According to ESOMAR-certified Future Market Insights’ (FMI), The Automotive Battery Management System Market Share is anticipated to register a CAGR of 25.6%. It is predicted that the market for car battery management systems will grow from US$ 3.8 billion in 2023 to US$ 37.4 billion by 2033.
The Automotive Battery Management System (BMS) Market is experiencing significant growth driven by several factors, including the increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), advancements in battery technology, and growing concerns about battery safety and performance. A battery management system is a critical component of electric vehicles, responsible for monitoring and managing the health, performance, and safety of the battery pack.
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One of the primary drivers of this market is the rising demand for electric vehicles worldwide. With governments implementing stringent emission regulations and consumers increasingly seeking environmentally friendly transportation options, there has been a significant increase in the adoption of electric vehicles. BMS plays a crucial role in optimizing the performance and extending the lifespan of the battery pack, enhancing the overall efficiency and reliability of electric vehicles.
Moreover, advancements in battery technology, such as lithium-ion batteries, have enabled electric vehicles to achieve longer driving ranges, faster charging times, and improved energy density. However, these advanced batteries require sophisticated management systems to ensure safe and reliable operation. BMS monitors key parameters such as cell voltage, temperature, and state of charge, and actively manages the battery pack to prevent overcharging, over-discharging, and thermal runaway, thereby ensuring the safety and longevity of the battery.
Furthermore, the increasing focus on battery safety and reliability is driving the adoption of advanced BMS solutions in electric vehicles. Battery failures and safety incidents can have serious consequences, including vehicle fires and accidents, leading to a loss of consumer confidence in electric vehicles. BMS helps mitigate these risks by continuously monitoring battery health and performance, providing early warnings of potential issues, and implementing appropriate safety measures to prevent catastrophic failures.
Key Takeaways of Automotive Battery Management System Market Study
- Consumer demand across the globe is beginning to bend in favor of electric vehicles, and has strong disruption potential with governments providing purchasing incentives and subsidiaries.
- With the dawn of electro-mobility and the resulting increase in EV production, automakers are offering tailored electric vehicles with modification in battery management systems.
- APEJ is anticipated to remain the fastest-growing region in the automotive battery management system market during the forecast years, owing to several countries encouraging the usage of EVs. China leads the global fleet of electric vehicles.
- Hybrid electric vehicles hold more than two-third of the global EV fleet. Increasing sales of HEVs are foreseen to fuel the demand for battery management systems in the future.
- Electric vehicle fleet is significantly low as compared to ICE vehicles. As a result, the OEM sales channel is projected to retain its prominence throughout the forecast period.
- Although centralized BMS account for a lion’s share in the global market, modular BMS are expected to witness high growth due to its superior functional benefits over its counterparts.
Key Players Operating in Automotive Battery Management System Market Include:
Continental Ag, Dana Limited, Gentherm, Hanon Systems, Mahle Gmbh, Nxp Semiconductors, Renesas Electronics Corporation, Robert Bosch Gmbh, Valeo, Marelli Holdings Co., Ltd.
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Key Segments Covered in the Automotive Battery Management System Market Report
By Vehicle Type:
- Electric Vehicle
- Golf Karts
- Electric Bikes
By Connection Topology:
- Centralized
- Distributed
- Modular
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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