48V system market by application (mild HEVs, low-powered BEVs, and others), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive 48V system market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the region is expected to register the highest incremental growth due to factors such as the growing demand for EVs in countries such as China, Japan, South Korea and the growing awareness about eco-friendly driving practices.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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PUB: 04/22/2020 08:00 AM/DISC: 04/22/2020 08:00 AM