PUBLISHER: The Business Research Company | PRODUCT CODE: 1392452
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392452
“Automotive Battery Management System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive battery management system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive battery management system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive battery management system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
An automotive battery management system is an electronic system designed to manage rechargeable batteries, ensuring their safe and efficient operation. This system monitors temperature levels across the battery pack and regulates various valves to maintain the overall battery temperature within a narrow range, thereby optimizing battery performance.
The main types of automotive battery management systems are centralized, distributed, and modular. Centralized systems integrate all functionalities into a single module connected to batteries or battery cells through a series of wires. Vehicle types utilizing these systems include internal combustion engine (IC) vehicles and electric vehicles (HEV, PHEV, and BEV). Automotive battery management systems are applied to passenger cars and commercial vehicles. These systems are distributed through different sales channels, including original equipment manufacturers (OEM) and the aftermarket.
The automotive battery management system market research report is one of a series of new reports from The Business Research Company that provides automotive battery management system market statistics, including automotive battery management system industry global market size, regional shares, competitors with an automotive battery management system market share, detailed automotive battery management system market segments, market trends and opportunities, and any further data you may need to thrive in the automotive battery management system industry. This automotive battery management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive battery management system market size has grown rapidly in recent years. It will grow from $4. 93 billion in 2023 to $5. 81 billion in 2024 at a compound annual growth rate (CAGR) of 17. 9%. The growth observed in the historic period can be attributed to several factors, including the increasing demand for electric vehicles, stringent emission regulations, advancements in battery technology, the rising adoption of renewable energy sources, and a growing demand for fuel-efficient vehicles. These factors collectively contributed to the expansion and development of automotive battery management systems during the historic period.
The automotive battery management system market size is expected to see rapid growth in the next few years. It will grow to $10. 73 billion in 2028 at a compound annual growth rate (CAGR) of 16. 6%. The anticipated growth in the forecast period can be attributed to various factors, including the growing demand for electric vehicles, the increasing adoption of autonomous and connected vehicles, a rising demand for lightweight materials in vehicle manufacturing, a growing focus on reducing the carbon footprint in transportation, and increasing government support for electric vehicles. Major trends expected during this period include the development of intelligent battery monitoring systems, the integration of machine learning for predictive analytics, a focus on thermal management in battery systems, the standardization of battery interfaces and protocols, and growth in energy storage applications beyond vehicles. These trends collectively contribute to the continued advancement and expansion of automotive battery management systems in the forecasted period.
The automotive battery management system market is expected to experience significant growth due to the rising adoption of electric vehicles worldwide. Electric vehicles, powered by electric motors instead of internal combustion engines, benefit from automotive battery management systems that safeguard batteries from operational risks, ensuring their safety and longevity. These systems monitor the battery's state of charge (SOC) and state of health (SOH). For example, the International Energy Agency reported global sales of over 6. 6 million electric cars in 2021, while in the United States, 75,959 Hybrid-Electric Vehicles (HEVs) were purchased in March 2021. This surge in electric vehicle adoption forecasts increased demand for automotive battery management systems.
The automotive battery management system market is anticipated to thrive due to the escalating demand for passenger vehicles. Battery management systems play a crucial role in enhancing the efficiency and performance of batteries within electric and hybrid passenger vehicles. These systems optimize battery charging and discharging, thereby extending the battery's lifespan and preserving its capacity. Notably, India witnessed a substantial growth of 26. 7% in passenger vehicle sales during the fiscal year 2022-23, as reported by The Economic Times. This surge in demand for passenger vehicles propels the growth trajectory of the automotive battery management system market.
Strategic partnerships have emerged as a prevalent trend in the automotive battery management system market. Companies within this sector are actively forming partnerships to reinforce their foothold. For instance, Hella Company, a German automotive battery management firm, collaborated with Evergrande Group, a Chinese real estate company, focusing on joint ventures to develop battery management systems, particularly catering to the Chinese market. Additionally, in June 2021, Sharda Motor Industries Limited (SMIL) and Kinetic Green Energy and Power Solutions Limited, both Indian-based automotive companies, formed a joint venture. This alliance aims to create battery packs equipped with battery management systems for electric vehicles and stationary applications. These strategic partnerships contribute significantly to advancing innovation and market reach in the automotive battery management system domain.
Major players in the automotive battery management system sector are dedicating efforts to technological advancements to secure a competitive edge and bolster their product range. One such innovation is the wireless distributed battery management system, designed to simplify the scalability of electric vehicles by enabling flexible battery placement. This system eliminates the need for physical wired connections, substantially reducing the wiring harness by up to 90%. This significant reduction allows for enhanced flexibility, efficiency, reliability, and cost savings within electric vehicles. For example, Marelli, an Italian automotive supplier, expanded its suite of battery management technologies for electric vehicles by introducing a cutting-edge Wireless Distributed Battery Management System (wBMS) in May 2022. Marelli's solution offers remarkable flexibility, ensuring substantial reductions in engineering costs and paving the way for the integration of high-end technology into the mass market.
In February 2021, Sensata Technologies, a US-based industrial technology company, completed the acquisition of Lithium Balance, a Denmark-based technology provider specializing in battery management systems (BMS). This strategic acquisition aligns with Sensata's electrification business strategy and its endeavors in clean energy markets. Sensata's expanded portfolio now encompasses battery management solutions tailored for various vehicle original equipment manufacturers (OEMs) and integrated energy storage solutions aimed at commercial and industrial clients relying on lithium-ion battery-based solutions. This acquisition solidifies Sensata's position in offering robust and comprehensive battery management solutions across diverse applications.
Major companies operating in the in the automotive battery management system market report are Robert Bosch GmbH, Continental AG, Toshiba Corporation, Intel Corporation, NXP Semiconductors NV, LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd., A123 Systems LLC, Denso Corporation, Build Your Dream Company Limited, Johnson Controls International plc, Eberspacher, Calsonic Kansei Corporation, Delphi Technologies, Lear Corporation, Hitachi Automotive Systems, NEC Energy Solutions, AVL List GmbH, Texas Instruments Incorporated, Infineon Technologies AG, ON Semiconductor Corporation, Analog Devices Inc., STMicroelectronics NV, Elithion Inc., Preh GmbH, Nuvation Energy, Tianneng Power International Ltd., Battery management system PowerSafe, Aeristech Limited
Asia-Pacific was the largest region in the automotive battery management system market in 2023, it is also expected to be the fastest-growing region in the automotive battery management system market during the forecast period. The regions covered in the automotive battery management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive battery management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive battery management system market includes revenues earned by entities by battery cell monitor, cutoff FETS, monitoring of temperature, cell voltage balance, BMS algorithms and real-time clock (RTC). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.