India Battery Management System (BMS) for Electric Vehicles Market Research Report: By Type (Wired BMS, and Wireless BMS), by Category (High Voltage (Class 2, and Class 3), and Low Voltage Class 1), by Topology (Centralized, Decentralized (Modular, Master-Slave, Distributed)), by Battery Chemistry (Lead-Acid Battery, Lithium-Ion Battery, Nickle Metal Hydride, and Others), By Application (Battery Electric Vehicle, Hybrid Electric Vehicles, and Plug-in Hybrid Vehicle), and by Vehicle Type (Passenger Car, Commercial Vehicle (Light Commercial Vehicle, Trucks, and Buses), Two & Three Wheelers, and Others Industry Forecast Till 2032
In 2023, the battery management system (BMS) market for electric vehicles in India was estimated to be worth USD 127.7 million. With a compound annual growth rate (CAGR) of 40.5% from 2024 to 2032, the Battery Management System (BMS) for Electric Vehicles Market market is expected to increase from USD 199.0 million in 2024 to USD 3,016.0 million by 2032.
As internal combustion engine-powered vehicles are rapidly being phased out, more sophisticated battery management systems (BMS) are needed to effectively manage batteries. Electrical impedance spectroscopy (EIS), one of the emerging technologies integrated into battery management systems, is enhancing battery management by providing real-time assessments of the battery condition, which is essential for figuring out SoC and RUL. Furthermore, the market for battery management is evolving due to advancements in battery chemistries like sodium-ion, LFP, and NMC batteries. Because of these technological developments and the evolving battery chemistries, complicated BMS are being developed for improved battery management that supports cost, safety, and overall efficiency in India's steadily expanding market.
Perspectives on Market SegmentsThe India battery management system (BMS) market for electric vehicles has been divided into two segments based on type: wired and wireless.
The market is divided into two segments based on category: High Voltage and Low Voltage Class 1 (≤ 30 VAC and ≤ 60 VDC).
The market is divided into two segments based on topology: centralised and decentralised. Modular, Master-Slave, and Distributed are additional classifications for decentralized systems.
The market is divided into lead-acid batteries, lithium-ion batteries, nickel metal hydride batteries, and others based on the battery chemistry sector.
The market is divided into three segments based on the application: Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles, and Battery Electric Vehicles.
The market is divided into four segments based on the kind of vehicle: passenger cars, commercial vehicles, two- and three-wheelers, and others.
Key PlayersTVS Motor Company Ltd, Bajaj Auto Group, Ather Energy Pvt Ltd, Hero Motocorp Ltd, Greaves Electric Mobility Pvt Ltd, BGauss Auto Private Limited, Revolt Intellicorp Pvt Ltd, Wardwizard Innovations & Mobility Limited, Kinetic Green Energy & Power Solutions Ltd, Bounce Electric 1 Pvt Ltd, Quantum Energy Ltd., and Okaya EV Pvt Ltd are the leading suppliers in the market.