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 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 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 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.
This product will be delivered within 3-5 business days.
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 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 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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. 48 Volt Battery System Market Characteristics3. 48 Volt Battery System Market Trends and Strategies31. Global 48 Volt Battery System Market Competitive Benchmarking32. Global 48 Volt Battery System Market Competitive Dashboard33. Key Mergers and Acquisitions in the 48 Volt Battery System Market
4. 48 Volt Battery System Market - Macro Economic Scenario
5. Global 48 Volt Battery System Market Size and Growth
6. 48 Volt Battery System Market Segmentation
7. 48 Volt Battery System Market Regional and Country Analysis
8. Asia-Pacific 48 Volt Battery System Market
9. China 48 Volt Battery System Market
10. India 48 Volt Battery System Market
11. Japan 48 Volt Battery System Market
12. Australia 48 Volt Battery System Market
13. Indonesia 48 Volt Battery System Market
14. South Korea 48 Volt Battery System Market
15. Western Europe 48 Volt Battery System Market
16. UK 48 Volt Battery System Market
17. Germany 48 Volt Battery System Market
18. France 48 Volt Battery System Market
19. Italy 48 Volt Battery System Market
20. Spain 48 Volt Battery System Market
21. Eastern Europe 48 Volt Battery System Market
22. Russia 48 Volt Battery System Market
23. North America 48 Volt Battery System Market
24. USA 48 Volt Battery System Market
25. Canada 48 Volt Battery System Market
26. South America 48 Volt Battery System Market
27. Brazil 48 Volt Battery System Market
28. Middle East 48 Volt Battery System Market
29. Africa 48 Volt Battery System Market
30. 48 Volt Battery System Market Competitive Landscape and Company Profiles
34. 48 Volt Battery System Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
48 Volt Battery System Global Market Report 2024 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.
Reasons to Purchase
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- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- All data from the report will also be delivered in an excel dashboard format.
Description
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? This report 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 market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- 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.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:1) By Component: Alternating Current(Ac) Or Direct Current(Dc) Inverter; 48-Volt Lithium-Ion Battery; Battery Controller; Power Distribution Box; Other Components
2) By Architecture: Crankshaft Mounted; Belt Driven; Transmission Output Shaft; Dual-Clutch Transmission-Mounted
3) By Electric Vehicle: Battery Electric Vehicle (BEV); Mild Hybrid Electric Vehicle (MHEV); Plug-In Hybrid Vehicle (PHEV); Hybrid Electric Vehicle (HEV)
Companies Mentioned: Continental AG; Delphi Technologies; East Penn Manufacturing Company; Enersys Inc.; GS Yuasa International Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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