July 18, 2023 08:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- The global automotive battery management system market size was USD 8.25 billion in 2022. The market is expected to grow from USD 9.27 billion in 2023 to USD 26.46 billion by 2030 at a CAGR of 16.17% in the 2023-2030 period. Battery management system (BMS) controls the performance of electric vehicle batteries. This system manages the recharging of the battery by controlling its operating area, balancing it, and protecting the battery. This information is provided by Fortune Business Insights, in its report titled, “Automotive Battery Management System Market, 2023-2030.” Battery Management Software
With the Surge in the Demand for Electric Vehicles, the Demand for BMS to Rise
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On the basis of propulsion type, the market is divided into BEV, PHEV, and HEV. BEV is expected to dominate the market share as BEVs are powered entirely by electricity and growing popularity for fully electric vehicles. PHEV is also set to have considerable market growth and high penetration of battery-based electric vehicles in major regions and countries, such as the U.S., Europe, China, and others.
Asia Pacific dominated the automotive battery management system market share due to the high adoption of electric cars in China. The market was valued at USD 3.87 billion in 2022 due to the deep penetration of commercial electric vehicles in developing countries such as India, South Korea, Japan, and others. Europe is set to be the second-largest share in 2022 due to the presence of many leading market players and major automobile manufacturers. Electrification, increasing regulations on vehicular emissions, and investments in EV innovation are also driving regional market growth.
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The market is fragmented with key players who are opting for partnership, collaboration, and acquisition strategies. Key market players in the business are grabbing untapped opportunities in emerging markets. In January 2022, Dukosi, partnered with Global Foundries for the production of a next-generation automotive battery management system for electric vehicles. Such partnership strategies are helping to gain a competitive edge for the market players.
March 2023: Qorvo launched the first single-chip intelligent battery management solutions for 20-cell systems which are intelligent battery management solutions (BMS) for various industrial, battery backup, and e-mobility applications
Automotive Battery Management System Market Segmentation:-
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