Global Automotive Battery Management System Market to 2027: Rising Adoption of Electric Vehicles and Increasing Development in BMS Technology Drives Growth
DUBLIN, April 5, 2023 -- The "Automotive Battery Management System Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Vehicle Type, By Battery Type, By Type, By Voltage Capacity, By Propulsion Type, By Region" report has been added to ResearchAndMarkets.com's offering.
The Global automotive battery management system market is anticipated to grow at a CAGR of 13.33% during the forecast period to reach USD 9,615.26 million by 2027, owing to the shift towards electric vehicles and global initiatives toward reducing emissions.
An automotive battery management system manages rechargeable batteries, ensuring their safety and efficiency. The primary function of a battery management system (BMS) includes safety, performance stability, health monitoring, and communication. In safety, BMS system continuously monitors parameters such as temperature, voltage, and current in and out of battery pack which prevents overheating and improves battery life.
For performance stability, maintaining the state of charge (SoC) between minimum and maximum charge limits improves lithium-ion battery performance. To keep the cells at the same voltage, cell balancing is required. By draining extra energy from cells using active and passive balancing approaches, BMS maintains cell balancing. In health monitoring, BMS maintains the state of charge (SoC) and state of health (SoH) of a battery pack. BMS is responsible for communication with other control units in vehicle to provide data about battery parameters.
Factors such as the rise in adoption of all types of electric vehicles, partnerships, and technological development increase demand for electric vehicles, which further increases the automotive battery management system market. Furthermore, advanced BMS in vehicles is anticipated to propel the market in upcoming years. Moreover, integration of BMS into vehicles increases the overall cost of a vehicle owing to the cost of components and disruption in the supply chain.
The covid-19 pandemic created panic and restrictions on the import-export of components around the world. Majority of assembly facilities and factories for making vehicles are impacted by restrictions on the import of parts from China. According to the International Organization of Motor Vehicle Manufacturers (OICA) global production of vehicle in 2021 has decreased by 13% compared to 2019.
However, disruption in supply chain and auto components electric vehicle production and penetration is increasing in Asia pacific and Europe due to the rise in demand and environmental awareness. The United States shows steadiness towards the adoption of electric vehicles. In 2021, China's electric vehicle production increased by YOY 159%. Moreover, the global automotive battery management system market has shown strong growth in recent years, and it is expected to show a similar trend in the forecast period.
Rise in adoption of electric vehicles
Electric vehicle sales around the world doubled in 2021. Many governments are giving priority to the transition to clean mobility as well as to the quick adoption and manufacturing of electric vehicles, which will lower their price. The Asia-Pacific dominates the electric two-wheeler industry since many people in the region prefer electric two-wheelers for their transportation needs.
Additionally, China has seen an upsurge in new electric vehicle sales in 2021, with their low-cost and high-range models leading the market, followed by Europe with an aim toward zero emission. In Europe, many countries have seen exponential growth in electric vehicle sales in 2021, such as Germany registered more than 80% year on year growth in electric vehicles sold in 2020. Moreover, this results in increasing demand for the automotive battery management systems and their development.
Increasing development in BMS technology
A battery management system is an essential part of an electrical equipment system as an electric vehicle battery system consists of a large number of cells along with a large number of wires in the electric vehicle. This makes the assembly, management, and maintenance of these vehicles more complex.
Many companies are investing in more advanced BMS systems for high measurement precision, high durability, and versatility. Such as, FUJITSU TEN has developed a universal BMS PF (platform) that can be used for the development of battery capacity estimation technology, and safety design technology with high accuracy.
The Increasing cost of BMS
The demand for battery management systems keeps increasing as more countries adopt electric vehicles over conventional ICE vehicles. As a battery management system is a crucial part of vehicle safety, its cost depends on the vehicle battery. BMS requires a lot of ports and connectors in a vehicle, and implementation of this makes it more costly. However, new technologies coming into the market with high precision and safety along with increasing demand for electric vehicles results in a reduction in the price range.
Robert Bosch GmbH, SAMSUNG SDI, Renesas Electronics Corporation, LG Chem Energy Solutions, BYD Co. Ltd. etc. are among the major market players in the global platform that lead the market growth of the global automotive battery management system market.
In this report, Global automotive battery management system market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Automotive Battery Management System Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
Automotive Battery Management System Market, By Battery Type:
- Lithium Ion
Automotive Battery Management System Market, By Type:
Automotive Battery Management System Market, By Voltage Capacity:
- Low Voltage
- High Voltage
Automotive Battery Management System Market, By Propulsion Type:
Automotive Battery Management System Market, By Region:
- South Korea
- North America
- United States
For more information about this report visit https://www.researchandmarkets.com/r/wl1s12
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