The global automotive battery management system market is currently witnessing stellar growth and is poised to retain its status quo in the coming years. Future Market Insights has carried out an in-depth analysis of the global market and presented several insights in its new research publication titled “Automotive Battery Management System Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027).”
This research report focusses on the various regional markets and includes in-depth analysis on key market segments. Top trends and developments along with drivers and challenges are also covered in this analytical research report. A global picture of the entire market is portrayed in a systematic manner revealing various factors that have an influence on the global market revenue growth. This report covers past data analysis along with future forecasts of the global automotive battery management system market for a period of 10 years starting from 2017 till 2027.
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“The global market for automotive battery management systems is projected to expand at a meteoric CAGR of 22.1% throughout the period of assessment. The global automotive battery management system market reflected a value of a little under US$ 2 Bn in 2017 and is estimated to touch a valuation of more than US$ 8 Bn by the end of the period of assessment in 2027.” – Research Analyst – Automotive & Transportation, Future Market Insights
Growing Demand for Electric Vehicles in APEJ to Spur the Adoption of Automotive Battery Management Systems
Growing demand for electric vehicles, especially in the emerging economies of APEJ like China is fuelling the demand for automotive battery management systems. In addition, the demand for four wheeler electric vehicles powered by lithium ion batteries has increased at a significant rate over the past few years. In India, the market scenario for electric vehicles is identical to that of China. Use of automotive battery management systems in hybrid vehicles, battery electric vehicles, golf carts, commercial vehicles etc., is increasing at a rapid pace, and this is expected to support the robust growth of the global automotive battery management system market in the coming years.
Growth in Sales of Hybrid Electric Vehicles to Bode Well for Global Market Growth
Hybrid electric vehicles run on both electric propulsion powertrain as well as an internal combustion engine. Higher fuel efficiency, improved performance and reduced tailpipe emissions are some of the advantages offered by hybrid electric vehicles. The demand for these vehicles is high across various regions, which in turn is pushing the sale of battery management systems. In addition, OEMs are showing high inclination towards the adoption of battery management systems with new developments and features. This coupled with increasing demand for electric vehicles has pushed OEMs to increase their production capacities. This factor is expected to contribute to the growth of the global market for automotive battery management systems in the coming years.
Insights on Key Market Segments
With respect to connection topology, modular battery management systems have witnessed increasing use over the years. These include multiple controllers that handle a certain number of cells. The modular segment is projected to expand at a high growth rate during the forecast period. On the other hand, centralised battery management systems reflect a higher share in the market. The centralised segment is poised to hold a higher market share than other segments in this category and is the most lucrative segment.
In terms of sales channel, the OEM segment is anticipated to dominate the global market. The increasing use of battery management systems by OEMs is rising at a higher rate across the globe. The OEM sales channel is expected to generate a higher revenue of more than US$ 7.5 Bn by the end of the year of assessment (2027).
By region, APEJ (Asia Pacific Excluding Japan) is the largest and a highly attractive market for automotive battery management systems. The adoption of automotive battery management systems in this region is projected to grow at a noteworthy rate in the coming years. On the contrary, North America and Western Europe are expected to reflect cutthroat competition in the automotive battery management system market.
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Competitive Landscape of the Global Automotive Battery Management System Market
This research report presents an analysis of the top market players such as Johnson Matthey Plc., Analog Devices, Inc., Continental AG, NXP Semiconductors NV, Robert Bosch GmbH, Renesas Electronics Corporation, Toshiba Corporation, Texas Instruments Inc., Intel Corporation, LG Chem, Ltd., AVL LIST GmbH, Lithium Balance A/S, MIDTRONICS, Inc., Preh GmbH and HORIBA MIRA Ltd.