Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- According to the report, the global Automotive Battery Management System market size was USD 4.8 billion in 2020. The market is projected to grow from USD 5.1 billion in 2021 to USD 16.7 billion in 2028 at a CAGR of 18.4% during the 2021-2028 period.
Considering the favorable traits of terminating the usage of fuel-powered vehicles and increasing the implementation of Electric Vehicles (EVs). Therefore, with a surge in the acceptance and usage of EVs, the industry is anticipated to observe the development of progressive automotive battery management systems amid the forecast period. Also, the aspects such as augmenting the range of batteries, data recording, as well as temperature management contribute this market growth.
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Drivers and Restraints:
Surging Urbanization and Regional Travel Necessities to Stimulate Market Growth
In past years, the maximum of the population is moving to urban spaces on account of the growing work prospects and rapid industrialization in the urban areas; urbanization is gaining its peak with every passing year. Additionally, urban passengers are more disposed towards the technologically progressive as well as green movement. With its condensed design, the electric automotive battery management system is one of the topmost solutions with high-end technology.
COVID-19 Impacts: Lockdowns and Supply Chain Delays to Restrain Market Growth
The global pandemic of the COVID-19 virus has had an unfavorable influence on the supply chain and logistics industry, as it had been delayed due to the prompt spread of COVID-19 in the globe. This pandemic has triggered enormous indecision and panic in the industry for all industrial value chain members engaged. To avert the spread of the COVID-19 pandemic, governments across the world have implemented stringent social distancing guidelines as well as limited to complete lockdown involvements.
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Report Coverage:
The market report provided by us is a rounded valuation of the market coupled with current trends and upcoming potentials to launch approximate investment profits. Furthermore, a comprehensive examination of any imminent opportunities, threats, competitions or driving factors is also discussed in the report. Moreover, a systematic regional review is offered.
The COVID-19 effects have been added to the report to guide business experts and owners to view an amplified knowledge of the prevailing jeopardies. The vital players in the market are identified, and their strategies to boost the market growth are documented in the report.
Segmentation:
Based on battery type, the market is segregated into advanced lead-acid based and lithium-ion based. Lithium-ion batteries are projected to observe the fastest growth during the forecast period.
On the basis of propulsion type, the market is classified into BEV (Battery Electric Vehicle), PHEV (Plug-in Electric Vehicle), and HEV.
By application, the market is segmented into Passenger cars and Commercial Vehicles.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and rest of the world.
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Regional Insights:
- Asia Pacific to Dominate Market due to High Urbanization And Smart Cities
- Asia Pacific held the largest automotive battery management system market share and is projected to arise as the quickest-growing region in the upcoming years. It is anticipated to demonstrate dominance with the largest CAGR during the forecast period.
- North America is estimated to be the second-largest position in the global market owing to the rising demand for battery-powered vehicles over IC Engine-driven automobiles.
- Europe holds the third-biggest spot in the market, where Germany ranks first in this local market seeing as several prime automotive manufacturers are located in this region.
List of the Companies Operating in the Market:
- Robert Bosch GmbH (Gerlingen, Germany)
- Continental AG (Hanover, Germany)
- Toshiba Corporation (Tokyo, Japan)
- Intel Corporation (California, U.S.)
- NXP Semiconductors NV (Eindhoven, Netherlands)
- Analog Devices, Inc. (Massachusetts, U.S.)
- Denso Corporation (Aichi, Japan)
- Johnson Matthey, Inc. (London, U.K.)
- LG Chem, Ltd. (Seoul, South Korea)
- Midtronics, Inc. (Illinois, U.S.)
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Global Automotive Battery Management System Market Segmentation:
By Battery Type:
- Lithium-Ion Based
- Advanced Lead-Acid Based
By Propulsion Type:
- BEV
- PHEV
- HEV
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Automotive Battery Management System Market
5. Global Automotive Battery Management System Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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