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.
According to a new research report published by Future Market Insights (FMI), the automotive battery management system market is estimated to reach US$ 15.3 Bn by the end of 2029.
“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.”
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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.
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. Analog Devices, Inc., Continental AG, Johnson Matthey Plc, and Robert Bosch GmbH are identified as prominent players in the global automotive battery management system market.
Global Market to Grow in Parallel with Electric Vehicle Fleet
The global market for automotive battery management systems is estimated to witness considerably high growth during the forecast period. Sales of automotive battery management systems directly depend on automotive production as well as electric vehicle fleet. Regions such as APEJ and Japan, having relatively higher electric vehicle fleets, collectively account for more than 50% of the overall market share.
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The research scope of the global automotive battery management system market has been primarily bifurcated into four segments: vehicle type, connection topology, sales channel, and region. The study provides an in-depth analysis of market sizing, forecasting, and market share analysis for automotive battery management systems. The report delivers a comprehensive assessment of the important dynamics of the global automotive battery management system market.
AUTOMOTIVE BATTERY MANAGEMENT SYSTEM MARKET TAXONOMY
The global automotive battery management system market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Vehicle Type
- Electric Vehicles
- Passenger Cars
- HEVs
- PHEVs
- BEVs
- Commercial Vehicles
- HEVs
- PHEVs
- BEVs
- Golf Carts
- E-Bikes
Connection Topology
- Centralized
- Distributed
- Modular
Sales Channel
- OEMs
- Aftermarket
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Middle East & Africa
- Japan
