According to ESOMAR-certified Future Market Insights (FMI), the Automotive Battery Management System Market is set for remarkable growth, with a projected compound annual growth rate (CAGR) of 25.6%. The market value is expected to increase from USD 3.8 billion in 2023 to USD 37.4 billion by 2033.
This surge is primarily driven by the rising popularity of electric vehicles (EVs) in the clean transportation sector. The growing adoption of battery management systems in electric cars and e-bikes is fueling this demand.
Battery management systems are crucial for monitoring lithium-ion batteries, which are preferred for their higher energy densities and longer lifespans compared to traditional batteries. These systems are essential for electric vehicles, hybrid electric vehicles (HEVs), and electric motorcycles. The ongoing expansion of the electric vehicle market is anticipated to present significant opportunities for manufacturers of automotive battery management systems throughout the forecast period.
Comprehensive Market Insights: Full Report Overview
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.
“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.” – says FMI Analyst.
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 Players Operating in Automotive Battery Management System Market Include:
Continental Ag, Dana Limited, Gentherm, Hanon Systems, Mahle Gmbh, Nxp Semiconductors, Renesas Electronics Corporation, Robert Bosch Gmbh, Valeo, Marelli Holdings Co., Ltd.
Key Segments Covered in the Automotive Battery Management System Market Report
By Vehicle Type:
- Electric Vehicle
- Golf Karts
- Electric Bikes
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)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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