DUBAI, United Arab Emirates, March 14, 2022 (GLOBE NEWSWIRE) — According to a new research report published by Future Market Insights (FMI), the Automotive Battery Management System Market is estimated to reach US$ 15.31 Bn by the end of 2029. 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.
|Automotive Battery Management System Market Size (2022)||US$ 3.05 Bn|
|Market Revenue Estimation (2029)||US$ 15.31 Bn|
|Global Market Growth Rate (2022-2029)||25.9% CAGR|
|Japan Market Share||23.6%|
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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.
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Scope of the Report
|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 & Pacific
• Middle East & Africa (MEA)
|Key Countries Covered||• United States
• South Korea
• New Zealand
• South Africa
• and GCC Countries
|Key Market Segments Covered||• Vehicle Type
• Connection Topology
• Sales Channel
|Key Companies Profiled||• Robert Bosch GmbH
• Johnson Matthey Plc.
• Continental AG
• Toshiba Corporation
• NXP Semiconductors NV
• Analog Devices Inc.
• Renesas Electronics Corporation
• Texas Instruments Inc.
• LG Chem Ltd.
• Intel Corporation
• AVL LIST GmbH
• Lithium Balance A/S
• Midtronics Inc.
• Preh GmbH
• HORIBA MIRA Ltd.
|Pricing||Available upon Request|
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.
“Asia to Be Most Lucrative Regional Market for Automotive Battery Management System Manufacturers”
Detailed assessment of market metrics across regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA) have been discussed in this FMI market survey.
Demand for automotive battery management systems in North America currently accounts for a market share of 17.4%, and is expected to see a good hike over the forecast period. Increasing preference for electric vehicles and the presence of key automobile manufacturers such as General Motors and Tesla are expected to majorly boost the sales of automotive BMS in this region.
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Automotive battery management system providers are investing in the research & 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. This is part of Aston Martin’s sustainability efforts to launch an electric vehicle, and this team-up will focus on the development of new battery modules and automotive BMS.
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