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$7.8+ Billion Worldwide Automotive Battery Management System Industry to 2031 - Increased Adoption of Electric Vehicles Globally is Expected to Propel Growth
Global Automotive Battery Management System Market
Dublin, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The "Automotive Battery Management System Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global automotive battery management system market.
This report focuses on automotive battery management system market which is experiencing strong growth. The report gives a guide to the automotive battery management system market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global automotive battery management system market is expected to grow from $3.53 billion in 2021 to $4.13 billion in 2022 at a compound annual growth rate (CAGR) of 16.8%. The automotive battery management system market is expected to grow to $7.81 billion in 2026 at a compound annual growth rate (CAGR) of 17.3%.
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Major players in the automotive battery management system market are Robert Bosch GmbH, Continental AG, Toshiba Corporation, Intel Corporation, NXP Semiconductors NV, Analog Devices Inc., Johnson Matthey Inc., Renesas Electronics Corporation, Texas Instruments Inc., Lithium Balance A/S, Midtronics Inc., AVL List GmbH, Preh GmbH, Denso Corporation, and Leclanche.
The automotive battery management system market consists of sales of automotive battery management system by entities (organizations, sole traders, and partnerships) that are used to monitor the temperature across the pack, and open and closes various valves to maintain the temperature of the overall battery within a narrow temperature range to ensure optimal battery performance. An automotive battery management system refers to an electronic system that manages a rechargeable battery to ensure it operates safely and efficiently.
The main types of automotive battery management systems include centralized automotive battery management systems, distributed automotive battery management systems, and modular automotive battery management systems. Centralized automotive battery management systems refer to systems, in which entire functionality is integrated into a single module, which is connected to batteries or battery cells through a series of wires.
The different vehicle types utilizing automotive battery management systems include IC engine vehicles, and electric vehicles (HEV, PHEV, and BEV). The types of vehicles adopting automotive battery management systems include passenger cars and commercial vehicles. The automotive battery management systems are sold through different sales channels, which includes OEM and aftermarket.
Asia Pacific was the largest region in the automotive battery management system market in 2021, it is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive battery management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increased adoption of electric vehicles globally is expected to propel the growth of the automotive battery management system market during the forecast period. An electronic vehicle refers to a vehicle that uses an electronic motor instead of an internal combustion engine. An automotive battery management system helps electronic vehicles by ensuring that the battery is protected and any operation out of its safety limit is prevented and by monitoring the battery pack's state of charge (SOC) along with the state of health (SOH).
For instance, according to Argonne National Laboratory, a US-based department of energy multidisciplinary science and engineering research center, in March 2021, Americans purchased 75,959 Hybrid-Electric Vehicles (HEVs). Further, according to International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars topped 2.1 million globally in 2019. Therefore, the increased adoption of electric vehicles globally is predicted to boost demand for automotive battery management systems during the forecast period.
Strategic partnerships are a key trend gaining popularity in the automotive battery management system market. Many companies operating in the automotive battery management system market are undergoing partnerships to strengthen their position in the automotive battery management system market.
For example, in 2021, Hella Company, a German automotive battery management company, partnered with Evergrande Group, a Chinese real-estate company. This partnership aims to develop and produce battery management systems, particularly for the Chinese market, as part of their new joint ventures.
Further, in June 2021, Sharda Motor Industries Limited (SMIL), an Indian -based company manufacturing automotive battery management systems, and Kinetic Green Energy and Power Solutions Limited, an Indian -based automotive company entered into a joint venture (JV). This partnership aims to develop battery packs with battery management systems (BMS) for electric vehicles and stationary applications.
In February 2021, Sensata Technologies, a US-based industrial technology company acquired Lithium Balance for an undisclosed amount.
The acquisition advances Sensata's electrification business and strategy in the clean energy markets and further expands Sensata's portfolio to offer battery management solutions to a variety of vehicle OEMs and integrated energy storage solutions to commercial and industrial customers. Lithium Balance is a Denmark-based technology provider for battery management systems (BMS), a critical performance system in applications utilizing lithium-ion battery-based solutions.
The countries covered in the automotive battery management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2022 - 2026 |
Estimated Market Value (USD) in 2022 | $4.13 billion |
Forecasted Market Value (USD) by 2026 | $7.81 billion |
Compound Annual Growth Rate | 17.3% |
Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Automotive Battery Management System Market Characteristics
3. Automotive Battery Management System Market Trends And Strategies
4. Impact Of COVID-19 On Automotive Battery Management System
5. Automotive Battery Management System Market Size And Growth
5.1. Global Automotive Battery Management System Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Automotive Battery Management System Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Automotive Battery Management System Market Segmentation
6.1. Global Automotive Battery Management System Market, Segmentation By Connection Topology, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Centralised Automotive Battery Management Systems
Distributed Automotive Battery Management Systems
Modular Automotive Battery Management Systems
6.2. Global Automotive Battery Management System Market, Segmentation By Propulsion Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
IC Engine Vehicle
Electric Vehicle (HEV, PHEV, and BEV)
6.3. Global Automotive Battery Management System Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Passenger Cars
Commercial Vehicles
6.4. Global Automotive Battery Management System Market, Segmentation By Sales Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
OEM Automotive Battery Management Systems
Aftermarket Automotive Battery Management Systems
7. Automotive Battery Management System Market Regional And Country Analysis
7.1. Global Automotive Battery Management System Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Automotive Battery Management System Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/gs6u52
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