Electric Vehicle Battery Management System Market
Overview and Scope
An electric vehicle battery management system (BMS) is a sophisticated electronic system that ensures the safe and efficient operation of rechargeable batteries in electric vehicles by monitoring critical parameters, controlling charging processes, and optimizing energy utilization to enhance performance and longevity. This system safeguards the battery against potential risks by ensuring it operates within safe limits, thereby preventing issues such as overcharging or over-discharging that could cause damage or safety concerns.
Sizing and Forecast
The electric vehicle battery management system market size has grown exponentially in recent years. It will grow from $5.38 billion in 2023 to $7.10 billion in 2024 at a compound annual growth rate (CAGR) of 32.1%. The growth in the historic period can be attributed to rising environmental concerns, increasing fuel prices, growing demand for electric vehicles, declining battery costs, improving energy density.
The electric vehicle battery management system market size is expected to see exponential growth in the next few years. It will grow to $19.35 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%. The growth in the forecast period can be attributed to enhanced battery performance, evolving battery chemistry, stringent emission standards, shifting consumer preferences, increasing focus on energy efficiency. Major trends in the forecast period include integration of predictive maintenance, development of wireless battery management system solutions, adoption of cloud-based analytics, rise of solid-state batteries, expansion of energy-as-a-service models.
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Segmentation & Regional Insights
The electric vehicle battery management system market covered in this report is segmented –
1) By Battery Type: Lithium-ion, Nickel Metal Hydride, Other Battery Types
2) By Components: Integrated Circuits, Cutoff FETs And FET Driver, Temperature Sensor, Fuel Gauge And Current Measurement Devices, Microcontroller, Other Components
3) By Vehicle Type: Battery Electric Vehicles, Hybrid Electric Vehicles
4) By Application: Voltage Monitoring, Temperature Censor, Current Management, Discharge Monitoring, Other Applications
Asia-Pacific was the largest region in the electric vehicle battery management system market in 2023. The regions covered in the electric vehicle battery management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise of electric mobility solutions is expected to propel the growth of the electric vehicle battery management system market going forward. Electric mobility solutions encompass a wide range of electrically powered vehicles and associated infrastructure, such as electric vehicles (EVs) and charging stations, to reduce reliance on fossil fuels and promote cleaner, more sustainable transportation. The combination of environmental concerns, technological advancements, government support, cost savings, and shifting consumer preferences is driving the rapid rise of electric mobility solutions. Electric vehicle battery management systems ensure battery packs’ safe, efficient, and reliable operation, optimizing performance, extending battery life, and enhancing the overall driving experience. For instance, in April 2023, according to reports published by the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales surged by 55% in 2022 compared to 2021, surpassing 10 million units, while the proportion of electric cars in total car sales increased to 14% in 2022 from 9% in 2021. Therefore, the rise of electric mobility solutions fuels the growth of the electric vehicle battery management system market.
Key Industry Players
Major companies operating in the electric vehicle battery management system market are SAIC Motor Corporation Limited, Robert Bosch GmbH, Tesla Inc., Panasonic Corporation, Intel Corporation, BYD, Contemporary Amperex Technology Co. Limited (CATL), Continental AG, LG Chem Ltd., Hyundai Mobis, ABB Ltd., Toshiba Corporation, Johnson Matthey plc, Texas Instruments Inc., TE Connectivity, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, Eberspaecher Vecture Inc., Lithium Balance A/S (Sensata Technologies), Sensata Technologies Holding PLC, Visteon Corporation, Maxim Integrated, Hitachi Automotive Systems Ltd., LION Smart GmbH, Leclanché SA, Nuvation Energy (Nuvation Engineering), Merlin Equipment Ltd.
The electric vehicle battery management system market report table of contents includes:
1. Executive Summary
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