Automotive Battery Management System Market to Grow at 13.33% CAGR by 2027
Increasing adoption of all types of electric vehicles drives
the global automotive battery management system market through 2027.
According
to TechSci Research report, “Automotive Battery
Management System Market - Global Industry Size, Share, Trends, Competition,
Opportunity, and Forecast, 2017-2027”, the Global automotive battery management system market is
anticipated to reach USD 9,615.26 million at a CAGR of 13.33% by 2027 because of rapidly expanding electric vehicle sales and advancements in
technology to improve battery management system performance. The primary
function of a battery management system (BMS) includes safety, performance
stability, health monitoring, and communication. Factors such as the rise in
adoption of all types of electric vehicles, partnerships, and
technological development increase demand for electric vehicles, further increasing
the global automotive battery management system market. To keep a record of the
State of Charge (SoC) and State of Health (SoH), the automobile battery
management system connects with various parts of the powertrain. It is one of
the crucial components of the electric car powertrain and contributes to battery
thermal protection, cell balancing, and charging regulation. Many companies in the
market are focusing on investing in research and development of BMS
technologies to make them more efficient and cost- effective.
Due to the rise in demand for electric vehicles in the market,
automotive battery management systems market is expected to grow significantly in
upcoming years. Currently, China has the largest market share due to the faster
adoption of electric vehicles. Automotive BMS is an essential part of battery
monitoring system which ensures its safety and efficiency. However, the COVID-19
pandemic impacted vehicle assembly plants in multiple countries because of
import bans put in place by several countries on components from China. According to
figures on worldwide automobile manufacturing, 2021 had a 13% decline from
2019. Electric car production and penetration are rising in the Asia Pacific
and Europe as a result of the surge in demand and environmental awareness,
despite supply chain disruption and auto component shortages.
In vehicle type, the medium & heavy commercial vehicle segment is
expected to grow at a CAGR of 16.73%, followed by light commercial vehicle
segment, which is expected to grow at a CAGR of 15.20%, and passenger cars by 14.24%.
In terms of propulsion type, the global automotive battery management system market
is segmented into BEV, PHEV, and HEV. Battery electric vehicles account for more than 57% of the overall
market share, followed by hybrid electric vehicles, due to their high sales
volume.
Browse more than 130 market data Figures spread through 110 Pages and an in-depth TOC on "Global Automotive Battery Management System Market "
The global automotive
battery management system market can be segmented based on vehicle type, battery type, type, voltage capacity, propulsion type, region,
and company. Based on vehicle type, passenger
cars currently hold the majority of the market share, followed by two-wheeler, light
commercial vehicles, and medium & heavy commercial vehicles respectively. Based
on battery type, the lithium-ion segment holds the majority of the market
share, followed by lead acid. Based on type, the centralized battery management
system captures more market share, but a decentralized battery management
system shows a higher growth rate in the forecast period. Based on voltage
capacity, two-wheelers and passenger cars with low voltage dominate the
electric vehicle sales capturing nearly 56% in 2021 of the global automotive
battery management system market. On the basis of propulsion type, BEV led the
market with more than 53% market share in 2021, followed by HEV and then the PHEV
segment.
“In 2021, Asia-Pacific region accounted for the
largest market share i.e., 60.43% in the global automotive battery management
system market. The APAC region is expected to maintain its dominance over the
next five years with a market share of 53.36% in the forecast year 2027. European
region is growing at CAGR of 17.81% to capture nearly 37% of overall market in
2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Some of the major companies operating in the Global Automotive Battery
Management System Market include:
- Robert Bosch GmbH
- SAMSUNG SDI
- Renesas Electronics Corporation
- LG Chem Energy Solutions
- BYD Co. Ltd.
- Denso Corporation
- Contemporary Amperex Technology Co. Ltd (Catl)
- Panasonic Holdings Corporation
- Johnson Matthey Battery Systems
- SK Innovation
These are the key players
developing advanced technologies and launching new products to stay competitive
in the market. Other competitive strategies include mergers with tech firms,
new product developments, and marketing activities to increase customer
outreach.
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“The global automotive
battery management system market appears to be one of the fastest growing markets
in the electric vehicle industry. With more than 60% of the market, passenger
vehicles hold the largest share of the worldwide automotive battery management
system market and are anticipated to maintain their dominance during the
projected period.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Automotive Battery Management System Market - Global
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” has
evaluated the future growth potential of global automotive battery management
system market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global automotive battery
management system market.
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