Rising adoption of electric and hybrid vehicles coupled with growing demand for passenger cars, across the globe to drive the automotive battery management system market
The global automotive battery management system market is poised to reach US$ 15.33 Bn by 2030, expanding at a CAGR of 14.2% during the forecast period from 2023 to 2030. An increasing number of electric mobility, technological advancement with substantial cost cut, government policy supports and awareness towards environmental concerns is expected to drive the market for the global automotive battery management system market. High capital and maintenance costs, high cost of batteries and lack of EV charging stations are few factors that may hinder the market growth of the automotive battery management system.
Increasing demand from the battery electric and plug-in electric vehicle segment to drive growth prospects
Growing digitalization and technology such as a cloud-based monitoring system have enabled the user to analyze and monitor battery data like the state of charge (SOC) and state of health (SOH). In addition, a cloud-based battery monitoring system allows online identification of battery failures at different stages of operation, thereby increasing battery efficiency. The growing popularity of high-end features with incurring a transformational change is expected to increase the demand for the battery management landscape. For instance, Bosch is connecting batteries through a cloud-based swarm intelligence system to monitor battery charging in electric vehicles (EV), thereby minimizing battery wear with longer battery life.
The involvement of major automakers such as General Motors, Toyota, Hyundai, Honda, Porsche, and JLR are more focused on the manufacturing of electric vehicles (EV), thereby expected to drive the market growth. For instance, according to McKinsey & Company survey in 2019, electric vehicle sales hold a market share of around 1.3% and battery electric reached sales of around 66,000 units & plug-in hybrid vehicles have reached a sales of around 34,000 units worldwide.
Furthermore, the government policy measure to provide economic incentives owing to bridge the cost gap in between EVs and internal combustion engines (ICEs) and early deployment of charging infrastructures is projected to fuel the demand for the automotive battery management system globally.
North America to Dominate, Europe to Witness Strong Growth
In North America, the automobile industry is majorly driven by economic contribution, innovation, and technology to develop measurable solutions that prompt energy efficiency, environmental protection, and mobility. An increasing number of light trucks and car sales in the U.S. are projected to drive the automotive battery management system market. For instance, according to the Wards Intelligence survey in Q3 2021, the automobile industry has registered a sale of around 14,038,731 units of light trucks and cars in North America.
Europe is expected to have a sufficient manufacturing capacity to meet the growing domestic demand for EV, PEV and HEV. For instance, as per the International Energy Agency (IEA) in 2020, Norway holds the electric cars market share of around 46% globally. Gradually increasing momentum for electric vehicles (EV) adoption from both the customer and automotive industry, that leads the powertrain expected to play an important in the Europe mobility market. The aforementioned factor is expected to drive the demand for batteries, further leading towards the growth of the automotive battery management system market.
Key Players & Competitive Landscape:
Some of the leading vendors profiled in the study includes Continental AG, Robert Bosch GmbH, Intel Corporation, Midtronics, Inc., NXP Semiconductors NV, Toshiba Corporation, Johnson Matthey PLC, Analog Devices, Inc., Renesas Electronics Corporation and LG Chem Ltd among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Battery Management System market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Battery
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Vehicle
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End-use
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
