According to a new research report published by Future Market Insights (FMI), the automotive battery management system market size is estimated to reach US$ 15.3 Billion 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.
“In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.”
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.
For more information: https://www.futuremarketinsights.com/reports/automotive-battery-management-system-market
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.
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.
AUTOMOTIVE BATTERY MANAGEMENT SYSTEM MARKET TAXONOMY
The global automotive battery management system market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Vehicle Type
Electric Vehicles
Passenger Cars
HEVs
PHEVs
BEVs
Commercial Vehicles
HEVs
PHEVs
BEVs
Golf Carts
E-Bikes
Connection Topology
Centralized
Distributed
Modular
Sales Channel
OEMs
Aftermarket