PUBLISHER: The Business Research Company | PRODUCT CODE: 1409143
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409143
“48 Volt Battery System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on 48 volt battery system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for 48 volt battery system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The 48 volt battery system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
A 48-volt battery system is a type of electrical power storage system that involves the connection of four batteries in series, resulting in a nominal voltage rating of 48 volts. This configuration is employed to elevate power to components without necessitating an increase in current.
The primary components of 48-volt battery systems include alternating current (AC) or direct current (DC) inverters, 48-volt lithium-ion batteries, battery controllers, power distribution boxes, and other associated elements. A 48V lithium-ion battery is assembled by connecting four 12-volt lithium cells in either a series or parallel arrangement. Various architectural configurations include crankshaft-mounted, belt-driven, transmission output shaft, and dual-clutch transmission-mounted setups. Additionally, the different types of end-use electric vehicles utilizing 48-volt battery systems encompass battery electric vehicles (BEV), mild hybrid electric vehicles, plug-in hybrid vehicles (PHEV), and hybrid electric vehicles (HEV).
The 48 volt battery system market research report is one of a series of new reports from The Business Research Company that provides 48 volt battery system market statistics, including 48 volt battery system industry global market size, regional shares, competitors with a 48 volt battery system market share, detailed 48 volt battery system market segments, market trends, and opportunities, and any further data you may need to thrive in the 48 volt battery system industry. This 48 volt battery system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The 48 volt battery system market size has grown exponentially in recent years. It will grow from $3.45 billion in 2023 to $4.42 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth observed in the historical period can be attributed to several factors, including the implementation of fuel efficiency standards, advancements in power electronics, the integration of hybridization in mass-market vehicles, consumer demand for enhanced fuel economy, and the emphasis on cost-effectiveness in the automotive industry.
The 48 volt battery system market size is expected to see exponential growth in the next few years. It will grow to $11.4 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The anticipated growth in the forecast period can be attributed to several factors, including the enforcement of stricter emission standards, an increased demand for electric features in vehicles, the ongoing trend of automotive electrification, higher adoption rates across various vehicle types, and government initiatives promoting green mobility. Noteworthy trends expected in the forecast period include the integration of 48-volt battery systems in mild hybrid vehicles, the electrification of ancillary systems, support for advanced driver assistance systems (ADAS), advancements in energy storage technologies, and collaborative efforts for standardization in the industry.
The burgeoning adoption of electric vehicles (EVs) is anticipated to serve as a significant catalyst for the growth of the 48-volt battery system market in the foreseeable future. Electric vehicles operate using an electric motor powered by a rechargeable battery that can be charged externally. A 48-volt battery system, in comparison to a traditional 12-volt system, offers enhanced power output and quicker charging capabilities, leading to accelerated acceleration rates and extended driving ranges for EVs. This technological advancement may significantly bolster energy efficiency and further reduce emissions. Consequently, the surging adoption of electric vehicles translates into an escalated demand for the 48-volt battery system. As highlighted in the September 2022 Global EV Outlook 2022 report by the International Energy Agency-an autonomous intergovernmental organization based in France-electric vehicle sales in 2021 doubled from the previous year, reaching a milestone of 6.6 million units. Moreover, electric cars accounted for a 4% sales share globally in 2021. Hence, the escalating adoption of electric vehicles acts as a primary driver for the 48-volt battery system market.
The escalating demand for automated vehicles is significantly contributing to the upward trajectory of the 48-volt battery system market. Automated vehicles are vehicles equipped with technology enabling them to sense their surroundings and operate without human intervention. Within automation technologies in vehicles, the 48-volt battery system plays a crucial role in supporting the heightened electrical demands associated with autonomous functionalities. As projected by data from Capgemini, a France-based information technology services company, autonomous cars are estimated to constitute 15% of total global car sales by 2023, with an expected annual sale of 95 million autonomous cars by 2035. Hence, the increasing demand for automated vehicles stands as a pivotal driving force behind the growth of the 48-volt battery system market.
The emergence of product innovations remains a pivotal trend gaining momentum within the 48-volt battery system market. Leading companies operating within this sector are diligently focused on developing innovative solutions to solidify their market foothold. An example of this innovation occurred in January 2022 when American Battery Solutions Inc., a US-based manufacturer specializing in industrial and commercial lithium-ion batteries, unveiled the alliance I48-3.0 lithium-ion battery. This battery model offers heightened power output, increased range, durability, and low maintenance, specifically tailored for golf cars and other electric vehicles of an industry-standard GC2 size. A standout feature of this product is its capacity to endure high-power demands, boasting capabilities of 350 Amp pulse and 120 Amp continuous discharge.
Prominent entities within the 48-volt battery system market are directing their efforts toward introducing 48V LIB (48 Volt Lithium-Ion Battery) solutions to meet burgeoning consumer demand. The 48-volt lithium-ion battery represents a sophisticated alternative energy solution for consumers seeking to upgrade existing or new lift trucks. An illustration of this occurred in January 2022 when The Raymond Corporation, a US-based leader in intralogistics solutions, launched the Energy Essentials Distributed by Raymond 48-volt drop-in lithium-ion battery (48V LIB). This product effectively addresses consumers' concerns regarding space requirements, power output, and operational duration commonly encountered during the adoption of alternative power sources. Distinguished by its higher energy density within a reduced footprint, this battery configuration delivers augmented power output, reduced charging durations, and extended operational run-times.
In February 2022, BorgWarner Inc., a US-based vendor specializing in automotive engineering systems and components, concluded the acquisition of Akasol AG for an undisclosed amount. This strategic acquisition is intended to significantly bolster BorgWarner's capabilities in the domains of commercial vehicle and industrial electrification, positioning the company advantageously in the market. Akasol AG, a Germany-based manufacturer renowned for producing lithium-ion battery systems, offers scalable, reliable, and compatible power solutions tailored for global electric transportation applications.
Major companies operating in the 48 volt battery system market report are Continental AG, Delphi Technologies, East Penn Manufacturing Company, Enersys Inc., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc, BorgWarner Inc., Robert Bosch GmbH, Valeo SA, A123 Systems LLC, Furukawa Electric Co. Ltd., Vicor Corporation, BYD Co. Ltd., ZF Friedrichshafen AG, Aptiv PLC, Panasonic Corporation, Toshiba Corporation, Tianjin Lishen Battery joint stock Co. Ltd., OptimumNano Energy Co. Ltd., Contemporary Amperex Technology Co. Ltd., Samsung SDI Co. Ltd., LG Energy Solution Ltd., SK Innovation Co. Ltd., Altra Industrial Motion, Curtis Weight Corporation, Rotork Plc., Honeywell Corporation, Sinopoly Battery Limited, Victron Energy B.V., Trojan Battery Company .
Asia-Pacific was the largest region in the 48 volt battery system market in 2023. The regions covered in the 48 volt battery system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the 48 volt battery system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The 48 volt battery system market consists of sales of industrial battery packs, battery management systems (BMS), chargers, inverters, fuses, circuits, controls, and connectors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.