ID: MRFR/AM/6852-HCR | February 2021 | Region: Global | 100 pages
Batteries such as lead-acid and lithium-ion have been widely used in electric vehicles as energy storage source due to their high-power density and long lifespan. A battery management system (BMS) is used in vehicles to monitor and regulate overall performance of batteries in operations. The battery management system is comprised of several components, such as battery monitoring integrated circuit (BMIC), cell management controller (CMC), battery management controllers (BMC), and intelligent controllers or embedded processors placed at strategic locations in the architecture to manage various aspects of the power system. A BMC provides voltage information by monitoring multiple battery cells. Furthermore, a BMC calculates state-of-charge (SOC) of the battery, which is used to determine the charge remaining in the battery and another calculation, including state-of-health (SOH), which provides essential insights on operating conditions of the battery.
The improving electric vehicle BMS infrastructure in countries such as China, Germany, South Korea, the US, and Japan, rising production and sales of electric cars globally, growing demand for thermal cooling solution within vehicles, deployment of BMS for EV industry, increasing focus on reducing greenhouse gas emission and fossil fuel consumption, and the growing demand for energy-efficient battery-powered devices are the key factors driving this market. Furthermore, due to stringent environmental norms, companies are focused on designing battery management systems for electric vehicles as per the regulations and standards set by the regulatory bodies, which is also contributing for the growth of this market.
Underdeveloped infrastructure for EV and the high cost of an EV battery management system are a few factors restricting the growth of the market. However, the adoption of the active equalization function design for BMS, the growing demand for smart battery, growing trend of new energy vehicle (NEV), and improving economies of developing countries are providing growth opportunities for the global market. Hence, the global BMS market for electric vehicles is expected to reach around USD 8 Billion by 2025 and is projected to witness 21% CAGR over the forecast period.
Segmentation: Global Battery Management System for Electric Vehicles Market
The global battery management system for electric vehicles market is segmented based on system, application, vehicle type, and region. Based on system, the global market has been segmented into hardware and software. Based on application, the global market has been segmented into passenger car and commercial vehicle. Based on vehicle type, the global market has been segmented into battery, hybrid, and plug-in hybrid electric vehicle.
Geographically, the global battery management system for electric vehicles market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world. Among the regions, in 2018, the global market was led by Asia-Pacific, followed by Europe and North America. Asia-Pacific is estimated to hold the largest market share during the forecast period owing to the significant increase in the production of batteries for e-vehicles, resulting in the increased installation of battery management systems for electric vehicle applications such as hybrid, battery, and plug-in EV. Moreover, the presence of various BMS manufacturers in China is also contributing to the growth of this market.
The market in North America is growing owing to factors such as increased government backing and support for the development of lithium-ion battery management system for automotive, investments in research and development, large potential consumer base in the US, and demand for environment-friendly vehicles contribute to the BMS electric car sales.
The market in Europe is growing at a substantial rate over the forecast period due to stringent regulatory laws for vehicle emissions and countries such as France and the UK have already announced their timelines for creating zero-emission zones. Furthermore, the growing integration of battery management system in consumer electronics for safety purpose to avoid overheating of the electric vehicles and presence of key players such as Bosch, Continental, and Hella in Germany are also contributing for the growth of this market.
The Prominent Players operating in the Global Battery Management System for Electric Vehicles Market are Robert Bosch GmbH (Germany), Denso Corporation (Japan), Continental AG (Germany), LG Innotek (South Korea), HELLA GmbH & Co. KGaA (Germany), BYD Co Ltd. (China), Texas Instruments Incorporated (US), Desay Corporation (China), Sunwoda Electronic Co. (China), Infineon Technologies AG (Germany), Analog Devices, Inc. (US), LIGOO Reserved ICP (China), Panasonic Corporation (Japan), and Amperex Technology Limited (China).
The report for the global battery management system for electric vehicles market by Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Frequently Asked Questions (FAQ) :
The upgradation in the infrastructure for electric vehicle BMS is estimated to play a noteworthy role in market development.
A 21% CAGR is estimated to govern the market’s expansion in the forecast period.
LIGOO Reserved ICP (China), Infineon Technologies AG (Germany) and Analog Devices, Inc. (US) are estimated to power market expansion in the coming period.
The Asia Pacific region is estimated to fortify its position as the market’s frontrunner in the forecast period.
An income of USD 8 Billion by 2025 is foreseen for the global market.