Electric Vehicle (EV) Battery Management System (BMS) Market Projected to Growth At a CAGR of ~12%

Research Nester published a report titled “Electric Vehicle (EV) Battery Management System (BMS) Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global electric vehicle battery management system market in terms of market segmentation by battery type, vehicle type, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

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The global electric vehicle battery management system market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. The market is segmented into lithium ion, redox flow, lead-acid, and others, on the basis of battery type. Out of these, the lithium-ion segment is estimated to gain noteworthy share over the forecast period, owing to the rising demand for these batteries amongst the manufacturers of electric cars. Various advantages of the lithium-ion batteries, such as, efficient performance in high temperature, among others, are estimated to boost the segment growth.

The global electric vehicle battery management system market is projected to grow on the basis of growing sales of electric vehicles, and increasing need to monitor the performance of batteries of the vehicle. Battery management systems or BMS control the charging, discharging, and operation of the batteries, which prolongs the overall life of the battery, and improves its performance. This indirectly improves the performance of the vehicle, which is estimated to boost the growth of the market.

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 the North America region is anticipated to gain the largest market share throughout the forecast period on the back of presence of major EV manufacturers and battery manufacturers in the region, combined with rising demand for electric vehicles in the developed countries. High per capita income, increasing climate awareness, and easy availability of EVs are some of the secondary factors expected to boost the market growth. As per the data by the IEA, the sale of electric cars crossed 0.33 million in 2019.

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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Growing Sales of Electric Cars to Boost the Market Growth

According to the data by the International Energy Agency (IEA), the global sales of EVs crossed 2.1 million units in 2019, which further grew to 2.3 million in 2020.

Electric vehicles are the new trend in automotive industry, which is rapidly gaining popularity amongst the consumers. Depletion of fossil fuels, and rising prices of petroleum, along with increasing pollution caused by burning of fossil fuels are some of the issues, due to which, people are shifting towards electricity powered vehicles. The growing demand for electric cars, is estimated to boost the demand for EV BMS in the upcoming years.

However, slow adoption of EVs across the world is expected to operate as key restraint to the growth of the market over the forecast period.

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This report also provides the existing competitive scenario of some of the key players of the global electric vehicle battery management system market which includes company profiling of Eberspaecher Vecture Inc., Elithion Inc., Renesas Electronics Corporation, Johnson Matthey, Texas Instruments Incorporated, Navitas System, LLC Corporate, Sensata Technologies, Inc., Storage Battery Systems, LLC, Exide Corporation, ENERSYS. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric vehicle battery management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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