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.
According to a new research report published by Future Market Insights (FMI), the automotive battery management system market is estimated to reach US$ 15.3 Bn by the end of 2029.
“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.”
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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.
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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
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Middle East & Africa
- Japan
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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