According to ESOMAR-certified Future Market Insights’ (FMI), The automotive battery management system market size is expected to record a CAGR of 25.6% during the forecast period. The automotive battery management system market size is anticipated to rise from US$ 3.8 billion in 2023 to US$ 37.4 billion by 2033.
The Automotive Battery Management System (BMS) market is expected to experience significant growth in the future, driven by several factors including the increasing adoption of electric vehicles (EVs), the growing demand for high-performance and long-lasting batteries, and advancements in battery technology.
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One of the main drivers of growth in the Automotive BMS market is the increasing adoption of EVs, which require advanced battery management systems to ensure optimal performance and safety. As the market for EVs continues to grow, the demand for advanced BMS technology is expected to increase as well.
Another key factor driving growth in the Automotive BMS market is the growing demand for high-performance and long-lasting batteries. As automakers continue to improve the range and efficiency of EVs, they are also investing in battery technology that can deliver the power and longevity required for these vehicles. Advanced BMS technology is essential for optimizing battery performance and extending battery life.
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: 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.
Key Segments Covered in the Automotive Battery Management System Market Report
By Vehicle Type:
- Electric Vehicle
- Golf Karts
- Electric Bikes
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By Connection Topology:
- Centralized
- Distributed
- Modular
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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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