Electric vehicles market across the world experience a shift as consumers seek affordable products amid Covid-19, this potential shift in consumer preferences have been diverted towards the used vehicles, as in 2020, the demand of used vehicles increased in almost every part of the world.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle Battery Management System Market - Growth, Trends, COVID-19 impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06106061/?utm_source=GNW
The rapid spread of Covid-19 has left the complete supply chain with unpredictable challenges and issues such as OEM shutdowns, insufficient labor, output reduction, and raw material, which in turn has affected the market. However, market expected to regain its momentum as economic activities resumed worldwide.
Factors such as rise in adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), and surge in industry preference for use of lithium-ion batteries drives growth of the battery management system market. In addition, growth in adoption of rechargeable batteries across multiple end-use industries propels the market growth.
However, rise in overall price of products with addition of battery management system hinders growth of the market. Further, increasing government emphasis on increasing the adoption electric vehicles and availability of incentives from government for electric vehicles expected to drive the demand for electric vehicles during the forecast period.
Europe anticipated to remain as the largest market for the battery management system due to the presence of several leading manufacturers. The adoption of electric vehicles (EVs),plug-in elecric vehicles, and hybrid electric vehicles (HEVs) technology is expected to rise considerably across small and medium-sized businesses in countries across Europe.
Key Market Trends
Battery Electric Vehicle Segment to Dominate the Market
In the automotive sector, installation of battery management system in vehicles face burden of additional manufacturing costs, according to vehicle type and design. In addition, it requires proper cooling system for smooth functioning of battery management system components. Electric mobility is swiftly growing around the world, owing to which goods transportation companies are also converting their existing fleet into electric propulsion-based vehicles. For instance,
- Daimler announced a new investment plan worth EUR 70 billion or USD 85 billion for the years 2021 through 2025 for bringing 30 electric vehicles to market, including 20 all-electric battery vehicles.
- In December 2020, Volkswagen raised its planned investment on digital and electric vehicle technologies to EUR 73 billion over the next five years and earmarked EUR 60 billion for all electric vehicles.
The governments around the world have been proactive in enacting policies to encourage the adoption of electric vehicles. China, India, France, and the United Kingdom have announced plans to phase out the petrol and diesel vehicles industry completely before 2040. For instance,
- In April 2021, the United States laid out an infrastructural plan of USD 174 billion to promote electric vehicles and EV charging stations.
Thus, based on the aforementioned factors, growing investments in electric vehicle manufacturing, and the government’s EV supporting policies around the world are likely to drive the electric vehicle battery management system market over the forecast period.
Europe Expected to Hold Significant Share in the Market
Europe is one of the largest market for electric vehicles across the world, where the demand for electric cars is growing rapidly in every country, which is fueling the demand for battery management system in the region. Owing to the growing sales of hybrid and electric passenger cars, automobile manufacturers plan to extend their battery management system production capacities over the forecast period.
EV technology is becoming more mainstream in Germany, the Europe’s car-making heartland, where Germany’s Volkswagen AG, BMW AG and Daimler AG are preparing for a major battery-car push. As the market in Germany is becoming lucrative several local manufacturers are entering into joint venture with other companies in the market. For instance,
- In June 2021, Hella announced its joint venture (JV) with Evergrande Group, HELLA Evergrande Electronics (Shenzhen) Co., for the development and production of high-voltage battery management systems. Hella is primarily contributing inthe field of battery electronics and to jointly develop high-class battery management systems.
The government is also aiding the industry growth with more supportive policies: investment in infrastructure; broader measures to encourage uptake of the latest, low and zero emission cars; and long-term purchase incentives to help the country grow its share in the EV market. This is expected to bolster the market prospects for battery management system for EVs during the forecast period.
The Electric Vehicle Battery Management System Market is moderately concentrated as it is dominated by several global players. Moreover, market tend to be highly attractive for new players and Companies operating in the market have been focusing on launching advanced technologies to gain competitive advantage. For instance,
- In October 2020, NXP partnered with Volkswagen for Electric Vehicle Battery Solutions with a focus to deliver up to 75 full-electric vehicle models to market by 2029.
- In September 2020, Analog Devices announced the launch of a state-of-the-art wireless battery management system, intended to help automakers improve their flexibility in scaling electric vehicle fleet into volume production.
- In March 2021, Analog Devices (ADI) and Volvo Cars have jointly announced that Volvo will utilize and rely on ADI for the BMS, and alsofor its Automotive Audio Bus (A2B). Volvo’s first purely electric SUV, the XC40 Recharge, will rely on Analog Device’s ICs for its battery management system (BMS).
Some of the major players in the market include Renesas Electronics Corporation, NXP Semiconductors, Keihin Corporation, TE Connectivity and Analog Devices Inc.,
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