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Electric Vehicle Battery Management System Market: Share Analysis and Strategic Approaches
Electric Vehicle Battery Management System Global Market Report 2024
According to The Business Research Company's, The electric vehicle battery management system market size has grown exponentially in recent years. It will grow from $5.38 billion in 2023 to $7.10 billion in 2024 at a compound annual growth rate (CAGR) of 32.1%. The growth in the historic period can be attributed to rising environmental concerns, increasing fuel prices, growing demand for electric vehicles, declining battery costs, improving energy density.
The electric vehicle battery management system market size is expected to see exponential growth in the next few years. It will grow to $19.35 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%. The growth in the forecast period can be attributed to enhanced battery performance, evolving battery chemistry, stringent emission standards, shifting consumer preferences, increasing focus on energy efficiency. Major trends in the forecast period include integration of predictive maintenance, development of wireless battery management system solutions, adoption of cloud-based analytics, rise of solid-state batteries, expansion of energy-as-a-service models.
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Market Drivers and Trends:
The rise of electric mobility solutions is expected to propel the growth of the electric vehicle battery management system market going forward. Electric mobility solutions encompass a wide range of electrically powered vehicles and associated infrastructure, such as electric vehicles (EVs) and charging stations, to reduce reliance on fossil fuels and promote cleaner, more sustainable transportation. The combination of environmental concerns, technological advancements, government support, cost savings, and shifting consumer preferences is driving the rapid rise of electric mobility solutions. Electric vehicle battery management systems ensure battery packs' safe, efficient, and reliable operation, optimizing performance, extending battery life, and enhancing the overall driving experience. For instance, in April 2023, according to reports published by the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales surged by 55% in 2022 compared to 2021, surpassing 10 million units, while the proportion of electric cars in total car sales increased to 14% in 2022 from 9% in 2021. Therefore, the rise of electric mobility solutions fuels the growth of the electric vehicle battery management system market.
Major companies operating in the electric vehicle battery management system market increasingly focus on integrating artificial intelligence (AI) to develop advanced solutions such as battery intelligence software to enhance battery performance, optimize energy management, and extend battery life. Integrating artificial intelligence (AI) enables advanced capabilities such as predictive maintenance, optimized energy management, adaptive control strategies, and enhancing battery performance, efficiency, and longevity. For instance, in April 2023, WAE Technologies, a UK-based technology and engineering services company, launched the Elysia battery intelligence. This offers innovative features such as battery insight, optimization, and cloud-based solutions, with AI integration enhancing battery management through data analysis and predictive capabilities. Its significance lies in revolutionizing battery management, extending lifespan, and providing actionable insights, marking a significant advancement in the electric vehicle battery management system market towards optimizing efficiency and supporting new models of battery financing.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
SAIC Motor Corporation Limited, Robert Bosch GmbH, Tesla Inc., Panasonic Corporation, Intel Corporation, BYD, Continental AG, LG Chem Ltd., Hyundai Mobis, ABB Ltd., Toshiba Corporation, Johnson Matthey plc, Texas Instruments Inc., TE Connectivity, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, Eberspaecher Vecture Inc., Lithium Balance A/S (Sensata Technologies), Sensata Technologies Holding PLC, Visteon Corporation, Maxim Integrated, Hitachi Automotive Systems Ltd., LION Smart GmbH, Leclanché SA, Nuvation Energy (Nuvation Engineering), Merlin Equipment Ltd.
Electric Vehicle Battery Management System Market 2024 Key Insights:
• The electric vehicle battery management system market size is expected to grow to $19.35 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%.
• The Surge In Electric Vehicle Adoption Propelling Growth In Electric Vehicle Battery Management System Market
• Advancements In Electric Vehicle Battery Management Systems Through Artificial Intelligence (AI) Integration
• Asia-Pacific was the largest region in the electric vehicle battery management system market in 2023
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