Electric Vehicle Battery Management System Market Size & Share, by Type (Lithium Ion, Redox Flow, Lead-Acid); Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle); Application (Voltage Monitoring, Temperature Censor, Current Management, Discharge Monitoring) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3572
  • Published Date: Jul 31, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Electric Vehicle Battery Management System Market size is estimated to surpass USD 38 Billion by the end of 2035, witnessing around 30% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of electric vehicle battery management system was USD 7 Billion. The growth of the market can be attributed to the surging manufacturing of electric vehicles pushed by its demand. The rising use of EVs increases the running time of batteries, and the battery management system is essential for monitoring the health of the overall battery pack, including each battery cell. In the year 2022, around 10 million electric vehicles were sold across the globe, beating the sales of 2021 by showing around 9% growth.

In addition to these, a factor that is believed to fuel the market growth of electric vehicle battery management systems is the rising infrastructure of battery charging. There were 2.7 million public charging points globally at the end of 2022, with over 900,000 of them constructed in 2022, representing a 55% increase over the number in 2021. The presence of adequate charging infrastructure boosts the confidence among people to adopt EVs, which in turn increases the demand for EV battery management system.


Electric Vehicle Battery Management System Market
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Electric Vehicle Battery Management System Sector: Growth Drivers and Challenges

Growth Drivers

  • Advantages of BMS in Increasing Battery Life– BMS avoids degradation and hence enhances the overall efficiency of the battery. The BMS is essential for improving battery performance and extending battery life.
  • Rising Investment in Battery Production– Battery manufacturers all over the world are set to invest over half a trillion in boosting battery production capacity by 2030. With the growing production of batteries, the demand for assessing the quality of the battery is likely to rise.
  • Growing Focus on Battery Safety and Reliability– Battery is an integral part of an electric vehicle, it is responsible for running the car and providing power to it. However, there is a huge concern regarding its safety after many battery explosion accidents. Therefore, governments all over the world are implementing regulations to address the problems. For instance, in India, the Ministry of Road Transport and Highways has laid a battery safety standard regulation to be followed by manufacturers to avert fire incidents in two-wheelers. The battery management system makes it possible to detect any irregular pattern or abnormality measuring and prevent them before a serious accident.

Challenges

  • High Overall Cost- The BMS increases the total cost of electric vehicles, which is a huge concern for clients and especially in this cost-competitive market.  As the EV market grows, there will be greater demand for better and less costly BMS systems that maintain vehicle safety without raising the vehicle's price.

  • Compatibility Issues with Different Batteries
  • Regulations and Standards

Electric Vehicle Battery Management System Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~30%

Base Year Market Size (2022)

~ USD 7 Billion

Forecast Year Market Size (2035)

~ USD 38 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa
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Electric Vehicle Battery Management System Segmentation

Type (Lithium Ion, Redox Flow, Lead-Acid)

The lithium-ion segment is estimated to hold 45% share of the global electric vehicle battery management system market in the year 2035. The increasing demand for lithium-ion batteries in the automobile sector can be ascribed to the segment's expansion. According to International Energy Agency, in 2022, the demand for automotive lithium-ion (Li-ion) batteries shot up by 65% reaching 550 GWh, which is significantly higher than 330 GWh in 2021. The growth is mainly driven by the surging popularity of EVs in the world. Batteries made of Lithium-ion batteries employed BMS for maintaining their temperature range since they have high sensitivity to high temperatures. Thus, prone to destruction when the battery is exposed to an unfavorable environment

Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle)

The battery electric vehicle segment is expected to account for 60% of the global electric vehicle battery management system market in the year 2035. Many governments worldwide have implemented incentives and policies to promote EV adoption. Furthermore, in this day and age of environmental concerns, battery electric vehicles emit no exhaust emissions, making them greener and more sustainable modes of transportation. Battery-powered vehicle tends to discharge, thus they need a battery management system to supervise the process and time of discharging and increase the life of the battery by preventing excessive discharging. During battery car operation, the BMS supervises the discharge process to prevent over-discharging, which would harm the battery.

Our in-depth analysis of the global market includes the following segments:

           Type

  • Lithium Ion
  • Redox Flow
  • Lead-Acid

           Vehicle Type

  • Battery Electric Vehicle
  • Hybrid Electric Vehicle

             Application

  • Voltage Monitoring
  • Temperature Censor
  • Current Management
  • Discharge Monitoring

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Electric Vehicle Battery Management System Industry- Regional Synopsis

North American Market Forecast

The electric vehicle battery management system market in North America is projected to be the largest with a share of about 36% by the end of 2035. The growth of the market can be attributed majorly to the increasing acceptance of electric vehicles owing to increasing development in its technology. As per the International Energy Agency, more than 750,000 new all-electric automobiles were registered in the United States in 2022, representing a 57 percent increase over 2021.

APAC Market Statistics

The Asia Pacific electric vehicle battery management system market is estimated to be the second largest, registering a share of about 27% by the end of 2035. The growth of the market can be attributed majorly to the rising production of batteries in the region. As per the data of the China Alliance for Electric Vehicles (CAEV), a total capacity of 545.9 gigatonnes (GWh) of batteries for electric vehicles, the production of battery has dramatically surpassed the number of EVs in the region.

Research Nester
Electric Vehicle Battery Management System Market Size
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Companies Dominating the Electric Vehicle Battery Management System Landscape

top-features-companies
    • Marelli Holdings Co., Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Elithion Inc.
    • Renesas Electronics Corporation
    • Johnson Matthey
    • Texas Instruments Incorporated
    • Navitas System, LLC
    • Sensata Technologies, Inc.
    • Storage Battery Systems, LLC
    • Exide Corporation
    • Enersys.
    • Toshiba Corporation
    • GS Yuasa Corporation
    • DENSO Corporation
    • NEC Corporation

In-the-news

In The News

  • Marelli Holdings Co. Ltd. announced the launch of the Wireless Distributed Battery Management System (wBMS). This tool eradicates the need for physical connection, thus increasing the efficiency, flexibility and reliability, and device.
  • Sensata Technologies announced the acquisition of Denmark-based company Lithium Balance, by acquiring 75% of the company shares.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3572
  • Published Date: Jul 31, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising adoption of electric vehicles and growing production of batteries are the major factors driving the market growth.

The market size of electric vehicle (EV) battery management system (BMS) is anticipated to attain a CAGR of around 30% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Marelli Holdings Co., Ltd., Elithion Inc., Renesas Electronics Corporation, Johnson Matthey, Texas Instruments Incorporated, Navitas System, LLC, Sensata Technologies, Inc., Storage Battery Systems, LLC, Exide Corporation, and Enersys.

The lithium-ion segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Electric Vehicle Battery Management System Market Report Scope
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