According to ESOMAR-certified Future Market Insights’ (FMI), The Automotive Battery Management System Market 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 largest market in Europe is the United Kingdom, accounting for almost US$ 2.7 billion in revenue. The region has experienced rapid growth in part as a result of government initiatives to erect charging infrastructure throughout the area. Several other European countries’ goals to reduce carbon emissions and increase the use of electric vehicles by the year 2023 are also motivating the construction of EV charging stations in the region.
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In the near future, electric vehicles will dominate the clean vehicle market, and necessitate demand for revolutionary battery management systems. Steadily growing demand for battery management systems in e-bikes as well as electric cars will squarely surge market growth.
In order to manage lithium-ion batteries, which have higher energy densities and longer operating lives than conventional batteries, EVs, HEVs, and electric motorcycles employ battery management systems. Throughout the projection period, the expansion of the electric vehicle industry is also predicted to offer significant opportunity for EV component producers of automotive battery management systems.
“In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.”
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.
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Automotive Battery Management System Market: Competition Overview
The global automotive battery management system market is moderately consolidated, with a number of global as well as regional players operating in it.
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.
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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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