Automotive Battery Management Systems Market To Be Worth US$
DUBAI, United Arab Emirates, March 14, 2022 (GLOBE NEWSWIRE) — According to a new research report published by Future Market Insights (IMF), the automotive battery management systems market is expected to reach $15.31 billion by the end of 2029 In the near future, electric vehicles will dominate the clean vehicle market and drive demand for revolutionary battery management systems. The growing demand for battery management systems in electric bicycles as well as electric cars will accelerate the growth of the market.
|Automotive Battery Management System Market Size (2022)||US$3.05 billion|
|Market Revenue Estimate (2029)||US$15.31 billion|
|Global Market Growth Rate (2022-2029)||25.9% CAGR|
|Market share in Japan||23.6%|
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Key Takeaways from Automotive Battery Management System Market Research
- Consumer demand around the world is starting to tilt in favor of electric vehicles and has great potential for disruption, with governments offering buying incentives and affiliates.
- With the advent of electromobility and the resulting increase in electric vehicle production, automakers are offering bespoke electric vehicles with modified battery management systems.
- APEJ is expected to remain the fastest growing region in the automotive battery management system market over the forecast years as several countries encourage the use of electric vehicles. China leads the world’s electric vehicle fleet.
- Hybrid electric vehicles hold more than two-thirds of the world’s electric vehicle fleet. Rising HEV sales are expected to fuel the demand for battery management systems in the future.
- The fleet of electric vehicles is significantly reduced compared to ICE vehicles. As a result, the OEM sales channel is expected to maintain its dominance throughout the forecast period.
- Although centralized BMSs account for the lion’s share in the global market, modular BMSs are expected to witness strong growth owing to their superior functional advantages over their counterparts.
Automotive Battery Management Systems Market: Competitive Overview
The global automotive battery management systems market is moderately consolidated, with a number of global and regional players operating in it. Analog Devices, Inc., Continental AG, Johnson Matthey Plc, and Robert Bosch GmbH are identified as prominent players in the global automotive battery management systems market.
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|Historical data available for||2015-2021|
|Market analysis||Units for volume, US$ Mn for value|
|Key regions covered||• North America
• Latin America
• East Asia
• South Asia and the Pacific
• Middle East and Africa (MEA)
|Main countries covered||• United States
• South Korea
• New Zealand
• South Africa
• and GCC countries
|Key Market Segments Covered||• Type of vehicle
• Connection topology
• Sales channel
|Profiled Key Companies||• Robert Bosch GmbH
• Johnson Matthey Plc.
• Continental AG
• Toshiba Corporation
• NXP Semiconductors NV
• Analog Devices Inc.
• Renesas electronics company
• Texas Instruments Inc.
• LG Chem Ltd.
• Intel Company
• AVL LIST GmbH
• A/S lithium balance
• Midtronics Inc.
• Preh GmbH
• HORIBA MIRA Ltd.
|Pricing||Available on demand|
The global market will grow alongside the electric vehicle fleet
The global automotive battery management systems market is estimated to witness a significantly high growth during the forecast period. Sales of automotive battery management systems are directly dependent on automotive production as well as the electric vehicle fleet. Regions such as APEJ and Japan, which have relatively larger electric vehicle fleets, collectively account for more than 50% of the overall market share.
“Asia will be the most lucrative regional market for manufacturers of automotive battery management systems”
A detailed assessment of market metrics in regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific & Middle East & Asia Africa (MEA) has been discussed in this IMF market study.
The demand for automotive battery management systems in North America currently accounts for a market share of 17.4% and is expected to witness a good rise over the forecast period. The growing preference for electric vehicles and the presence of major automakers such as General Motors and Tesla are expected to significantly boost automotive BMS sales in this region.
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Automotive battery management system suppliers are investing in the research and development of new, innovative intelligent battery management systems to provide better solutions to their customers.
In March 2022, Aston Martin and Britishvolt announced a collaboration to develop next-generation battery technology for high-performance cars. It’s part of Aston Martin’s sustainability efforts to launch an electric vehicle, and this team will focus on developing new battery modules and automotive BMSs.
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