PORTLAND, Ore., Aug. 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive 48V System Market by Architecture (Belt Driven, Crankshaft Mounted, Dual-Clutch Transmission-Mounted, and Transmission Output Shaft) and Vehicle Class (Entry, Mid, Premium, and Luxury): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive 48V system industry generated $2.22 billion in 2019, and is estimated to reach $21.00 billion by 2027, growing at a CAGR of 26.5% from 2020 to 2027.
Increase in demand for hybrid & electric vehicles and 48V battery system drives the growth of the global automotive 48V system market. However, surge in sale of electric vehicle equipped with fully-powered battery and total cost of vehicle hinder the market growth. On the other hand, demand for advanced safety and comforts features and need to lower CO2 emissions present new opportunities in the coming years.
Automotive manufacturers have halted production activities due to lockdown imposed by the government amid the Covid-19 pandemic. Moreover, R&D activities have been stopped. There have been disruptions in supply chain.
As lockdown restrictions have been eased off and manufacturing activities restarted, the unavailability of skilled workers has hampered the production.
Get detailed COVID-19 impact analysis on the Automotive 48v System Market Request Here!
The belt driven segment to maintain its lead position during the forecast period
Based on architecture, the belt driven segment accounted for the highest share in 2019, holding more than two-fifths of the global automotive 48V system market, and is expected to maintain its lead position during the forecast period. This is due to a relatively low integration cost, reduced CO2 emissions, and dynamic performance offered by this architecture. However, the transmission output shaft segment is estimated to witness the highest CAGR of 30.5% from 2020 to 2027, owing to high efficiency, electric driving (creep), and four/all-wheel drive mode provided by this type of architecture.
The mid segment to continue its dominance during the forecast period
Based on vehicle class, the mid segment held nearly two-fifths of the global automotive 48V system market in 2019, and is expected to continue its dominance during the forecast period. This is attributed to reduced sales of mid-sized passenger-vehicles and increase in fleet CO2 targets. However, the entry segment would witness the fastest CAGR of 27.7% from 2020 to 2027. This is due to incorporation of innovative features and smart options such as 48v systems on cost-effective models, including entry class vehicles.
Asia-Pacific to maintain its highest contribution by 2027,North America to grow steadily
Based on region, Asia-Pacific accounted for the highest share of more than two-fifths of the global automotive 48V system market in 2019, and is estimated to maintain its highest contribution by 2027. This is due to development of new products to meet changing consumer demands, rapid industrialization, and initiatives to switch the consumer inclination from petrol to electric or hybrid cars. However, Europe is expected to portray the largest CAGR of 27.4% from 2020 to 2027, owing to increase in adoption of fuel efficient and eco-friendly vehicles in the region along with technological advancements. Contrarily, North America would witness a CAGR of 25.5% during the forecast period.
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