(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The global 48-volt battery system market is projected to flourish at a CAGR of 27.8 % from 2022 to 2031 . As per the report published by TMR, a valuation of US$ 27 billion is anticipated for the market in 2031. As of 2023, the market for 48-volt battery systems is expected to close at US$ 3.7 billion.

The increasingly stringent emission standards imposed by governments and regulatory bodies worldwide have forced automakers to reduce carbon emissions from their vehicles driving the demand for 48-volt battery systems as it help improve fuel efficiency and reduce CO2 emissions in internal combustion engine (ICE) vehicles.

Consumers are increasingly seeking fuel-efficient vehicles, making these systems attractive, and driving the demand for the 48-volt battery system market. 48-volt mild hybrid systems significantly improve fuel efficiency by providing additional power for acceleration and enabling engine-off coasting and start-stop functionality

48-volt battery systems help run internal combustion engines more efficiently and provide greater fuel economy and reduced emissions at a relatively low cost. This is augmenting the global 48-volt battery system market during the forecast period.

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Market Snapshot:

Report Coverage	Details
Market Revenue	US$ 2.3 Bn
Estimated Value	US$ 27.0 Bn
Growth Rate - CAGR	27.8%
Forecast Period	2022-2031
No. of Pages	250 Pages
Market Segmentation	By Component, Electric Vehicle, Vehicle Type
Regions Covered	North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered	A123 Systems LLC, Continental AG, Delphi technologies, East Penn Manufacturing Company, EnerSys, Furukawa Electric Co. Ltd., GS YuCorporation, Hitachi, Ltd., Johnson Controls International Plc, BorgWarner Inc., Robert Bosch GmbH, Valeo SA, Vicor Corporation, ZF Friedrichshafen AG

Key Takeaways from the Market Study

• As of 2022, the 48-volt battery systems market was valued at US$ 2.9 billion
• By component, the 48-volt Lithium-ion Battery segment is expected to hold a dominant share of the global 48-volt battery system industry during the forecast period.
• In terms of electric vehicles, the mild hybrid electric vehicle (MHEV) segment is anticipated to dominate the global 48-volt battery system market during the forecast period.
• Based on vehicle type, the passenger vehicle segment is expected to hold a dominant share of the global 48-volt battery system industry during the forecast period

48 Volt Battery System Market: Key Trends and Opportunistic Frontiers

• Ongoing advancements in battery technology, power electronics, and electric motors have improved the efficiency and performance of 48-volt systems, making them even more appealing to automakers and consumers.
• The demand for hybrid vehicles, which often use 48-volt systems, has been increasing. Consumers appreciate the fuel efficiency and reduced environmental impact offered by mild hybrid technology.

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48 Volt Battery System Market – Regional Analysis

• The 48-volt battery system business in Asia Pacific is projected to grow at a rapid pace during the forecast period, as manufacturers in the region are introducing new materials and technologies to further increase their production capacity. Increasing foon electric and hybrid vehicles, along with stringent emissions standards, has led to increased use of mild hybrid technology.
• North America is expected to account for a significant share in the 48-volt battery system market during the forecast period owing to the increase in demand for hybrid electric vehicles in these regions. Stringent emission norms, higher consumer affordability, the introduction of tax benefits, and subsidies from regulatory bodies in these regions are expected to prompt manufacturers to invest in R&D. This is estimated to enhance product design and quality of the 48-volt battery systems during the forecast period.

Competitive Landscape

The global 48-volt battery system market is fragmented with a large number of technology providers controlling the market share and major companies possessing the potential to increase the pace of growth by the way of adoption of innovative developments. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players.

• A123 Systems LLC
• Continental AG
• Delphi technologies
• East Penn Manufacturing Company
• EnerSys
• Furukawa Electric Co. Ltd.
• GS YuCorporation
• Hitachi, Ltd.
• Johnson Controls International Plc
• BorgWarner Inc.
• Robert Bosch GmbH
• Valeo
• Vicor Corporation
• ZF Friedrichshafen AG

Key Developments in the 48 Volt Battery System Market

• Continental AG had been working on its 48-volt eco-drive system, designed to enhance the efficiency of internal combustion engine (ICE) vehicles. This system features an integrated electric motor and generator.
• Bosch was actively engaged in the development of 48-volt battery systems for mild hybrid vehicles. They had been working on systems that provide support for start-stop functionality and regenerative braking.
• LG Chem , a major battery manufacturer, was supplying 48-volt lithium-ion batteries to automakers for their mild hybrid vehicles. They had been expanding their production capacity to meet the growing demand.
• Johnson Controls , a leader in automotive battery technology, had been supplying absorbent glass mat (AGM) batteries for 48-volt systems to enhance vehicle electrification.

Partial Table of Content ( ToC ):

1. Preface

1.1. Market Definition and Scope

1.2. Market Segmentation

1.3. Key Research Objectives

1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary : Global 48 Volt Battery System Market

3.1. Global 48 Volt Battery System Market Size, Million Units, US$ Bn, 2017-2031

4. Market Overview

4.1. Overview

4.2. Technology Roadmap for 48V Battery System

4.3. Key Trend Analysis

4.4. Market Dynamics

4.4.1. Drivers

4.4.2. Restraints

4.5. Opportunity

4.6. Porter's Five Force Analysis

4.7. Value Chain Analysis

4.7.1. List of Key Manufacturers

4.7.2. List of Customers

4.7.3. Level of Integration

4.8. Regulatory Scenario

4.9. SWOT Analysis

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48 Volt Battery System Market- Key Segments

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
  

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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