Farmington, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Battery Management System Market Size Was USD 5.14 Billion In 2021. The Market Is Projected To Grow From USD 5.56 Billion In 2022 To USD 15.18 Billion By 2030, Exhibiting A CAGR Of 15.4% During The Forecast Period. The COVID-19 pandemic has been frightening and has never happened before. In all places, the demand has been higher than expected compared to before the pandemic. Our study shows that the global market grew by 10% from 2019 to 2020.
A rise in the use of electric and hybrid electric cars, more partnerships and collaborations for the development and integration of BMS, and more work by the government on charging infrastructure for electric mobility will all help the market grow. The growing demand for smart battery management systems in new electric cars will also help push the use of BMS in cars.
Request Sample Copy of Report “Automotive Battery Management System Market Size, Share & Trends Estimation Report By Propulsion Type (BEV, PHEV, and HEV), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- January 2021: Texas Instruments (TI) unveiled its highest performing solution for wireless BMS. This solution enables automakers to improve reliability, minimize design complexity, and reduce vehicle weight to extend range.
- August 2020: Infineon Technologies Launches New Battery Management System Infineon Technologies has launched a new battery management system called the TLE9012AQU to balance and manage battery charge in electric vehicles. Primarily designed for hybrid and electric vehicle batteries, but also suitable for other applications such as energy storage systems and e-bike battery management systems.
Segment Overview
Propulsion Type Insights
In 2021, the BEV segment had the biggest share of the market, and this is expected to stay true during the forecast period. Some of the things that are helping the segment grow are government policies that make it easier to buy battery-electric vehicles, more battery charging stations in tourist and public places, and the price of BEVs going down as technology gets better. Also, the fact that there are a lot of battery-powered cars in large countries like the U.S., Europe, China, and others is likely to help the segment grow.
Vehicle Type Insights
The most money was made by private cars in 2021, and this is likely to still be true in 2029. This is because there are a lot more people living in towns now, and they all have to get to work. Electric cars are also becoming more popular because gas prices are going up, people are becoming more worried about the environment, and it doesn't cost much to run an electric car.
The commercial vehicle segment is likely to grow the fastest over the next few years. Most of the rise in demand for electric commercial vehicles is due to tighter emission rules for commercial vehicles in major countries around the world. Leading commercial vehicle makers are also putting a lot of work into making and selling business vehicles with a lot of power and a long range. Because of this, the segment of commercial vehicles is projected to grow at a high CAGR during the forecast period.
Regional Outlook:
Asia-Pacific was the biggest market in the world in 2021, with a size of USD 2.40 billion, and this is expected to stay the case for the next few years. China has a big market for electric cars, which has helped the business grow. The market is also likely to grow in the future because India, South Korea, Japan, and other developing APAC countries are using more commercial electric cars. For example, the China Passenger Car Association says that from 2020 to 2021, the number of electric passenger cars sold in China rose by 169.1%, to almost 2.99 million.
Europe is the second-fastest-growing market. There are a lot of big market players and cars in Europe, which helps the growth of the market. Also, the European market is growing because regulations on vehicle emissions are getting stricter, support for electric vehicles is rising, and more money is being put into electric vehicle innovations.
North America is likely to grow at the fastest rate after Asia-Pacific. Electric cars and trucks are selling very well in the U.S., so the market is rising. Also, the market should grow at a good rate over the next few years because more people are interested in making and selling electric autonomous cars and Robo-taxis.
The CAGR for the rest of the world is projected to be quite high from 2022 to 2029. In Brazil, the United Arab Emirates, South Africa, and Saudi Arabia, among other places, more people are getting cars that run on batteries. This, along with more investments in public charging infrastructure in Latin America and the Middle East, is expected to drive the adoption of electric cars, which in turn drives the growth of the automotive battery management system market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 15.4% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 15.18 Billion |
| By Propulsion Type | BEV, PHEV, HEV, Others |
| By Vehicle Type | Passenger Cars, Commercial Vehicles, Others |
| By Companies | Robert Bosch GmbH. (Germany), Continental AG (Germany), Toshiba Corporation (Japan), NXP Semiconductors (Netherlands), Denso Corporation (Japan), Intel Corporation (U.S.), Analog Devices (U.S.), Johnson Matthey (U.K.), LG Chem (South Korea), Midtronics (U.S.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Putting wireless BMS in place will help the market grow.
Most electric cars use a wired BMS to monitor the health and charge level of the battery. In standard wired systems, copper wires connect each cell of the battery to the next. This kind of style can be hard to use and cost a lot of money. With a wireless BMS, you don't have to make new communication networks or rewire new vehicles. The method will help make sure that its final battery can be used in the future by many different brands and types of vehicles.
Driving Factors:
As more people buy electric and hybrid electric cars, the market will grow.
Demand is going up a lot for electric vehicles (EV) as well as cars with normal internal combustion engines (IC). This is because of stricter pollution rules like the Kyoto Protocol, better government policies and subsidies for buying battery and hybrid electric vehicles, and more people knowing how bad gasoline and diesel cars are for the environment. For example, a study by PWC says that from 2020 to 2021, sales of battery electric vehicles (BEVs) grew by 121% worldwide. China was the leader in the market, selling almost 3 million BEVs. This was 172% more than in 2020. In 2021, the number of new electric cars registered in Germany, the UK, and the US all went up by 83%, 76%, and 62%, respectively. Also, Bloomberg Finance L.P. says that there will be 677 million passenger and business ZEVs around the world by 2040. Also, new data from BloombergNEF shows that battery-electric and plug-in hybrid cars made up 7.2% of global car sales in 2021. In 2019 and 2020, these types of cars only made up 2.6% and 4.3% of sales, respectively. Also, automakers and customers are putting more effort into making and selling EVs because of worries about the environment and strict rules about how much pollution cars can put out. General Motors, Ford, and other car makers have said that by 2040, no emissions will be made by any car they sell. So, the battery is the main source of power for EVs, and the need for a good BMS is expected to increase. People are becoming more concerned about the environment, and there are incentives for making BEVs and HEVs, so there is going to be a huge demand for automotive BMS.
Restraining Factors:
A rise in the price of cars will slow the growth of the market.
Installation of sin vehicles depends on the type and design of the vehicle. This increases the cost of making cars because parts of the battery tracking and control systems need a good cooling system to work well. Also, the battery management system (BMS) needs to have a lot of ports and plugs so that it can connect directly to all of the battery packs. So, putting in such systems can make the end price of a car go up by a lot, which may make people who care about prices less likely to buy cars. Automakers are less likely to use BMS because of this, even though they could be useful. So, people who want to save money when they buy a car don't pay more. Because of this, companies are less likely to spend in new technologies and money, which slows the growth of the market for battery management systems.
Key Segments Covered:
Top Market Players:
Robert Bosch GmbH. (Germany), Continental AG (Germany), Toshiba Corporation (Japan), NXP Semiconductors (Netherlands), Denso Corporation (Japan), Intel Corporation (U.S.), Analog Devices (U.S.), Johnson Matthey (U.K.), LG Chem (South Korea), Midtronics (U.S.), and others.
By Propulsion Type
- BEV
- PHEV
- HEV
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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