Demand for automotive 48V systems driven by hybrid and electric vehicles, market projected to exceed $32.6 Bn by 2032
From GlobeNewswire: 2024-11-25 04:00:00
The automotive 48V system market is projected to exceed USD 326 billion by 2032, driven by the demand for hybrid and electric vehicles. With the global electric vehicles market expected to surpass USD 1 trillion by 2030, automakers are adopting hybrid technologies to meet emission standards and consumer preferences for eco-friendly options.
The 48V system offers a cost-effective solution for mild hybrid vehicles, enhancing fuel efficiency and performance. Popular in regions like Europe, Asia-Pacific, and North America, these systems appeal to manufacturers and consumers seeking greener transportation options. Stringent fuel efficiency regulations globally are also driving market growth.
The belt-driven segment dominates the automotive 48V system market, capturing over 40% market share and projected to exceed USD 15 billion by 2032. This segment’s simplicity, cost-effectiveness, and integration with existing ICE designs make it a preferred choice. Passenger cars account for approximately 84% of the market share due to higher production volumes and improved fuel efficiency.
Asia Pacific led the automotive 48V system market in 2023 with over 41% market share and is expected to surpass USD 14 billion by 2032. The region’s strong automotive manufacturing sector and government initiatives promoting vehicle electrification support this growth. China’s focus on reducing carbon emissions and enforcing environmental regulations drives the adoption of 48V systems.
Read more at GlobeNewswire: Automotive 48V System Market to reach $32.6 Bn by 2032,