Chicago, April 07, 2024 (GLOBE NEWSWIRE) — The global automotive battery management system (BMS) market size is expected to grow from USD 4.7 billion in 2023 to USD 11.7 billion in 2028, at a CAGR of 19.8% from 2023 to 2028. An automotive BMS is a crucial component of electric vehicles (EVs) that accurately monitors, protects, and optimizes the performance of the battery of electric vehicles. The BMS is responsible for ensuring the battery’s safety, preventing it from operating outside its safe area. The main functions of an automotive BMS include monitoring, protection, optimization, integration, scalability, safety, and compliance.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=15321159
The market for li-ion battery segment is expected to gain the largest market share during the forecast period
Lithium-ion (Li-ion) batteries have gained considerable popularity in automotive applications due to their ability to deliver high energy and power density in a compact volume and their impressive charge/discharge efficiency. Lithium-ion batteries are the predominant choice for electric vehicles (EVs) due to their exceptional energy density, power-to-weight ratio, and minimal self-discharge. However, ensuring their safety and durability requires precise management, which is necessary for the efficiency and safety of the battery as well as the vehicle; hence, BMS plays a crucial role in the assembly of automotive batteries. A BMS is indispensable for managing and controlling Li-ion battery performance in electric vehicles (EVs), including health, charge status, voltage, current, and environmental temperature. With the expanding electric vehicles market, the demand for BMS is projected to surge. The common lithium-ion battery variants used in automotive applications include lithium nickel manganese cobalt oxide (NMC), lithium iron phosphate (LFP), and lithium nickel cobalt aluminum oxide (NCA).
Passenger vehicles segment is expected to grow at the highest CAGR during the forecast period
The increasing popularity of electric vehicles (EVs) in the passenger vehicles segment is undeniably shaping the future of the automotive industry. As consumers increasingly opt for eco-friendly transportation, the demand for EVs is on a steady rise. This surge in demand for electric vehicles plays a pivotal role in propelling the development and adoption of advanced BMS. These systems are essential for enhancing the performance, safety, and longevity of EV batteries, ensuring they meet the high expectations of modern-day environmentally conscious drivers. Consequently, the growth of the passenger EVs segment is contributing significantly to the evolution and innovation within the field of automotive BMS, making it a critical component of the sustainable mobility landscape.
The key players in this market include
- Eberspächer (Germany),
- Sensata Technologies, Inc. (US),
- AVL (Austria),
- LG Energy Solution (South Korea),
- Ficosa Internacional SA (Spain),
- Leclanché SA (Switzerland),
- Nuvation Energy (US),
- Futavis GmbH (Germany), AMP (US) and others.
US is expected to hold a significant market share of the automotive BMS market during the forecast period
The automotive BMS market in the US is poised for lucrative growth due to the presence of various well-known automotive manufacturers. Regional players are creating advanced automotive BMS solutions to cater to clients’ needs. The US Department of Energy (DOE) issued a notice in February 2022 to provide USD 2.9 billion to enhance the production of advanced batteries used in electric vehicles. Moreover, the DOE plans to fund battery materials refining and production plants, battery cell and pack manufacturing facilities, and recycling plants. In March 2022, the DOE, in collaboration with the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) and the US Department of Labor, announced an investment of USD 5 million to launch a strategy for lithium battery manufacturing. These investments will boost the growth of EV battery manufacturing and, thus, drive the demand for automotive BMS in the US.
Request for Sample of Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=15321159
This research report categorizes the automotive BMS market based on component, system type, battery type, topology, application, and region. This report describes the drivers, restraints, opportunities, and challenges influencing the market’s growth. The value chain analysis and the competitive landscape of the market leaders have also been included in the report.
