Automotive Battery Management System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Automotive Battery Management System Market
The automotive battery management system market size was valued at USD 9.27 billion in 2023, and the market is now projected to grow from USD 10.53 billion in 2024 to USD 38.13 billion by 2032, exhibiting a CAGR of 17.5% during the forecast period of 2024-2032.
Pandemic had a devastating effect on the auto business, disrupting transportation and deliver chain. As a cease result, international automobile earnings have been an awful lot decrease. EV income extended appreciably throughout the pandemic. The International Energy Agency (IEA) counseled the ones clients spent about USD 121 billion on electric powered vehicle purchases in 2020, a 50% boom from 2019.
The international automotive battery management system market growth is developing due to advanced name for electric powered cars and the need for powerful battery control. As greater clients select out EVs for environmental motives and authorities’ incentives inspire adoption, current-day BMS are important to optimize battery average standard overall performance, expand lifespan, and guarantee protection. The International Energy Agency (IEA) predicts that EV passenger vehicle earnings will benefit 10.2 million in 2022, up from 6.5 million in 2021. As the decision for electric powered vehicles (EVs) grows, automakers and battery producers are searching out superior BMS answers to satisfy their wishes.
Most electric vehicles employ wired battery management systems to check charge status and health. Traditional wired systems rely on copper cables that are physically connected to each battery cell. Such a design may be unreliable and costly. Wireless BMS eliminates the requirement for vehicle-specific communication systems and wiring designs. The solution ensures scalability of the ideal battery for future vehicle lineups across brands and categories.
Comprehensive Analysis of Automotive Battery Management System Market
The global automotive battery management system market is divided into BEV, PHEV, and HEV. BEVs are expected to remain the dominant market due to increasing demand for emission-free mobility and high penetration in major regions. The HEV segment is expected to grow in regions lacking EV infrastructure. The market is divided into passenger cars and commercial vehicles. Passenger cars are expected to dominate by 2032 due to urban population growth, rising fuel prices, environmental concerns, and low operating costs. Commercial vehicles are expected to grow at the fastest rate due to stringent emission regulations and high-power capacity.
The Asia Pacific region lead the automotive battery management system market share by benefitting a market size of USD 4.38 billion in 2023 due to the widespread use of electric vehicles in China has spurred market development. Rising commercial electric vehicle penetration in Asia Pacific nations like India, South Korea, and Japan is expected to drive future market growth. According to the International Energy Agency (IEA), China sold the most electric vehicles worldwide. Rising electric vehicle sales in APAC's rising economies are expected to drive market expansion.
Key players in the automotive BMS market include Robert Bosch GmbH (Germany), Continental AG (Germany), Ioshiba Corporation (Japan), Intel Corporation (U.S.), NXP Semiconductors NV (Netherlands), Analog Devices, Inc. (U.S.), Denso Corporation (Japan), Johnson Matthey, Inc. (U.K.), LG Chem, Ltd. (South Korea), and Midtronics, Inc. (U.S.). Companies are increasing via strategic partnerships, collaborations, and acquisitions to capitalize on rising market possibilities.
In October 2023, Infineon Technologies AG cooperated with Neutron Controls to create the ECU8 gadget platform, accelerating the development of a battery control gadget based totally on Infineon chipsets. The ECIJ8 energy control unit includes a microcontroller module with the AURIX TC3xx & TC4xx, TLE9015 ISO UART Transceiver, TLF35584 Hypersonic PMIC, and TLE9012 ISO UART Battery Interface Card.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 17.5% from 2024 to 2032
Unit Value (USD Billion)
SegmentationBy Propulsion Type
BEV
PHEV
HEV
By Vehicle Type
Passenger Cars
Commercial Vehicles
By Geography
North America (By Propulsion Type and By Vehicle Type)
- U.S. (By Vehicle Type)
- Canada (By Vehicle Type)
- Mexico (By Vehicle Type)
Europe (By Propulsion Type and By Vehicle Type)
- Germany (ByVehicle Type)
- France (By Vehicle Type)
- U.K. (By Vehicle Type)
- Rest of Europe (By Vehicle Type)
Asia Pacific (By Propulsion Type and By Vehicle Type)
- China (By Vehicle Type)
- Japan (By Vehicle Type)
- India(By Vehicle Type)
- South Korea (By Vehicle Type)
- Rest of Asia Pacific (By Vehicle Type)
Rest of the World (By Propulsion Type and By Vehicle Type)
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