Battery Management System market for electric vehicles is expected to reach around USD 12 Billion by 2028 and is projected to witness 21% CAGR over the forecast period.
With the growth in electrification in vehicles, the use of energy in a safer manner in vehicles has increased among consumers. Commercial vehicles are in huge demand. The need for IBMS has been obtaining attention among us. Some of the measurements have been taken for accurate measurements. Its usage assists in shutting down the vehicular systems which will keep the battery safe from explosions. DENSO Corporation has occupied the largest part of the country.
Covid 19 Analysis
The breakdown of COVID 19 has made a halt in the production of new vehicles globally. The whole of the ecosystem has come to the worst state. The manual turns of the vehicles have to adjust the manufacturing volume of the battery management system for the electric vehicles market industry. The battery management system for the electric vehicles market industry depends on finance for continuing its manufacturing. Production was suspended during this COVID period and the demand for electric vehicles was lowered which had a great impact on EV manufacturers during the initial period of the pandemic. Due to this pandemic, the country-wide lockdown was imposed, which greatly impacted the production units of vehicles. These production units across the world experienced shutdown and the sale of vehicles hit miserably. Battery management system for electric vehicles market value reached low as the automakers of the manufacturing unit were hit with limited production and necessary measures.
The government started taking all the necessary measures to protect the nation. During the post-lockdown period, the government started encouraging EV production by increasing the demand for low emission fuel vehicles. The government started investing in EV charging stations and hydrogen fuel stations which increased the battery management system for electric vehicles market size.
The competitors in the marketing field merge with others and strategize in a better way. They build a good relationship and a good partnership with other companies. Some of them are Robert Bosch in Germany, Denso Corporation in Japan, Continental AG in Germany, BYD Co. Ltd in China, Desay Corporation in China, Panasonic Corporation in Japan, Analog Devices in the US, LG Innotek in South Korea, Infineon Technologies Ag in Germany, Amperex Technology Limited in China, Hella GMBH and Co. KGAA, etc.
In April, Toyota launched new Mirai and LS models in the country of Japan, which has a new advanced driving technology.
BYD in April 2021, which was set with Blade batteries in Chongqing. Advanced batteries featured in new vehicular models were fitted Tang EV, Qin Plus EV, etc. It also announced the e3 electric sedan in China where it covers a mileage of 252kWh.
In December, the Leaf model in the US was launched by the company Nissan. The battery longevity of the model was between 42kWh and 62kWh. The mileage of the vehicle ranges between 149 to 226.
Hyundai May launched its new Ioniq electric version with a period of 38.3kWh.
Drivers- as per the BMS for electric vehicles market outlook, it was marked that the EV’s demand has increased in the majority of regions. Growth in vehicles boosts up the BMS for electric vehicles market value. Strong government support for passenger EVs has made certain emission regulations using high-performance superchargers which are unique.
Opportunities- the government is investing money for the setup of EV charging stations along with the incentives given by them which will build the opportunities for battery management systems for electric vehicles market growth and will expand the market revenue. Continuous rise and development of EV technology increase golden chances for the key players. Countries like Norway and Germany are investing much more in increasing the demand and sale of EVs. this has led to increasing the demand for equipment and components of EV charging operations. Potentially long-term innovations and fast charging innovations have increased sales.
Challenges- growth of the industry and the variation of the charging loads have fulfilled the need for the standardization of the battery management systems for electric vehicles market outlook. Compatible electric stations with that of voltage become a challenging factor. Developing a favorable ecosystem and increasing the sales and standardization of the infrastructure are the challenging factors of growth. The high charge of installation costs hampers the growth. The government has imposed certain guidelines and has forced the charging stations to develop a low battery management system for electric vehicles’ market value.
Cumulative growth- rise in demand for low emission commuting, government’s support for long-range emission, zero-emission of vehicles through the subsidies and the tax rebated have forced the manufacturers to increase the supply of electric vehicles worldwide. This has led to an increased battery management system for electric vehicle market growth. They are very much efficient and are eco-friendly.
Restraints- the presence of a fewer number of EV charging stations, investing a large sum of money during initial investment, and performance constraints will degrade the battery management system for electric vehicles market size. The fewer EV charging stations in many countries have reduced EV charging less. A large number of countries have not developed it in the right number so still, many more countries are working on it to increase the demand for battery management systems for electric vehicles market value. Once the EV charging network is in high demand, the demand for EV’s will increase. The Netherlands has set up charging stations and now has a higher charge density.
Value Chain Analysis
It analyzes the core competencies of the company which increases productivity. The supply chain has been expanded overseas which is the main prospect of the value chain.
By Type- from segment overview, you will mark that the hardware segment occupies the dominant share in the worldwide battery management system for electric vehicles market . During the forecast period, it is expected to grow at a significant rate due to the reducing demand for battery monitoring integrating circuit systems. The commercial part due to the demand for e-bus and e-truck covers the market share. The PHEV division due to its developed EV infrastructure is growing at a large rate.
By Technology- with the advancement of technology, the environmental impact has lessened and energy sustainability has increased to a wide value. Lithium-ion is the most preferable battery which is recommended to be used. Exploring the technology, pulse charging has become the most efficient model of battery.
During the battery management forecast period, the countries dealing with the modular topology segment are expected to expand at a high rate. Based on region, North America is projected to cover a large battery management system for electric vehicle’s market share. This dominance is due to the initiatives taken by the government and the worldwide spread of EV technology. U.S American Recovery and Reinvestment Act provide capital for manufacturing HEV’s by government and private agencies which are projected to have maximum growth shortly. Asia -Pacific is marked to follow battery management system for electric vehicles market trends and owes to a massive rise in the manufacturing of batteries and covering the BMS for electric vehicles market revenue on a large scale.
The report provides in-depth battery management system for electric vehicles market insights into various industries. It gives analysis about growth and size expansion factors present in the market. It gives a consistent view and the overall scenario of the BMS for electric vehicles market. Each sample of the report contains a research methodology. It also analyzes the battery management system volume and value globally, regionally, and at company levels. It also gives a good summary of the power flow calculation. It also gives information bout the modernized electric grids and also about the battery management system for electric vehicles market share occupied by the various countries. It gives information about the strategies adopted by the key players in the market
|Market Size||2028: USD 12 Billion|
|CAGR||21% CAGR (2021-2028)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By EndMarket|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||
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 12 Billion by 2025 is foreseen for the global market.