Press release
Automotive Battery Management System Market Recent Trends, In-depth Analysis, Size and Forecast to 2028
Automotive Battery Management System Market
The automotive battery management system market growth outlook is positive, as electric and fuel cell vehicles are gaining popularity among end users. The increasing adoption of these vehicles would enable the manufacturers to expand their product lines, thereby escalating the demand for battery management systems for efficient operation of the battery and monitor the battery pack temperature. This factor is expected to drive the global automotive battery management system market growth. Additionally, the OEMs and battery manufacturers are increasingly procuring BMS in large quantities to cater to the needs of pilot projects and to develop and deploy electric vehicles.
For instance, in October 2022, Vitesco Technologies, a German automotive supplier, received a contract worth US$ 1.93 billion for providing its innovative battery management systems to global high-volume EV manufacturers, premium car makers, and start-up EV companies. Thus, the increase in production capabilities of EVs is creating the need for the deployment of BMS for monitoring the battery operation, which drives the automotive battery management system market size.
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The List of Companies -
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
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.
As per the Global Electric Vehicle Outlook, sales of electric cars, including fully electric and plug-in hybrid vehicles, increased in 2021 to a new record of 6.6 million units. EV sales also grew strongly in Europe by 65% and reached 2.3 million units and doubled to 630,000 units in the US in 2021. In addition, supportive government regulations for electric vehicle charging stations further propel electric vehicle sales, driving the demand for automotive battery management systems.
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As per the Global Electric Vehicle Outlook, sales of electric cars, including fully electric and plug-in hybrid vehicles, increased in 2021 to a new record of 6.6 million units. EV sales also grew strongly in Europe by 65% and reached 2.3 million units and doubled to 630,000 units in the US in 2021. In addition, supportive government regulations for electric vehicle charging stations further propel electric vehicle sales, driving the demand for automotive battery management systems.
Globally, the electric vehicle industry is heavily dominated by China. The country's commercial vehicle segment has observed significant growth in production and adoption of zero-emission vehicles. This factor has had a positive impact on the automotive battery management system market share. China's enthusiasm for electric transportation or electromobility has been unparalleled by any other country. Shenzhen has turned all of its city buses into electric buses from ICE vehicles. It also continues to induct a large number of e-buses frequently. The supportive government regulations and policies for adopting electric vehicles are also accelerating the automotive battery management system market share.
As per the China Passenger Car Association (CPCA) and the Ministry of Finance, in September 2022, China planned to extend the exemption of a 5% purchase tax on new-energy vehicles (NEVs) for another year until the end of 2023 to support the development of the sector and boost consumption of electric vehicles. Chinese electric commercial vehicle manufacturers such as BYD, Yutong, and Zhongtong are the forerunners in the electromobility segment. Moreover, Japan, India, and South Korea are other noteworthy countries undergoing the development and deployment of electric buses. These factors are propelling the growth of the automotive battery management system market in Asia Pacific.
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TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat to New Entrants
4.2.4 Threat to Substitutes
4.2.5 Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Sales of EVs and Expansion of EV Infrastructure
5.1.2 Government Initiatives and Policies Favoring Low-Emission Vehicles
5.2 Key Market Restraints
5.2.1 High Upfront Costs and Scalability Issues
5.3 Key Market Opportunities
5.3.1 Projected Rise in Demand for Electric Trucks and Buses
5.4 Trends
5.4.1 Wireless Battery Management Systems
5.5 Impact Analysis of Drivers and Restraints
6. Global Market Analysis
6.1 Overview
6.2 Forecast and Analysis
6.3 Market Positioning - Global Key Players
7. Analysis By Vehicle Type
8. Geographic Analysis
9. COVID-19 Impact Analysis
Continued…
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