Automotive Battery Management System Market: Current Analysis and Forecast (2021-2027)

Automotive Battery Management System Market: Current Analysis and Forecast (2021-2027)

Global Automotive Battery Management System is anticipated display a CAGR of around ~17% over the forecast period (2021-2027). A vehicle's Automotive Battery Management System is an electrical component that regulates illumination. The module helps to regulate the functioning of the headlights and horns by providing an automatic high beam. It may be changed between low and high light beam depending on the other direction for measuring the distance between the front automobiles during traffic with the use of a video camera. The market is expected to grow as manufacturers adopt Automotive Battery Management Systems, which are extremely useful while driving a vehicle, especially on the highway, where it tends to switch between low and high beam in response to oncoming traffic from the opposite direction, as well as growing concerns about road safety.

Insights Presented in the Report

“Amongst Battery Type, Lithium Ion segment dominated the market in 2020”

Based on battery type, the market is segmented into Lithium Ion, Advanced Lead-acid and Others. The Lithium Ion segment is expected to grow at a higher CAGR during the forecasted period. Lithium-ion batteries are becoming more popular as a result of its advantages such as increased power density and cheaper cost. Previously, lead-acid batteries were often utilized, but they lacked sufficient storage capacity per unit of mass. Lithium-based batteries, on the other hand, are difficult to manage because of their non-linear charge or discharge curve. If these batteries are overcharged or undercharged, they can be damaged. As a result, the automobile battery management system aids in the notification of battery shut down or the implementation of safety measures.

“Amongst Topology, Modular segment dominated the market in 2020.”

Based on topology, the market is segmented into Centralized, Modular and Distributed. The Modular segment is expected to grow at a higher CAGR during the forecasted period. Modular BMSs are gaining popularity since they provide more computational power and are safer owing to less wiring. Modular topology may be used in a variety of applications, including energy storage systems, industrial UPS, medical mobility vehicles, electric car parts, and drones.

“Amongst Vehicle, Passenger Car segment dominated the market in 2020.”

Based on vehicle, the market is segmented into Passenger Car and Light Commercial Vehicle. The Passenger Car segment is expected to grow at a higher CAGR during the forecasted period. The passenger car segment dominates the worldwide automotive BMS market, and this trend is expected to continue. The advantage can be linked to several variables, including the growing urban population and its commuting requirements. End-users choose EVs because of the growing worry about rising environmental pollution and their cheap running costs.

“Asia Pacific represents as the largest market.”

Based on the estimation, during the projection period of 2021-2027, Asia Pacific market is predicted to be the fastest-growing region in the coming years. During the projection period, it is predicted to dominate with the greatest CAGR. The high population density of nations like China and India, which account for more than 38% of the world population, is a major driver of this region's growth. Furthermore, several beneficial government measures conducted in these regions to revitalize the car sector, which was hit by COVID-19, are expected to fuel market expansion. Furthermore, increased urbanization and smart cities are predicted to fuel EV expansion, accelerating the market for electric vehicle onboard chargers. Some of the major players operating in the market includes LG Chem, Ltd., Robert Bosch GmbH, Continental AG, Analog Devices, Inc., Intel Corporation, NXP Semiconductors NV, Renesas Electronics Corporation, Johnson Matthey, Inc., Toshiba Corporation, Midtronics, Inc. etc.

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