According to The Business Research Company’s Automotive Battery Management System , The automotive battery management system market size has grown rapidly in recent years. It will grow from <b>$4.93 billion in 2023 to $5.81 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. </b> The growth in the historic period can be attributed to increasing demand for electric vehicles, stringent emission regulations, advancements in battery technology, increasing adoption of renewable energy sources, growing demand for fuel-efficient vehicles.
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The automotive battery management system market size is expected to see rapid growth in the next few years. It will grow to <b>$10.73 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. </b> The growth in the forecast period can be attributed to growing demand for electric vehicles, increasing adoption of autonomous and connected vehicles, rising demand for lightweight materials in vehicle manufacturing, growing focus on reducing carbon footprint in transportation
increasing government support for electric vehicles. Major trends in the forecast period include development of intelligent battery monitoring systems, integration of machine learning for predictive analytics, focus on thermal management in battery systems, standardization of battery interfaces and protocols, growth in energy storage applications beyond vehicles.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 6.6 million globally in 2021. Therefore, the increased adoption of electric vehicles globally is predicted to boost demand for automotive battery management systems during the forecast period.
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The automotive battery management system market covered in this report is segmented –
1) By Connection Topology: Centralised Automotive Battery Management Systems, Distributed Automotive Battery Management Systems, Modular Automotive Battery Management Systems
2) By Propulsion Type: IC Engine Vehicle, Electric Vehicle (HEV, PHEV, and BEV)
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Sales Channel: OEM Automotive Battery Management Systems, Aftermarket Automotive Battery Management SystemsStrategic 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.
The automotive battery management system market report table of contents includes:
- Executive Summary
- Automotive Battery Management System Market Characteristics
- Automotive Battery Management System Market Trends And Strategies
- Automotive Battery Management System Market – Macro Economic Scenario
- Global Automotive Battery Management System Market Size and Growth
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- Global Automotive Battery Management System Market Competitive Benchmarking
- Global Automotive Battery Management System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Battery Management System Market
- Automotive Battery Management System Market Future Outlook and Potential Analysis
- Appendix
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