The global automotive battery management system market is projected to attain USD 9,615.26 million at a CAGR of 13.33% by 2027, as stated in the TechSci Research report titled "Automotive Battery Management System Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027". This growth can be attributed to the rapid expansion of electric vehicle sales and technological advancements in battery management system performance. The battery management system plays a critical role in ensuring safety, performance stability, health monitoring, and communication. The market for automotive battery management systems is expected to further increase due to the rising adoption of all types of electric vehicles, partnerships, and technological developments.
The automotive battery management system connects with various powertrain parts to monitor the State of Charge (SoC) and State of Health (SoH) of the battery. It is a crucial component of the electric car powertrain, contributing to battery thermal protection, cell balancing, and charging regulation. Many companies are investing in research and development of BMS technologies to enhance their efficiency and cost-effectiveness.
The automotive battery management system market is expected to experience significant growth in the coming years due to the increasing demand for electric vehicles, with China holding the largest market share. However, the COVID-19 pandemic has affected vehicle assembly plants in several countries due to import bans on components from China. Worldwide automobile manufacturing has declined by 13% in 2021 compared to 2019, despite the rising production and penetration of electric cars in the Asia Pacific and Europe, driven by increasing demand and environmental awareness, despite supply chain disruptions and auto component shortages.
In terms of vehicle type, the medium and heavy commercial vehicle segment is projected to grow at a CAGR of 16.73%, followed by the light commercial vehicle segment at a CAGR of 15.20%, and passenger cars at a CAGR of 14.24%. The global automotive battery management system market is segmented into BEV, PHEV, and HEV based on propulsion type. Battery electric vehicles have the highest market share, accounting for over 57%, followed by hybrid electric vehicles, owing to their high sales volume.
Browse more than 130 market data Figures spread through 110 Pages and an in-depth TOC on "Global Automotive Battery Management System Market "
Mr. Karan Chechi, a Research Director with TechSci Research, a research-based global management consulting firm, stated that the global automotive battery management system market can be segmented based on various factors such as vehicle type, battery type, type, voltage capacity, propulsion type, region, and company. Passenger cars currently hold the majority of the market share, followed by two-wheelers, light commercial vehicles, and medium & heavy commercial vehicles respectively. The lithium-ion segment holds the majority of the market share based on battery type, followed by lead acid. Based on type, the centralized battery management system captures more market share, but the decentralized battery management system is expected to show a higher growth rate in the forecast period. Two-wheelers and passenger cars with low voltage dominate electric vehicle sales, capturing nearly 56% in 2021 of the global automotive battery management system market based on voltage capacity. In terms of propulsion type, BEV leads the market with more than 53% market share in 2021, followed by HEV and then the PHEV segment.
The Asia-Pacific region accounted for the largest market share, which was 60.43% in the global automotive battery management system market. The APAC region is expected to maintain its dominance over the next five years, with a market share of 53.36% in the forecast year 2027. The European region is growing at a CAGR of 17.81% and is expected to capture nearly 37% of the overall market in 2027.
Some of the major companies operating in the Global Automotive Battery Management System Market include:
- Robert Bosch GmbH
- SAMSUNG SDI
- Renesas Electronics Corporation
- LG Chem Energy Solutions
- BYD Co. Ltd.
- Denso Corporation
- Contemporary Amperex Technology Co. Ltd (Catl)
- Panasonic Holdings Corporation
- Johnson Matthey Battery Systems
- SK Innovation
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
“The global automotive battery management system market appears to be one of the fastest growing markets in the electric vehicle industry. With more than 60% of the market, passenger vehicles hold the largest share of the worldwide automotive battery management system market and are anticipated to maintain their dominance during the projected period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive Battery Management System Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” has evaluated the future growth potential of global automotive battery management system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive battery management system market.
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