Automotive Battery Management System Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global automotive battery management system (BMS) market size is expected to grow from USD 4.7 billion in 2023 to USD 11.7 billion in 2028, at a CAGR of 19.8% from 2023 to 2028. In electric vehicles (EVs) and hybrid electric vehicles (HEVs), the BMS is a critical component. It is essential for ensuring the safety, durability, and effective operation of the vehicle's battery system. In order to prevent overcharging, over-discharging, and overheating, the BMS monitors and regulates a number of variables, such as cell voltages, temperatures, state of charge, and cell balance. The importance of BMS in EVs is found in its capacity to increase safety, extend battery life, maximize driving range, improve performance, improve user experience, comply with laws, and promote the shift to a more sustainable transportation future.

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By topology, centralized architecture is expected to grow at an impressive growth rate during the forecast period. A centralized battery management system comprises a single controller board connected to each battery pack cell. The centralized control unit protects and balances cells while performing other functions. It also monitors and controls the cells in the battery pack. A centralized battery management system is typically economical. However, it lacks scalability. Hence, wires may be required to connect the cells to the controller board, making it suitable for battery packs with a small number of cells. A centralized battery management system is primarily used in medium-power applications such as e-bikes and portable devices. Centralized topology offers the best computational power compared to others.

By battery type, the lead-acid battery type segment is expected to grow at an impressive CAGR. Over the years, lead-acid technology has witnessed significant refinement. Battery management systems are combined with advanced lead-acid batteries to perform activities such as determining the state of charge and state of health of the battery pack, expanding the battery's life span, protecting the battery from damage due to overcharging, and monitoring the temperature and voltage range. These batteries are widely used in the commercial vehicles such as trucks and buses as these are the most economical batteries available with high energy density. Furthermore, as the lead-acid battery demand increases globally, it will drive the future growth of the automotive BMS market.

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By application, the passenger vehicles segment is expected to hold largest share of the market during the forecast period. Battery-only electric vehicles (BEVs) or all-electric vehicles, use energy from rechargeable batteries and electric motors instead of internal combustion engines. The US Environmental Protection Agency (EPA) categorizes battery electric vehicles as zero-emission vehicles, as they produce no detrimental tailpipe emissions or air pollution typically associated with conventional gasoline-powered vehicles. Lithium-ion batteries provide high thermal stability, energy, and power density and are safe to use in electric vehicles. In order to monitor the battery health status, the integration of BMS is crucial in BEVs. Hence, as the adoption rate of BEVs rise globally, it will anticipate the growth of automotive BMS.

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