Automotive Battery Management System Market Share, Size

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Automotive Battery Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type (Bus, Trucks, and Off-Highway Vehicle)

Publication Month: Nov 2022 | Report Code: TIPAT100001340 | No. of Pages: 197 | Category: Automotive and Transportation | Status: Published

The automotive battery management system market is expected to grow from US$ 61.03 million in 2022; it is estimated to grow at a CAGR of 17.6% from 2022 to 2028.

A battery management system manages batteries used in high-voltage hybrid and electric vehicles. Electric vehicle manufacturers and battery pack manufacturers integrate a battery management system into Li-ion batteries to protect the battery pack. The overall battery system in an electric vehicle is a combination of multiple components such as battery modules, sensors, controllers, thermal management systems, and battery management systems. With the rise in concerns regarding environmental protection and positive initiatives taken by governments to reduce emissions, the demand for electric and hybrid vehicles is anticipated to grow at an impressive pace during the forecast period of 2022 to 2028. This, in turn, will fuel the automotive battery management system market growth.

The global electric vehicle and battery pack industry is characterized by the presence of a few very well-known and financially strong companies such as Mitsubishi, Nissan, and Tesla. Owing to this, the bargaining power of buyers in the automotive battery management system market size is quite high. Owing to the continuous research and development in the electric vehicles coupled with fast automotive battery management system market growth, the bargaining power of buyers is estimated to remain high during 2019–2027. The major companies in the automotive battery management system market size use different strategies while planning battery systems for their vehicles. Continuous advancements in the technology sector are anticipated to put pressure on battery management system providers to adapt the changes to sustain their market position. Owing to this fact, buyers also have a high tendency to switch BMS providers over a period of time depending on their specific requirements and technology portfolio of BMS providers.

Strategic Insights

Report Coverage - Automotive Battery Management System Market
Report CoverageDetails
Market Size Value inUS$ 61.03 Million in 2022
Market Size Value byUS$ 161.84 Million by 2028
Growth rateCAGR of 17.6% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages197
No. of Tables161
No. of Charts & Figures61
Historical data availableYes
Segments coveredVehicle Type
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Automotive Battery Management System Market share

 

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, hampering business activities in manufacturing industries. Before the outbreak, the automotive battery management system market share was experiencing substantial growth owing to increased sales of electric vehicles, surged disposable income, and easy availability of credit and financing. Further, significant investment initiatives in developing electric vehicles propel the demand for automotive battery management systems. As per the International Council on Clean Transportation, global EV sales reached a record-high of 6.9 million in 2021, a 107% increase from 2020. However, the onset of the COVID-19 pandemic slowed down the investment in and production of EVs. During the initial days of the pandemic, the crisis significantly restricted all business deals, collaborations, and partnerships that disrupted the automotive battery management system market. The emergence of the pandemic hampered the sales of vehicles in February 2020; furthermore, the sales dropped by 47% in the US and 80% in Europe by April. As per a report by Statista, global car sales dropped to 63.8 million in 2020 and registered a slow recovery in 2021 with 66 million sales.

Lucrative Regions: Automotive Battery Management System Market Share

Lucrative Regions: Automotive Battery Management System Market Share

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Market Insight – Automotive Battery Management System Market

Increasing Sales of EVs and Expansion of EV Infrastructure       

Electric vehicle (EV) sales are growing at a fast pace owing to increasing concerns about environmental protection and government policies favoring the adoption of low-emission and zero-emission vehicles. Subsidies and tax rebates offered by governments encourage manufacturers to scale up their processes. Per the Global Electric Vehicle Outlook, the sales of electric cars, including fully electric and plug-in hybrid vehicles, reached 6.6 million units in 2021. In the same year, sales in China surged to reach 3.3 million, accounting for about half of the global sales. Furthermore, EV sales grew by 65% in Europe to reach 2.3 million units, while sales in the US doubled to 630,000 units in 2021. Thus, an increase in investments in charging infrastructure and a rise in the number of favorable government policies are propelling battery manufacturing scales, thereby bolstering the demand for automotive battery management system market.

