According to a new report, published by KBV research, The Global Automotive Battery Management System Market size is expected to reach $16.6 billion by 2030, rising at a market growth of 19.8% CAGR during the forecast period.
The Hardware segment is showcasing a strong growth in the Global Automotive Battery Management System Market by Component in 2022 thereby, achieving a market value of $11 billion by 2030. Hardware components are crucial in the automotive battery management system (BMS) market. The BMS hardware components are responsible for monitoring, managing, and protecting the battery pack in electric vehicles (EVs), hybrid vehicles, and other applications. The hardware components in an automotive BMS are integrated to work together seamlessly, constantly monitoring, and managing the battery's performance, health, and safety.
The Lead-acid segment is experiencing a CAGR of 20.1% during (2023 - 2030). Lead-acid batteries are commonly used in conventional ICE vehicles for starting the engine. In such applications, BMS technology is simpler than the advanced systems used in EVs and hybrids. The BMS monitors battery voltage, ensuring the battery is in adequate condition to start the vehicle. A BMS for lead-acid batteries in this context is relatively primary, ensuring that the battery maintains an adequate charge for these systems to operate reliably. BMS technology in these systems ensures the availability of power and monitors the condition of the batteries.
The Passenger Vehicles segment is leading the Global Automotive Battery Management System Market by Application in 2022 thereby, achieving a market value of $10 billion by 2030. The increasing popularity of electric vehicles (EVs) in the passenger vehicle segment is undeniably shaping the future of the automotive industry. These systems are essential for enhancing EV batteries' performance, safety, and longevity, ensuring they meet the high expectations of today's environmentally conscious drivers. Companies such as Tesla Inc. (US), Ford Motor Company (US), and Volkswagen AG (Germany) operate in the passenger electric vehicles segment.
The Distributed segment is registering a CAGR of 20.9% during (2023 - 2030). Distributed battery management system topology consists of a dedicated subordinate board for each cell in the battery pack, which is responsible for measuring and controlling that specific cell. Voltage signals, a temperature sensor, and serial communication between the internal and external cables are connected to each cell. However, the cost of a distributed system can be much higher for battery packs with many cells than that of a centralized system. The distributed topology in a battery management system is the simplest to mount and offers a neat assembly. It is best suited for high-power applications such as electric vehicles.
The Asia Pacific region dominated the Global Automotive Battery Management System Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $7 billion by 2030. The Europe market is experiencing a CAGR of 19.3% during (2023 - 2030). Additionally, The North America market would experience a CAGR of 19.6% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/automotive-battery-management-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Eberspächer Gruppe GmbH & Co. KG, Sensata Technologies Holding PLC, AVL List Gmbh, LG Energy Solution Ltd., Ficosa International S.A, Leclanché S.A, Nuvation Energy (Nuvation Research Corporation), Futavis Gmbh (Deutz AG), Toshiba Corporation, Elithion, Inc.
By Component
By Battery Type
By Application
By Topology
By Geography
Companies Profiled
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