The global electric vehicle battery management system market is estimated to grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. EV battery management system or BMS overlooks the charging, discharging, an operation of the battery. The growth of the market can be attributed to the growing demand for electric vehicles, backed by depleting fossil fuel, and rising environmental awareness amongst people to reduce the consumption of petroleum, and rapid shift towards electric vehicles. Battery management systems boost the performance of the battery, prolonging the life of the battery. BMS determines the amount of current flowing in each cell while charging the battery, and monitors the voltage during operation. The advantage of BMS is estimated to further boost the market growth.
Moreover, the rising sale of the electric vehicles is estimated to significantly boost the market growth. According to the data by the International Energy Agency (IEA), 2.1 million EVs were sold globally in 2019, registering 6% growth from 2018. As per 2019, the total number of electric vehicles running across the world amounted to 7.2 million vehicles. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by battery type into lithium ion, redox flow, lead-acid, and others out of which, the lithium-ion segment is anticipated to hold the notable share in the global electric vehicle battery management system market over the forecast period as majority vehicles use lithium-ion batteries in the vehicles, owing to their high power-to-weight ratio. Moreover, lithium-ion batteries perform well under high temperature, which is estimated to boost the growth of the market.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global electric vehicle battery management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing production, as well as sales of electric vehicles, backed by increasing disposable income in the region, and growing environmental awareness among the people. According to the data by the IEA, 47% of the total EVs running across the globe, were in China, 2019. 1.1 million electric cars were sold in China in 2019.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of growing adoption of electric vehicles in the region. As per the data by the IEA, 0.33 million electric cars were sold in the United States in 2019. Presence of major manufacturers of electric vehicles in the region, is further estimated to boost the market growth.
The global electric vehicle battery management system market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric vehicle battery management system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for electric vehicles backed by growing environment awareness to boost the market growth.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
Slow adoption of electric cars is estimated to hamper the market growth.
The market in the North America region is estimated to provide more growth opportunities over the forecast period, owing to the higher adoption of electric cars in the region.
The major players in the market are Johnson Matthey, Texas Instruments Incorporated, Navitas System, LLC Corporate, Sensata Technologies, Inc., Storage Battery Systems, LLC, Exide Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by battery type, vehicle type, application, and by region.
The lithium-ion segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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