PUBLISHER: Market Research Future | PRODUCT CODE: 1619000
PUBLISHER: Market Research Future | PRODUCT CODE: 1619000
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 Forecast Till 2032
In 2023, the market size of the Battery Management System (BMS) for Electric Vehicles in India was estimated to be USD 127.7 million. During the forecast period (2024-2032), the Battery Management System (BMS) for Electric Vehicles Market industry is expected to experience a compound annual growth rate (CAGR) of 40.5%, increasing from USD 199.0 million in 2024 to USD 3,016.0 million by 2032.
Increasingly sophisticated battery management systems (BMS) are necessary to ensure the efficient management of batteries as internal combustion engines are progressively phased out of automobiles. Battery management systems are being enhanced by emerging technologies, such as electrical impedance spectroscopy (EIS), which provide real-time evaluations of the battery condition. This information is essential for the determination of SoC and RUL. In addition, the battery management market is being transformed by advancements in battery chemistries, including LFP, NMC, and Sodium-ionbatteries. Given that these technological advancements and the evolving chemistries of batteries are resulting in the development of intricate BMS, it is imperative to improve battery management to support the general efficiency, safety, and cost factors of India's ever-expanding market.
Market segment insights
The India Battery Management System (BMS) for Electric Vehicles Market has been categorized into Wired BMS and Wireless BMS based on type.
The market is divided into High Voltage and Low Voltage Class 1 (<= 30 VAC and <= 60 VDC) based on the category segment.
The market is divided into Centralized and Decentralized segments based on the topology segment. Decentralization is further classified as Modular, Master-Slave, and Distributed.
The market is segmented into Lead-Acid Battery, Lithium-Ion Battery, Nickel Metal Hydride, and Others, with each segment based on the battery chemistry.
Battery Electric Vehicles, Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicles are the three categories into which the market is divided according to the application segment.
The market is divided into four segments: Passenger Car, Commercial Vehicle, Two and Three-Wheelers, and Others, based on the vehicle type segment.
Ola Electric Technologies Pvt Ltd, TVS 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 primary vendors in the market.