Vehicle Type Based Insights

Based on vehicle type, the automotive battery management system market is segmented into bus, trucks, and off-highway vehicle. In 2022, the bus segment accounted for the largest share of the automotive battery management system market owing to the increasing adoption of batteries in buses for mitigating carbon emissions. Moreover, the trucks segment is projected to register the highest CAGR during the forecast period. The demand for battery management systems is significantly increasing by the electric bus manufacturers owing to growing initiatives for optimal battery performance and monitoring of battery pack temperature. Additionally, the need for electric school buses is also growing in different countries to reduce carbonization, which is also enabling the electric school bus manufacturers to scale up their production lines. Several governments of different countries are adopting green technology buses, which is fueling the demand for electric coach buses, thus, bolstering the growth of the automotive battery management system market.

Players operating in the automotive battery management system market are mainly focused on the development of advanced and efficient products.

  • In August 2021, Varta, a battery expert, and Continental Engineering Services (CES), a provider of development and production services, announced collaboration. A replaceable 48-volt battery pack for electrically driven two-wheelers with a power of 10 kW and more has been collaboratively developed by the two partners as a part of a first pilot project.
  • In June 2021, Carrar, an Israeli company that creates superior thermal management systems for the electric mobility sector, announced that Gentherm, a market leader and creator of cutting-edge thermal management solutions, is the lead investor in a Seed round of financing.

The automotive battery management system market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Rest of World. In 2022, Asia Pacific led the market with a substantial revenue share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028.

Continental AG; Dana Limited; GENTHERM; Hanon Systems; Mahle GmbH; NXP Semiconductors; Renesas Electronics Corporation; Robert Bosch GmbH; Valeo; and Marelli Holdings Co., Ltd. are among the key players operating in the automotive battery management system market. The market report provides detailed market insights, which helps the key players strategize the growth in coming years.

Frequently Asked Questions

The global Automotive Battery Management System market was estimated to be US$ 61.03 million in 2022 and is expected to grow at a CAGR of 17.6%, during the forecast period 2022 - 2028.
Increasing Sales of EVs and Expansion of EV Infrastructure driving the need for Automotive Battery Management System market. Electric vehicle (EV) sales are growing at a fast pace owing to increasing concerns about environmental protection and government policies favoring the adoption of low-emission and zero-emission vehicles. Subsidies and tax rebates offered by governments encourage manufacturers to scale up their processes.
Wireless Automotive Battery Management System is propelling the market growth. A large amount of wiring goes into an EV to connect individual cells in a battery pack, and these wires are liable to safety failures. Wireless connectivity results in high reliability, reduced costs, and decreased weight in large multicell battery packs. Wireless connections are also allowing EV manufacturers to experiment with the placement of flexible battery modules and the installation of additional sensors in the place of wires. Wireless technologies such as Zigbee and point-to-point wireless topology are being used to enable wireless battery management systems.
The key players, holding majority shares, in Automotive Battery Management System market includes Continental AG; Dana Limited; GENTHERM; Hanon Systems; and Mahle GmbH.
Asia Pacific is the fastest growing regional market, followed by North America.
Mexico and India are expected to register high growth rates during the forecast period.
The US held the largest market share in 2022, followed by China.
The incremental growth, expected to be recorded for the Automotive Battery Management System market during the forecast period, is US$ 100.81 million.

The List of Companies - Automotive Battery Management System Market

  1. CONTINENTAL AG
  2. DANA LIMITED
  3. GENTHERM
  4. HANON SYSTEMS
  5. MAHLE GMBH
  6. NXP SEMICONDUCTORS
  7. RENESAS ELECTRONICS CORPORATION
  8. ROBERT BOSCH GMBH
  9. VALEO
  10. MARELLI HOLDINGS CO., LTD
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Automotive Battery Management system
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Automotive Battery Management system, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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