Automotive Battery Management System Market to Expand Nearly Tenfold by 2029; Rising EV Penetration to Bolster Demand

Feb 07,2020 | Automotive

In the near future, electric vehicles will dominate the clean vehicle market, and necessitate demand for revolutionary battery management systems. Steadily growing demand for battery management systems in e-bikes as well as electric cars will squarely surge market growth.

Automotive Battery Management System Market

A recent market study published by FMI on the automotive battery management system market ...

Automotive Battery Management System Market

According to a new research report published by Future Market Insights (FMI), the automotive battery management system market is estimated to reach US$ 15.3 Bn by the end of 2029.

 “In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.”

automotive battery management system market share by region 2018 a

Key Takeaways of Automotive Battery Management System Market Study

  • Consumer demand across the globe is beginning to bend in favor of electric vehicles, and has strong disruption potential with governments providing purchasing incentives and subsidiaries.
  • With the dawn of electro-mobility and the resulting increase in EV production, automakers are offering tailored electric vehicles with modification in battery management systems.
  • APEJ is anticipated to remain the fastest-growing region in the automotive battery management system market during the forecast years, owing to several countries encouraging the usage of EVs. China leads the global fleet of electric vehicles.
  • Hybrid electric vehicles hold more than two-third of the global EV fleet. Increasing sales of HEVs are foreseen to fuel the demand for battery management systems in the future.
  • Electric vehicle fleet is significantly low as compared to ICE vehicles. As a result, the OEM sales channel is projected to retain its prominence throughout the forecast period.
  • Although centralized BMS account for a lion’s share in the global market, modular BMS are expected to witness high growth due to its superior functional benefits over its counterparts.

Automotive Battery Management System Market: Competition Overview

The global automotive battery management system market is moderately consolidated, with a number of global as well as regional players operating in it. Analog Devices, Inc., Continental AG, Johnson Matthey Plc, and Robert Bosch GmbH are identified as prominent players in the global automotive battery management system market.

Global Market to Grow in Parallel with Electric Vehicle Fleet

The global market for automotive battery management systems is estimated to witness considerably high growth during the forecast period. Sales of automotive battery management systems directly depend on automotive production as well as electric vehicle fleet. Regions such as APEJ and Japan, having relatively higher electric vehicle fleets, collectively account for more than 50% of the overall market share.

For additional information, write to the analyst at press@futuremarketinsights.com

Want to know more?

The research scope of the global automotive battery management system market has been primarily bifurcated into four segments: vehicle type, connection topology, sales channel, and region. The study provides an in-depth analysis of market sizing, forecasting, and market share analysis for automotive battery management systems. The report delivers a comprehensive assessment of the important dynamics of the global automotive battery management system market.

About the Automotive Division of FMI

The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.