In this report, Technavio covers the market outlook and growth prospects of the global automotive V48 system market for 2017-2021. By vehicle type, this market is segmented into entry-level, mid-premium, and luxury vehicles.
In 2016, entry-level vehicles accounted for 90% of the market share. The attractive volume of customers in this market space draws significant competition, whereas the price-sensitive nature of the customer base restricts the additional features that manufacturers can provide. This is pushing for the introduction of advanced features at affordable costs. However, there will be a decline in growth rate of low-power battery electric vehicles (EVs), giving way to mid-premium and luxury vehicles.
The mid-premium vehicle segment is expected to showcase an extremely impressive CAGR of almost 181% in the market forecast period. The demand for mid-premium vehicles is maximum in the US and European markets, where global wealth distribution is high. The luxury vehicle segment is a niche market within the industry, which extract high revenue with low volume of sales. 48V system equipped luxury cars like Porsche Panamera are expected to establish a strong market by 2019.
Technavio’s research study segments automotive V48 systems into the following regions:
- North America
APAC: largest automotive V48 systems market
“The developments and adoption of the low-cost 48V system in APAC countries like Japan, India, South Korea, and China will push the market growth during the forecast period. Countries like India, Korea, Hong Kong, and Singapore is forecast to find a good adoption of these vehicles since the high-voltage hybrid electric vehicle market is not very prominent in these countries,” says Siddharth Jaiswall, one of the lead market research analysts at Technavio for automotive electronics research.
In South Korea, prominent vendors like Hyundai Motor and Kia along with other local manufacturers are developing prototypes for 48V systems with grants from the government. There is also an ongoing three-year plan to commercialize 48V low-power battery EVs (BEVs) by 2017. In 2015, Indian EV market was dominated by the domestic car makers like Mahindra & Mahindra and Tata Motors. The FAME project launched under the National Electric Mobility Mission 2020, is a government-industry collaboration welcoming Indian and foreign automaker to start the production and sales of low-cost hybrid vehicles and EVs in India.
Other countries have also started to make impact on this market space. For instance, Hong Kong has manufacturers such as EuAuto Technology who are involved in production of low-power BEVs using the 48V system.
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Europe: fastest growing market segment
Europe is forecast to reach about 1.3 million units in sales, and have the highest growth with a CAGR of over 111%. The automotive industry has a strong presence in Europe, having accounted for 6.9% of the region’s GDP in 2014. Europe is expected to overtake APAC and dominate this market space by the end of the forecast period.
France, UK, Germany, the Netherlands, and Spain are the largest contributors to the hybrid EV market in terms of volume. The two main drivers of the market in this region will be the rising petroleum prices and the declining cost of Li-ion batteries. The market is on very healthy pattern, with mid-hybrid vehicle sales in the European market reporting a tenfold growth in the 2015-2016 period.
North America: market mainly driven by the US
“North America will match Europe in terms of projected growth rate, with a CAGR of almost 111%. The North American automotive 48V system market’s main contributor is the US. In addition to large domestic players such as Ford Motor, General Motors, and Fiat Chrysler Automobiles, the US also acts as a base for manufacturers such as Toyota Motor, Nissan, Honda Motor, Mercedes-Benz, Hyundai Motor, Kia, BMW, Mitsubishi, Mazda, and Subaru. The automotive industry accounts for nearly 3.5% of the US GDP,” says Siddharth.
The major factors pushing the market growth are the increasing charging infrastructure availability and tax benefits from the government to automakers, suppliers, and buyers. For instance, in the US, automakers are getting incentives for those EV models which satisfy the US Corporate Average Fuel Economy (CAFÉ) standards.
The top vendors in the automotive V48 systems market highlighted in the report are:
- Delphi Automotive
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