Automotive Battery Management System Market to Rise at CAGR of 16.17% over 2023-2030; Development Of Wireless BMS Systems to Create New Market Opportunities

The global automotive battery management system market size is estimated to display strong growth by reaching USD 26.46 billion by 2030. Fortune Business Insights™ in its report titled “Automotive Battery Management System Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (BEV, PHEV, and HEV), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 8.25 billion and is expected to reach USD 9.27 billion in 2023. The market is expected to witness a strong CAGR of 16.17% during 2023-2030. A battery management system helps in monitoring battery usage and ensuring optimum performance from a battery. Demand for BMS and efficient working of EV batteries is increasing due to which the adoption of BMS systems among the new generation automobiles is increasing. The development of wireless BMS systems is the latest technology to mark a new pathway for market opportunities.

Extreme Vehicle Battery Technologies Corp. Acquired Richpower New Energy Co. Ltd

In November 2020, Extreme Vehicle Battery Technologies Corp. acquired RichPower New Energy Co. Ltd to EV Battery Tech for the development of battery types and technologies for the target markets. RichPower New Energy Co. Ltd is a leader in the battery management system and energy storage system (ESS) industries of China.

The Sale Of EVs Witnessed A Surge During The Pandemic With Favorable Government Spending

The COVID-19 pandemic negatively impacted the automotive sector which halted the transportation activities and supply chain, significantly decreasing the sales of automobiles. The sale of EVs witnessed a surge during the pandemic with favorable government spending, stringent regulations, and subsidies offered by governments which supported the market growth for automotive battery management systems.

Rising Rate of Urbanization and Local Requirements for Commute to Propel Market Development     

The rising rate of urbanization and local requirements for commute is predicted to drive automotive battery management system market growth. Recently, there has been a major shift in work opportunities and industrialization in urban areas. Urbanization, improving the standard of living, rising disposable income, and requirement for efficient local commutes are likely to fuel the adoption of electric vehicles in the near future.

However, the high cost of battery management system possesses a great challenge. As advanced technologies optical sensing of cell voltage, and wireless sensing, provide more cell data with higher accuracy. Thus, the implementation of BMS can be hampered leading to hampering the market growth.

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Autoliv Is The Main Player Of The Market Which Develops Advanced Airbag Systems

The market is fragmented with various key players globally. The companies operating in the market are increasing strategic moves such as partnership, collaboration, and acquisition to expand their business and grab untapped opportunities in emerging markets. In February 2021, Sensata Technologies acquired Lithium Balance for the electrification business and strategy in the clean energy markets of Sensata. The addition of Lithium Balance further expands Sensata’s portfolio to offer battery management solutions to various automotive OEMs and integrated energy storage solutions to commercial and industrial customers.

Key Industry Development

• October 2022: Sensata Technologies launched a new Lithium Balance n3-BMS, for high-voltage applications. The Lithium Balance n3-BMS is ideal for up to 1000 volts/2000 amps, applications such as electric trucks, heavy commercial vehicles, and buses.

List of Key Companies Profiled in the Market Report:

• Robert Bosch GmbH (Germany)
• Continental AG (Germany)
• Toshiba Corporation (Japan)
• Intel Corporation (U.S.)
• NXP Semiconductors NV (Netherlands)
• Analog Devices, Inc. (U.S.)
• Denso Corporation (Japan)
• Johnson Matthey, Inc. (U.K.)
• LG Chem, Ltd. (South Korea)
• Midtronics, Inc. (U.S.)

Further Report Findings

• The market in Asia Pacific dominated the automotive battery management system market share with the high adoption of electric cars in China. The market stood at USD 3.87 billion in 2022 due to the increasing penetration of commercial electric vehicles in emerging countries of Asia Pacific, including India, South Korea, Japan, and others.  
• Europe has held the second-largest market share due to the presence of many leading market players and major automobile manufacturers. Increasing regulations, electrification, and investment in electric vehicle innovations are expected to drive market growth in the region. 
• North America held a certain share in the year 2022 due to significant sales of electric commercial and passenger vehicles in the U.S.

Table of Segmentation