Automotive Battery Management System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Automotive Battery Management System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global automotive battery management system market is expected to register a CAGR of over 5.5% during the forecast period, 2020-2025.

Key Highlights

• With growing electrification in vehicles, the need for safe and optimum use of the energy stored in a vehicle battery pack has increased significantly among the automakers. Thus, the automotive industry's battery management system has been growing significantly and is expected to continue to grow during the forecast report.
• The European electric vehicle battery management system market is estimated to grow significantly over the forecast period. Apart from passenger cars, commercial vehicles are likely to drive more demand for battery management systems due to the increasing adoption of electric buses. European countries, like Belgium, the United Kingdom, Germany, Austria, and the Netherlands, have been majorly adopting electric buses in their areas in recent years. For instance, the London government announced that from 2018, no new diesel buses would be acquired. By 2020, almost all double-decker buses operating in central London will be Euro VI hybrids, while all single deckers will be zero-emission.
• Companies have been primarily focused on entering international deals and are heavily investing in R&D projects. For instance, in 2019, Panasonic Corporation has developed new battery management technology that offers lithium-ion battery modules with many battery cells stacked in series to reuse as well as help in the recycling of lithium-ion batteries.
• Additionally, in 2018, Ficosa, a Spain-based company, closed five necessary contracts for a battery management system for the Chinese market. Orders placed by tier II companies are valued at USD 233.35 million and are expected to be deployed in electric and plug-in hybrid vehicles.

Key Market TrendsIncreasing Demand for Intelligent Battery Management System

Features like start/stop, electric power steering, and electronic braking systems have increased the battery's power load. Therefore, prioritizing all these electrical loads on a scale from comfort to safety level has been a significant issue in a vehicle's electrical system. The need for an intelligent battery management system (IBMS) has been gaining attention among automakers and is being widely adopted across all the regions. IBMS consists of advanced electronics, such as battery sensors, that measure the state of charge (SOC), state of health (SOH), and temperature across a cell, connected in series and parallel array in a vehicle battery pack.All three measurements by IBMS have been taken simultaneously to ensure accurate measurements, even during rapidly changing conditions of the vehicle. The usage of IBMS aids in shutting down these electric vehicle systems in a logical order and warning the drivers about the impending battery problem to ultimately keep them safe from battery explosions. The prominent suppliers of intelligent battery sensors include Continental AG, Hella, and Bosch, among others.

Growing Demand for Electric Vehicles

Apart from conventional IC engine vehicles, the demand for the battery management system and electric vehicles is anticipated further to boost the growth of the battery management system market. With the employment of stringent emission regulations across every region, the electrical vehicle demand is likely to increase during the forecast period. The global electric vehicle sales have increased dramatically to more than 55% during 2018-2019. The battery is the primary source of power for electric vehicles is likely to drive the demand for an efficient and advanced battery management system.The Asia-Pacific region had covered a significant share of the battery management system market in 2019. While, Europe has registered a faster growth rate (due to its rapid increase of electric vehicle sales during 2018-2019) and anticipates to continue to grow during the forecast period with the EU government strictly monitoring the emission standards and planning to impose a ban on manufacturing IC engine vehicles by 2025 in few European countries, like Norway, the Netherlands, etc.

Competitive Landscape

The market is highly consolidated by major players, like DENSO Corporation, Robert Bosch GmbH, Hitachi Ltd, and Panasonic Corporation, and Calsonic Kansei Corporation. Among them, DENSO Corporation had dominated the market studied capturing a share of nearly more than 20% in the global market in 2019.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

DENSO Corporation
Robert Bosch GmbH
Panasonic Corporation (Ficosa)
LG Chem
Calsonic Kansei Corporation
Hitachi Ltd
Mitsubishi Electric Corporation
Continental AG
LiTHIUM BALANCE
Preh GmbH

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.