About this market
There are numerous factors driving the growth of the market. One such factor is the low cost of 48V systems, which makes them cost- effective solutions to automotive OEMs. This is widening the scope for 48V systems in mild hybrids and low- powered BEVs. The electrical systems form crucial parts of these vehicles, and low costs associated with 48V systems allow OEMs to reduce the upfront costs associated with 48V systems allow OEMs to reduce the upfront costs of their vehicle. Hence, the low- cost feature of automotive 48V systems is accepted to boost demand for them across the world during the forecast period, particularly through 48V mild hybrids. analysts have predicted that the automotive 48V system market will register a CAGR of more than 114% during by 2022.
Market Overview
Favorable environment supporting EV adopting globally
Most government bodies across the world are taking several initiatives to promote the adoption of EVs. Additionally, various benefits and rewards provided by governments are becoming crucial drivers for the wider adoption of EVs.
Higher total cost of ownership associated with hybrid technology
The prices of EVs are coming down, but they still cost considerably more than ICE vehicles. Further, after- sales cost such as their servicing of hybrid components are expensive due to local markets still developing and the non- availability of hybrid vehicle service parts.
For the detailed list of factors that will drive and challenge the growth of the automotive 48V system market during the 2018-2022, view our report.
Competitive Landscape
The automotive 48V system market is highly concentrated due to presence of few vendors in the market. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.