Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- The global automotive battery management system market size was USD 8.25 billion in 2022. The market is expected to grow from USD 9.27 billion in 2023 to USD 26.46 billion by 2030 at a CAGR of 16.17% in the 2023-2030 period. Battery management system (BMS) controls the performance of electric vehicle batteries. This system manages the recharging of the battery by controlling its operating area, balancing it, and protecting the battery. This information is provided by Fortune Business Insights, in its report titled, “Automotive Battery Management System Market, 2023-2030.”
Market Drivers & Restraints:
With the Surge in the Demand for Electric Vehicles, the Demand for BMS to Rise
Surge in the demand for electric vehicles is anticipated to drive the automotive battery management system market growth. With strict rules and regulations globally, the demand for electric vehicles is likely to increase as the battery is the powerhouse of electric vehicles. Rising environmental concerns and incentives for EV purchases is expected to drive market growth. Moreover, rising environmental concerns and incentives for EV purchases are expected to generate huge opportunities for the automotive battery management system market over the forecast period. However, the high cost of battery management systems is expected to hamper the market growth.
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Automotive Battery Management System Market Scope:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 16.17% | |
| 2030 Value Projection | USD 26.46 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 8.25 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 150 | |
COVID-19 Impact:
Negative Impact on the Automotive Sector Led to Transportation Activities And Supply Chain Problems
The COVID-19 pandemic negatively affected the automotive sector due to a halt in transportation activities and supply chain problems. Favorable government spending, stringent regulations, and subsidies offered by governments worldwide fueled the sales of electric vehicles. Favourable rules and regulations by the government supported the market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-battery-management-system-market-105479
Segments of Report:
BEV Segment to Lead Due to Growing Popularity for Fully Electric Vehicles
On the basis of propulsion type, the market is divided into BEV, PHEV, and HEV. BEV is expected to dominate the market share as BEVs are powered entirely by electricity and growing popularity for fully electric vehicles. PHEV is also set to have considerable market growth and high penetration of battery-based electric vehicles in major regions and countries, such as the U.S., Europe, China, and others.
Passenger Cars To Held The Dominant Share In 2022 Due to Increasing Levels of Urban Population
On the basis of vehicle type, the market is divided into passenger cars and commercial vehicles. Passenger cars dominated the segment share in 2022 and are expected to dominate in 2030 due to increasing levels of urban population and their conveyance requirements. The commercial vehicle segment is anticipated to have the fastest growth rate due to stringent emission regulations on commercial vehicles in major countries increasing the demand for commercial electric vehicles. The segment is also expected to have the highest CAGR during the forecast period. Based on geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights:
Asia Pacific Led In 2022 Due To High Adoption of Electric Cars in China
Asia Pacific dominated the automotive battery management system market share due to the high adoption of electric cars in China. The market was valued at USD 3.87 billion in 2022 due to the deep penetration of commercial electric vehicles in developing countries such as India, South Korea, Japan, and others. Europe is set to be the second-largest share in 2022 due to the presence of many leading market players and major automobile manufacturers. Electrification, increasing regulations on vehicular emissions, and investments in EV innovation are also driving regional market growth.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Competitive Landscape:
Key Players Who Are Opting For Partnership, Collaboration, and Acquisition Strategies
The market is fragmented with key players who are opting for partnership, collaboration, and acquisition strategies. Key market players in the business are grabbing untapped opportunities in emerging markets. In January 2022, Dukosi, partnered with Global Foundries for the production of a next-generation automotive battery management system for electric vehicles. Such partnership strategies are helping to gain a competitive edge for the market players.
Notable Industry Development:
March 2023: Qorvo launched the first single-chip intelligent battery management solutions for 20-cell systems which are intelligent battery management solutions (BMS) for various industrial, battery backup, and e-mobility applications
List of Key Players Covered in Automotive Battery Management System Market Report:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Toshiba Corporation (Japan)
- Intel Corporation (U.S.)
- NXP Semiconductors NV (Netherlands)
- Analog Devices, Inc. (U.S.)
- Denso Corporation (Japan)
- Johnson Matthey, Inc. (U.K.)
- LG Chem, Ltd. (South Korea)
- Midtronics, Inc. (U.S.)
Automotive Battery Management System Market Segmentation:-
By Propulsion Type
- BEV
- PHEV
- HEV
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Development
- Impact of Covid-19
- Global Automotive Battery Management System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Propulsion Type
- BEV
- PHEV
- HEV
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued...
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