Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive 48V system market generated $2.22 billion in 2019, and is estimated to reach $21.00 billion by 2027, registering a CAGR of 26.5% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for 48V system to boost the performance of vehicle engine drives the growth of the global automotive 48V system market. However, rise in vehicle price with installationof 48V system is anticipated to restrain the market growth. Furthermore, growing demand for comfort and advanced safetry features in vehicles is expected to provide new growth opportunities during the forecast period.
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- Major automotive 48V system manufactrurers across the globe have shut down their production activities in due to disrupted supply chain and unavailability of skilled labor amid lockdown during the Covid-19 pandemic.
- Frequent lockdown extension to curb the spread of Covid-19 across various nations such as India, the U.S., China, the U.K., and Italy has negatively affected the production and sale of entry and mid size cars, due to which, the demand for automotive 48V system is anticipated to decline.
The report offers a detailed segmentation of the global automotive 48V system market based on architecture, vehicle class, and region.
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Based on architecture, the belt driven segment contributed to the largest share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the transmission output shaft segment is estimated to portray the highest CAGR of 30.5% during the forecast period.
Based on vehicle class, the mid segment accounted for the largest share in 2019, holding nearly two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the entry segment is expected to register the highest CAGR of 27.7% from 2020 to 2027.
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Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the highest CAGR of 27.4% from 2020 to 2027.
Leading market players analyzed in the research include Robert Bosch GmbH, BorgWarner Inc., Dana Limited, Continental AG, GKN (Melrose Industries PLC), Delphi Technologies, Magna International Inc., Lear Corporation, Valeo SA, and Mahle Powertrain Ltd.
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