Automotive Battery Management Market value was $2.7 Billion in 2020. With CAGR of 12.69% during the forecast period, the market will reach $5.4 Billion by 2026. Automotive Battery Management market with respect to passenger vehicles was $1.8 Billion in 2020. Automotive Battery Management market with respect to commercial vehicles was $$604 million in 2020. This growth is triggered by rising demand for electric vehicles coupled with several investment by OEM for the development of these vehicles. Automotive batteries are employed for powering the cranking motor, interior, exterior and telematics and ignition in internal combustion engine vehicles. The gradual penetration of electric vehicles in the automotive sector is set to escalate the demand for battery packs employed for powering the traction motor in these vehicles. The growth is further set to be assisted by increasing environmental concerns on emissions from traditional automobiles and escalating stress on fossil reserves.
Automotive Battery Management System Market Segment Analysis – By Vehicle Type
Passenger vehicles are broadly classified as battery electric vehicles, plug-in and hybrid electric vehicles. As stated by IEA, 2.1 million electric car were sold in 2019 representing a 6% growth from the previous year. In 2019 global car sales, electric cars constituted 2.6% of market share. In particular, China at 4.9% and Europe at 3.5% achieved new records in electric vehicle market share in 2019. The significant rise in the expansions of the manufacturing units with the growing demand for passenger electric vehicles is set to significantly boost the market growth rate. In November 2019, Volkswagen announced that it began the construction of its electric vehicle production facility in Tennessee, US, with an estimated investment of $800M. In November 2020, General Motors announced an increase in investment in the electric vehicles to $27 billion through 2025. The major aim of this investment is to increase the manufacturing capacity of BEV. The market is significantly set to grow during the forecast period 2021-2026 owing to the shift towards the electric vehicles.
Automotive Battery Management System Market Segment Analysis – By System Type
In the modular structure, several slave controllers are used to consolidate the data to a master controller. Over here, no printed circuits boards are necessary to connect the individual cells. Moreover, a modular BMS aims at improving the performance of BMS to provide a safe, reliable and cost-efficient solution for smart-grid and electric vehicles which in turn is set to propel its market growth. Besides, this one of the major advantage of modular BMS is the improved manageability. The modules are placed close to the batteries, which avoids long cables. To improve, functional safety, the function of the BMS can be easily replicated on the individual modules. The scalability is also increased compared centralized BMS. Modular segment of Automotive Battery Management Market generated a revenue of $1.33Bn in 2020 and is projected to reach a revenue of $2.76Bn by 2026 growing at a CAGR of 13.26% during 2021-2026.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=18980
Report Price: $ 4500 (Single User License)
Automotive Battery Management System Market Segment Analysis – By Geography
The Automotive Battery Management market value is projected to grow with CAGR of 12.69% during 2021-2026. This growth is attributed to the increasing demand for automobiles and stringent emission standards. APAC will be the leading region for automotive battery management market mainly due to growing automobile demand in APAC and the shift of auto manufacturers to APAC for production in order to capture the untapped potential. United States is one of the largest automotive markets around the world. Higher GDP of the nation has resulted to high purchasing power of consumers. Presence of automotive companies such as Tesla, Hyundai, General Motors, Ford will positively impact the Automotive Battery Management market. Apart from this, companies such as General Motors, Ford, Chrysler has incorporated Li-ion batteries in its electric vehicles models which in turn is driving its market growth. California is the largest plug-in car regional market in the country with over 223,000 plug-in electric vehicles registered through June 2016, representing 47.6% of all plug-in cars sold in the American market.
Automotive Battery Management System Market Drivers
Rise in demand for Electric Vehicles
The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion in electric vehicles by 2025. As electric vehicles use various types of Automotive Battery Management Systems, hence the rising demand for electric vehicles globally drives the automotive valves market.
Increasing Demand for Intelligent BMS
The battery’s power load has been improved by features such as start/stop, electric power steering, and electronic braking systems. As a result, a major problem in a vehicle’s electrical system has been prioritizing all of these electrical loads on a scale from comfort to safety. The demand for an intelligent battery management system (IBMS) is growing among automakers, and it is now being widely adopted across all regions. In a vehicle battery pack, IBMS is made up of advanced electronics like battery sensors that calculate the state of charge (SOC), state of health (SOH), and temperature across a cell and are linked in a series and parallel array. IBMS took all three measurements at the same time to ensure reliable results, even though the vehicle’s conditions were rapidly changing. The use of IBMS assists in logically shutting down these electric vehicle systems and advising drivers about impending battery problems, effectively keeping them away from battery explosions. Continental AG, Hella, and Bosch are among the leading manufacturers of intelligent battery sensors. Technological advances have aided the automotive industry’s rapid expansion. Automobiles are outfitted with sophisticated technologies, and automakers are constantly introducing new ones in the form of product enhancements and technical advancements. Electric cars are growing in popularity due to the need to reduce carbon emissions and provide energy-efficient batteries, which is propelling the growth of automotive batteries. The adoption of these powerful batteries has resulted from technological advancements that have overhauled the automotive product lifecycles.
Automotive Battery Management System Market Challenges
Issues with Raw Materials and Infrastructure
Availability of the infrastructure is one of the factor that is positively correlated with the growth of electric vehicle as well as automotive battery market. Lack of many service centres is also a major challenge for the growth of the automotive battery market. Perception of cost is a challenge . Continuous fluctuations in the cost of raw materials namely lead and nickel over the past few years is one of the challenge to increasing growth of automotive batteries.
Automotive Battery Management System Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Automotive Battery Management System market. Automotive Battery Management System top 10 companies include Denso, BYD, LG Chem, CATL, TI, STM, Johnson Matthey, Infineon, NXP, Analog Devices among others.
Acquisitions/Product Launches
In February 2021, Leclanche SA, one of the worlds leading energy storage companies, has developed a modular, all-in-one, high performance battery system optimized for powering new and retrofit hybrid and fully electric commercial vehicles.
In August 2020, Johnson Matthey received funding for construction of new battery-material plant in Poland. Moreover, Johnson Matthey will use the factory in Konin to produce cathode materials for electric car batteries. The plant will become the world’s first production site of the company’s branded eLNO, a portfolio of ultra-high energy density next generation cathode battery materials.
Key Takeaways
The transportation sector is responsible for global warming to a greater extent. The emissions from the vehicle after the combustion of fuel is required to be controlled. The electric vehicles and battery-powered vehicles are now being developed as a substitute to the fuel engine vehicles that reduces the intensity of emission of toxic gases. Increasing demand for electric vehicles has significantly elevated the growth of Automotive Battery Management market.
The initiative taken by the OEMs to develop electric versions of the passenger cars and other vehicles are being backed by government and research institutions and industrial programs. The Electronic Vehicle sector have witnessed huge investments by the government and industry programs.
The investments on the EV sector are likely to accelerate the subsidy programs formulated for EVs dispersion across USA and European nations. High adoption of advanced technology in these region has triggered hefty spending by the government institutions to support EVs market as a part of national economic stimulus program.
Today, a large portion of the European nations have introduced CO2 based car taxes, thus opening up new opportunity market for EVs. Therefore, increasing opportunities for electric vehicles has triggered the growth of Automotive Battery Management market during the forecast period. For electric vehicles or battery powered vehicles, batteries are developed such that failure of a cell among all the cells available does not lead to failure of the entire battery system. The battery sensors help to know the status of the batteries.
Related Reports:
A. Next Generation Battery in Automotive Market
https://www.industryarc.com/Report/18198/next-generation-battery-in-automotive-market.html
B. Automotive Battery Thermal Management System Market
For more Automotive Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/