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Electric Vehicle (EV) Battery Management System (BMS) Market Segmentation by Battery Type (Lithium Ion, Redox Flow, Lead-acid, and Others); and by Vehicle Type (Electric, and Hybrid); by Application (Voltage Monitoring, Temperature Censor, Current Management, Discharge Monitoring, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Electric Vehicle (EV) Battery Management System Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • January, 2021: Sensata Technologies BV announced the acquisition of Denmark based company Lithium Balance, by acquiring 75% of the company shares.

  • October, 2020: Navitas System, LLC Corporate prepares for up-surge in lithium-ion battery industry by appointing its new COO, as a part of its growth plan.

Global Electric Vehicle (EV) Battery Management System (BMS) Market Highlights over 2022 – 2030

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.

Electric Vehicle (EV) Battery Management System (BMS) Market GraphMoreover, 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

Sales of Electric Cars GraphThe 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.

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

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.

Global Electric Vehicle (EV) Battery Management System (BMS) Market Regional Synopsis

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.

EV Battery Management System (BMS) Market Share Image

The global electric vehicle battery management system market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global electric vehicle battery management system market includes the following segments:

By Battery Type

  • Lithium Ion
  • Redox Flow
  • Lead-acid 
  • Others

By Vehicle Type

  • Electric
  • Hybrid

By Application

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

Growth Drivers

  • Increasing Demand for Electric Vehicles
  • Advantages of BMS in Prolonging Battery Life

Challenges

  • Slow Adoption of EVs
  • High Capital Investment

Top Featured Companies Dominating the Market

  • Eberspaecher Vecture Inc.
    • 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 Corporate
  • Sensata Technologies, Inc.
  • Storage Battery Systems, LLC
  • Exide Corporation
  • ENERSYS

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