Yahoo Finance World Automotive Battery Management System Market Report 2022-2028 - Wireless Battery Management Systems Gaining Momentum as Opportunities Emerge as Demand for Electric Trucks and Buses Rises
Automotive Battery Management System Market
Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Automotive Battery Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type" report has been added to ResearchAndMarkets.com's offering.
The automotive battery management system market size is expected to grow from US$ 61.03 million in 2022 to US$ 161.84 million by 2028. It is estimated to grow at a CAGR of 17.6% during 2022-2028.
The automotive battery management system market growth outlook is positive, as electric and fuel cell vehicles are gaining popularity among end users. The increasing adoption of these vehicles would enable the manufacturers to expand their product lines, thereby escalating the demand for battery management systems for efficient operation of the battery and monitor the battery pack temperature.
This factor is expected to drive the global automotive battery management system market growth. Additionally, the OEMs and battery manufacturers are increasingly procuring BMS in large quantities to cater to the needs of pilot projects and to develop and deploy electric vehicles.
For instance, in October 2022, Vitesco Technologies, a German automotive supplier, received a contract worth US$ 1.93 billion for providing its innovative battery management systems to global high-volume EV manufacturers, premium car makers, and start-up EV companies. Thus, the increase in production capabilities of EVs is creating the need for the deployment of BMS for monitoring the battery operation, which drives the automotive battery management system market size.
As per the Global Electric Vehicle Outlook, sales of electric cars, including fully electric and plug-in hybrid vehicles, increased in 2021 to a new record of 6.6 million units. EV sales also grew strongly in Europe by 65% and reached 2.3 million units and doubled to 630,000 units in the US in 2021. In addition, supportive government regulations for electric vehicle charging stations further propel electric vehicle sales, driving the demand for automotive battery management systems.
Globally, the electric vehicle industry is heavily dominated by China. The country's commercial vehicle segment has observed significant growth in production and adoption of zero-emission vehicles. This factor has had a positive impact on the automotive battery management system market share.
China's enthusiasm for electric transportation or electromobility has been unparalleled by any other country. Shenzhen has turned all of its city buses into electric buses from ICE vehicles. It also continues to induct a large number of e-buses frequently. The supportive government regulations and policies for adopting electric vehicles are also accelerating the automotive battery management system market share.
As per the China Passenger Car Association (CPCA) and the Ministry of Finance, in September 2022, China planned to extend the exemption of a 5% purchase tax on new-energy vehicles (NEVs) for another year until the end of 2023 to support the development of the sector and boost consumption of electric vehicles.
Chinese electric commercial vehicle manufacturers such as BYD, Yutong, and Zhongtong are the forerunners in the electromobility segment. Moreover, Japan, India, and South Korea are other noteworthy countries undergoing the development and deployment of electric buses. These factors are propelling the growth of the automotive battery management system market in Asia Pacific.
The US and several European countries are also gaining momentum in developing and deploying electric buses, electric LCVs, and electric HCVs. The increasing awareness of environmental hazards caused by diesel-powered vehicles has led to a rise in demand for electric trucks. The growing production capabilities of EVs will further strengthen the demand for automotive battery management system market in the coming years.
For instance, in May 2022, Hyundai Motor Group planned to establish its first dedicated EV plant and battery manufacturing facility in the US with an investment of around US$ 5.54 billion. Similarly, Bajaj Auto announced an investment worth US$ 40 million for manufacturing an EV plant in India with a production capacity of 500,000 electric vehicles per year. Thus, such an increase in the adoption of electric vehicles is augmenting the need for battery management systems, which is further fueling the automotive battery management system market growth.
Moreover, the government initiatives to switch to electric or hybrid vehicles or fuel cell vehicles from ICE vehicles are positively influencing the electric bus manufacturers to increase the production of EV's. For instance, in October 2022, New York State Government became the third state to announce the ban on new internal combustion engine-powered cars by 2035, with an aim for the sale of electric vehicles to account for 35% of new car sales by 2026, 68% by 2030, and 100% by 2035.
Also, in July 2021, The European Commission proposed a 55% cut in carbon emissions from cars by 2030 compared to 2021 levels, which is much higher than the target of 37.5% in 2021. It has also mandated a 100% cut in carbon emissions by 2035, which would make it impossible to sell new ICE vehicles in 27 European countries.
Thus, such increase in production capabilities of EV and growing investments from leading players in zero emission vehicles is propelling the demand for balanced charging state of all cells and efficient operation of battery. All these factors fuel the automotive battery management system market growth.
The ongoing developments in automotive battery management system technology are strengthening the automotive battery management system market growth. For instance, in September 2022, NXP Semiconductors collaborated with Elektrobit to develop software for next-generation automotive battery management systems. The software jointly developed with Elektrobit aims to reduce the entry-level cost of development of battery management system and enhance ease-of-use of NXP's high-voltage BMS reference design.
Report Attribute | Details |
No. of Pages | 197 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $61.03 Million |
Forecasted Market Value (USD) by 2028 | $161.84 Million |
Compound Annual Growth Rate | 17.6% |
Regions Covered | Global |
Key Industry Dynamics
Market Drivers
Increasing Sales of EVs and Expansion of EV Infrastructure
Government Initiatives and Policies Favoring Low-Emission Vehicles
Key Market Restraints
High Upfront Costs and Scalability Issues
Key Market Opportunities
Projected Rise in Demand for Electric Trucks and Buses
Trends
Wireless Battery Management Systems
Company Profiles
Continental Ag
Dana Limited
Gentherm
Hanon Systems
Mahle Gmbh
Nxp Semiconductors
Renesas Electronics Corporation
Robert Bosch Gmbh
Valeo
Marelli Holdings Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/j3xa3n
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
