CHICAGO, Oct. 30, 2023 /PRNewswire/ — 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 according to a new report by MarketsandMarkets™. Environmental awareness and government incentives mainly drive the surging demand for electric vehicles. The increasing adoption of EVs can also be attributed to advancements in battery technologies, such as enhanced energy density and cost reductions, necessitating the integration of BMS for proficient battery management. The adoption of BMS technology is further accelerated by the declining costs associated with battery production and heightened competition in the EV sector. The global shift toward sustainability and environmental consciousness expands the adoption of electric vehicles, supporting the BMS market growth.
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Browse in-depth TOC on “Automotive Battery Management System Market”
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Automotive Battery Management System Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 4.7 billion |
|
Estimated Value by 2028 |
$ 11.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 19.8% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Battery Type, Topology, Application and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Impact of external factors on performance |
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Key Market Opportunities |
Rising government initiatives to support electric vehicle industry |
|
Key Market Drivers |
Rising penetration of electric vehicles |
The market for the distributed topology segment is expected to gain a significant market share during the forecast period.
In the distributed battery management system topology, each cell in the battery pack has a dedicated slave board that measures and controls an individual cell. Each cell is connected to voltage signals, a temperature sensor, and serial internal and external communication cables. This topology is much easier to install than a centralized topology. The advantages of distributed BMS are their simple design and high reliability. However, the cost of a distributed system can be much higher for battery packs with many cells than that of a centralized system. The distributed topology in a battery management system is the simplest to mount and offers a neat assembly. It is best suited for high-power applications such as electric vehicles.
Commercial vehicles segment is expected to grow at an impressive CAGR during the forecast period.
The commercial vehicles segment primarily includes electric buses and electric trucks. In recent years, there has been a rise in the adoption of electric transportation. The economies worldwide have set their goals for net zero emissions, and countries worldwide are shifting to electric vehicles. One of the most important modes of urban commercial transportation worldwide is buses. There has been an increasing adoption of electric buses and coaches by public authorities, non-profit organizations, and private companies. In the coming years, the penetration of commercial vehicles is predicted to rise owing to the net zero emissions goals. Consequently, the automotive BMS market is also predicted to rise during the forecast period.
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Europe is expected to hold a significant market share of the automotive BMS market during the forecast period.
The European automotive battery management system industry has been segmented into Germany, the UK, France, and the Rest of Europe. The emerging electric vehicle market is positively impacting the region’s manufacturing of lithium-ion battery cells/packs and related components such as BMS. Europe also has a significant presence of automobile manufacturers. With the rising trend of e-mobility, a massive demand for electric vehicle batteries in the region has been created. These factors are driving the growth of the automotive battery management system market in this region. Furthermore, the demand for automotive BMSs in this region is attributed to the presence of manufacturing facilities of major automotive manufacturers, such as the BMW Group (Germany), Mercedes-Benz Group AG (Germany), and Volkswagen AG (Germany).
The key players in the automotive battery management system companies include Eberspächer (Germany), Sensata Technologies, Inc. (US), AVL (Austria), LG Energy Solution (South Korea), Ficosa Internacional SA (Spain), Leclanché SA (Switzerland), Nuvation Energy (US), Futavis GmbH (Germany), AMP (US) and others.
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