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Automotive 48V System Market Size
- Report ID: GMI11782
- Published Date: Oct 2024
- Report Format: PDF
Automotive 48V System Market Size
The global automotive 48V system market size was valued at USD 4.8 billion in 2023 and is projected to grow at a CAGR of 24.1% between 2024 and 2032. The global demand for hybrid and electric vehicles (HEVs) is driving the growth of the market. IN 2023, the revenue in the electric vehicles market is projected to reach a staggering over USD 700 billion worldwide and it is projected to reach a market value of USD 1 trillion by 2030. As governments implement stricter emission regulations and consumers become more environmentally conscious, automakers are increasingly adopting hybrid solutions to reduce fuel consumption and emissions.
The 48V system offers an affordable and efficient solution for mild hybrid vehicles, bridging the gap between conventional internal combustion engine (ICE) vehicles and fully electric vehicles (EVs). The rising popularity of mild hybrid electric vehicles (MHEVs) in regions such as Europe, Asia-Pacific, and North America is accelerating the demand for 48V systems. These systems provide enhanced fuel efficiency, lower emissions, and improved performance, making them an attractive option for both automakers and consumers seeking cleaner mobility solutions.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Automotive 48V System Market Size in 2023: | USD 4.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 24.1% |
| 2032 Value Projection: | USD 32.6 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 180 |
| Segments covered: | Architecture, Vehicle, Component |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Moreover, stringent fuel efficiency regulations are driving the growth of the automotive 48V system market. To combat climate change and reduce air pollution, governments worldwide are enforcing tougher emission standards. These mandates compel automakers to adopt technologies that enhance fuel efficiency and reduce carbon emissions. Notably, 48V systems, especially in mild hybrid vehicles, significantly improve fuel economy by optimizing energy use through features such as start-stop functionality and regenerative braking.
By integrating 48V systems, manufacturers can meet regulatory requirements while offering consumers vehicles with better fuel economy without sacrificing performance. This alignment between regulatory demands and technological advancements fosters market growth, encouraging automakers to invest in and adopt 48V technology across various vehicle segments.
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Automotive 48V System Market Scope
