High demand for EVs and HEVs Will Push Automotive Battery Management System Market to Grow at an Astounding 25.6% CAGR Between 2023 And 2033 | Future Market Insights, Inc.
The United Kingdom is the leading Automotive Battery Management System Market in Europe, with a revenue share of nearly US$ 2.7 billion. Government measures to build charging infrastructure across the region are contributing to the strong growth of this region
(PRUnderground) April 24th, 2023
The global sales of the automotive battery management system market will likely grow at an astounding CAGR of 25.6% from 2023 to 2033. This market will rise from a valuation of US$ 3.8 billion in 2023 to attain a value of US$ 37.4 billion by 2033. An escalation in the demand for electric vehicles and hybrid electric vehicles owing to the rising concerns for the environment will drive the growth of the automotive battery management system market. Expansive use of battery-powered vehicles in public transportation fleets across the globe will further aid the expansion of the automotive battery management system market size during the forecast period.
The automotive battery management system plays a vital role in an electric vehicle’s powertrain by connecting with other drivetrain components and monitoring the battery’s charge level. It performs important functions such as cell balance, protecting the battery from overheating, regulating current during charging, and protecting both the vehicle’s operations as well as the battery itself.
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Not only does it safeguard the vehicle’s operation, but it also protects the battery itself. It is predicted that as electric vehicle usage continues to grow, the market is expected to witness the development of advanced automotive battery management systems in the upcoming years.
In recent years, the stringent implementation of environmental regulations by governments and the provision of incentives such as grants, subsidies, and tax rebates has resulted in the increasing demand for hybrid electric and battery electric vehicles. Favourable government initiatives encourage the adoption of eco-friendly modes of transportation like EVs and HEVs which, in turn, contribute to the global growth of the market for automotive battery management.
The automotive battery management system market will experience significant growth due to continuous technological advancement in this field. The development of battery and charging technology for electric vehicles has also fueled the demand for these systems. Technological advancements in automotive battery monitoring and control systems are opening up new revenue streams for market expansion, including reduced complexity, improved battery efficiency, enhanced reliability, and other benefits. Factors like rapid urbanization, and increasing transportation needs, along with the introduction of advanced features like electric power steering and electronic braking systems will also contribute to the market growth. As a result of these aforementioned favorable market conditions, the automotive battery management systems market is expected to have a positive outlook in the coming years.
- The increasing popularity of Intelligent Battery Management Systems (IBMS) will strengthen market prospects for the automotive battery management system market.
- Due to the development of charging infrastructure, the U.K. will record a growth rate of 31.8% in the automotive battery management system market.
- The US automotive battery management system market will dominate the North American region with a CAGR of 22.8%.
- By topology, the centralized topology category will witness the highest preference with a growth rate of 24.7%.
- Based on vehicle type, the electric vehicle category will expand at 26.5% over the assessment period.
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In a competitive environment, dominant market players are focusing on product innovations and increasing the number of product launches. A few of the key manufacturers in the market are investing in creating sophisticated battery management systems for both battery-operated and hybrid vehicles. Others in the market are employing strategic mergers and collaborations to enhance their market positions. For instance, STMicroelectronics partnered with Arrival, an electric vehicle manufacturer, in June 2021 to provide semiconductors to the business.
Continental AG, Gentherm, Mahle GmbH, Robert Bosch GmbH, Marelli Holdings Co., Ltd., Dana Limited, Hanon Systems, and Nxp Semiconductors, among others, are a few of the important players in the automotive battery management system market profiled in the full version of the report.
More Insights Into Automotive Battery Management System Market
FMI’s latest report presents an honest evaluation of the worldwide automotive battery management system, encompassing past data from 2018 to 2022 and predicted statistics spanning 2023 to 2033. The report conducts a comprehensive examination of the market’s drivers, constraints, opportunities, and trends. The market is categorized by vehicle type, connection topology, sales channel, and region to comprehend its worldwide market potential, expansion, and reach
According to the latest FMI reports, based on segmentation, the electronic vehicle segment will offer the most opportunities to the automotive battery management system market. This segment will grow at 26.5% during the observation period. In terms of connection topology, the centralized topology segment will present robust growth while the modular topology category will also gain rapid traction. Based on the country, the automotive battery management system market in the U.K will demonstrate impressive growth. The target market in this country will grow at a CAGR of 31.8% from 2023 to 2033. Increasing government initiatives to build charging infrastructures, efforts to control carbon emissions, and the rising use of EVs will aid the growth of the automotive battery management system market in the U.K. Other countries like the US and China will also contribute to the global growth of the automotive battery management system market.
Key Segments Covered in the Automotive Battery Management System Market Report
By Vehicle Type:
- Electric Vehicle
- Golf Karts
- Electric Bikes
By Connection Topology:
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa (MEA)
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Table of Content
- Executive Summary | Automotive Battery Management System Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
- Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ million) & Volume (Units) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ million) & Volume (Units) Projections, 2023 to 2033
- Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ million) & Volume (Units) Analysis By Vehicle Type, 2017 to 2022
5.3. Current and Future Market Size Value (US$ million) & Volume (Units) Analysis and Forecast By Vehicle Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2017 to 2022
5.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033
- Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Connection Topology
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Connection Topology, 2017 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Connection Topology, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Connection Topology, 2017 to 2022
6.5. Absolute $ Opportunity Analysis By Connection Topology, 2023 to 2033
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