Automotive 48V System Global Market Report 2024

The automotive 48v system market size has grown exponentially in recent years. It will grow from $5.7 billion in 2023 to $7.27 billion in 2024 at a compound annual growth rate (CAGR) of 27.5%. The growth observed in the historical period can be attributed to various factors including regulations emphasizing fuel efficiency, a surge in demand for electrification, rising power requirements in vehicles, limitations experienced by the traditional 12V systems, and the trend toward hybridization in automotive technologies.

The automotive 48v system market size is expected to see exponential growth in the next few years. It will grow to $17.8 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The anticipated growth in the forthcoming period can be associated with escalating consumer expectations, the shift towards electric and hybrid vehicles, sustained demand for fuel-efficient solutions, market requirements for improved vehicle performance, and regulations focusing on noise reduction. Noteworthy trends anticipated in the forecast period encompass the expansion across various vehicle segments, integration of advanced safety systems, the ongoing evolution of start-stop technology, the creation of more compact components, and tailored offerings to meet the needs of regional markets.

The automotive 48V system market is poised for growth, primarily propelled by the increasing demand for electric and hybrid vehicles. Electric vehicles, powered by electric engines drawing energy from batteries, have gained significant traction. Automotive 48V systems play a crucial role in this landscape, facilitating efficient power distribution to optimize engine accessories and vehicle electronics. This ensures the seamless integration of electric vehicle components without compromising fuel-saving measures. The International Energy Agency reported in April 2023 that over 10 million electric vehicles were sold globally in 2022, marking a 14% increase. This surge contributes to a total of 16.5 million electric vehicles on the road, underscoring the significant market growth driven by the rising preference for electric and hybrid vehicles.

The automotive 48V system market is set to benefit from an increased focus on reducing CO2 emissions. Carbon dioxide (CO2) emissions, resulting from various human activities, especially the combustion of fossil fuels, pose environmental challenges. Automotive 48V systems emerge as a solution by supporting mild hybridization and incorporating features such as regenerative braking. These systems capture and store energy during braking and deceleration, provide additional power during acceleration, facilitate advanced start-stop functionality, and deliver an electric boost during high-load situations. In August 2023, The Environmental Protection Agency highlighted that an average passenger car generates 4.6 metric tons of CO2 annually. This calculation assumes a gas-powered car with a fuel efficiency of 22.2 mpg and an annual mileage of 11,500 miles. Each gallon of gasoline consumed produces approximately 8,887 grams of CO2. The automotive 48V system's role in reducing CO2 emissions aligns with the global emphasis on environmental sustainability, contributing to the market's positive trajectory.

Product innovation stands out as a dominant trend, with major companies actively pursuing the development of innovative solutions to solidify their market positions. In February 2023, Peugeot, a renowned French automobile brand under Stellantis, introduced a new 48V hybrid powertrain for the 3008 and 5008 models. This innovative hybrid system integrates a 136hp PureTech petrol engine with a 6-speed dual-clutch electrified gearbox, featuring an integrated electric motor. This configuration contributes to a remarkable 15% reduction in fuel consumption. Notably, the hybrid system empowers the vehicle to operate in 100% electric mode during low-speed maneuvers in congested areas, showcasing the versatility and fuel-efficiency of the 48V hybrid powertrain.

Major players in the automotive 48V system market are striving to gain a competitive edge through the development of advanced products, exemplified by the introduction of the eDrive product line. This product line is designed to provide global Original Equipment Manufacturers (OEMs) with an integrated and cost-effective eDrive solution. In March 2022, Nexteer Automotive Group Ltd., a prominent US-based manufacturer specializing in automotive steering and driveline systems, launched the 48-volt Integrated Belt-Driven Starter Generator (iBSG) as part of its eDrive product line. This innovation enables the hybridization of conventional internal combustion engine (ICE) vehicles. The iBSG, acting as a belt-driven reversible starter generator with integrated electronics for mild hybrid applications, delivers significant fuel savings - up to 6% on the WLTP cycle compared to traditional stop-start systems. By converting the vehicle into a mild hybrid electric vehicle (MHEV) and replacing the alternator, the iBSG supports regenerative braking, harnessing energy during deceleration and storing it in a 48V battery. This stored energy is subsequently utilized to assist the thermal engine, reducing CO2 emissions and exemplifying the commitment to sustainable automotive solutions.

In October 2023, Infineon Technologies AG, a renowned semiconductor manufacturer based in Germany, completed the acquisition of GaN Systems Inc. for $830 million. This strategic move signifies a significant acceleration of Infineon's GaN technology development, establishing its dominance as a primary force in the GaN arena. This acquisition allows Infineon to leverage GaN Systems Inc.'s extensive portfolio of power conversion technologies and advanced application expertise, reinforcing its standing as a premier leader in power semiconductors. Furthermore, this acquisition promises to substantially expedite product development, reducing time-to-market for innovative solutions. GaN Systems Inc., based in Canada, specializes in the production of automotive 48V systems.

Major companies operating in the automotive 48v system market report are Toyota Motor Corp., Ford Motors Company,General Motors, Honda Motor Co. Ltd., Robert Bosch GmbH., Tesla, Nissan Motor Co.Ltd., Denso Corporation, LG Chem, Bayerische Motoren Werke AG, Continental AG,Magna International Inc., Mazda Motor Corp., Valeo SA, Lear Corporation, Mitsubishi Motors Corporation, Schaeffler AG,Hitachi Astemo Ltd., BorgWarner Inc., Dana Limited, Clarios, MAHLE GmbH, Delphi Technologies, Tata Motors, Eldor Corporation SpA, Aurora,A123 Systems, Trojan Battery Company, VARTA Storage GmbH, Hyundai Motor Company.

Asia-Pacific was the largest region in the automotive 48V system market in 2023. The regions covered in the automotive 48v system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive 48v system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Two primary types of automotive 48V systems are the mild-hybrid vehicles and low-power BEVs (battery electric vehicles). A mild hybrid setup consists of a conventional gasoline or diesel engine paired with a 48V battery and an electric motor, supporting auxiliary electrical components such as the cooling system and entertainment systems. These systems are structured with different architectures, including belt-driven (P0), crankshaft-mounted (P1), dual-clutch transmission-mounted or input shaft of transmission (P2/P3), transmission output shaft, or rear axle (P4) silicone. These systems find applications across entry-level, mid-premium, and luxury vehicle segments.

The automotive 48V system market research report is one of a series of new reports that provides automotive 48V system market statistics, including automotive 48V system industry global market size, regional shares, competitors with an automotive 48V system market share, detailed automotive 48V system market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive 48V system industry. This automotive 48V 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 automotive 48V system market consists of sales of battery controllers, 48V batteries, power bus, and connection points, DC/DC converters, and motor generator units and inverters. 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.