Automotive 48V System Industry - Regional Synopsis
APAC Market Statistics
Automotive 48V system market in Asia Pacific industry is anticipated to dominate majority revenue share of 45% by 2037. The market growth in the region is expected on account of the increasing popularity of battery-powered cars and the expansion of automotive manufacturing facilities. Moreover, customers in the region are placing a higher priority on fuel efficiency, which has led to the development and adoption of the low-cost 48V system. The market for fuel-efficient automobiles has experienced significant expansion, mostly due to rising gasoline prices in key Asian economies.
The governments of China and India have subsidized the purchase of electric vehicles, which may drive the demand for automotive 48V systems. Additionally, an upfront subsidy from the federal or state governments lowers the overall cost of electric vehicles, making them more affordable for individuals. China spent roughly USD 72 billion in subsidies to support the new energy-vehicle sector, which encompasses electric and plug-in hybrid vehicles, between 2009 and 2022.
Europe Market Analysis
Europe will encounter enormous growth in the automotive 48V system market during the forecast period. In Europe, electric cars (EVs) have emerged as the driving force in the quickly changing landscape of sustainable transportation due to rising social demand and public awareness of decarbonization. A shift towards a broader EV uptake may augment the demand for automotive 48V systems. Moreover, Europe is unquestionably leading the 48-volt movement as by 2025 more than 10% of vehicles produced will be 48-volt systems.
The Automotive 48V system is a cutting-edge innovation that is gaining immense attention in Germany as the German federal government offers financial advantages to anyone who wants to buy plug-in hybrid or all-electric cars.
The automotive 48V system market in Italy for plug-in hybrid electric vehicles is expected to expand, therefore manufacturers and suppliers will need to create fuel-efficient 48V systems. In Italy, BEV adoption is growing well owing to the growing partnerships, collaborations among automotive 48V system market players, and new product releases.
