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Automotive Battery Management System Market By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Ni-MH Battery), By Vehicle Type Segment (Battery Electric Vehicle, Plug-In Hybrid Vehicle, Full Hybrid Vehicle, Others), By End-Use (Original Equipment Manufacturer, Aftermarket) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Rising adoption of electric and hybrid vehicles coupled with growing demand for passenger cars across the globe to drive the automotive battery management system market

The global automotive battery management system market is poised to reach US$ 10.46 Bn by 2027, expanding at a CAGR of 14.2% during the forecast period from 2019 to 2027. An increasing number of electric mobility, technological advancement with substantial cost cuts, government policy support, and awareness of environmental concerns are expected to drive the market for the global automotive battery management system market. However, high capital and maintenance costs, high cost of batteries, and lack of EV charging stations are a few factors that may hinder the market growth of the automotive battery management system.

Market Synopsis

Increasing demand from the battery electric and plug-in electric vehicle segment to drive growth prospects

Growing digitalization and technology such as a cloud-based monitoring system have enabled the user to analyze and monitor battery data like the state of charge (SOC) and state of health (SOH). In addition, a cloud-based battery monitoring system allows online identification of battery failures at different stages of operation, thereby increasing battery efficiency. Furthermore, the growing popularity of high-end features incurring a transformational change is expected to increase the demand for the battery management landscape. For instance, Bosch is connecting batteries through a cloud-based swarm intelligence system to monitor battery charging in electric vehicles (EV), thereby minimizing battery wear with longer battery life.

The involvement of major automakers such as General Motors, Toyota, Hyundai, Honda, Porsche, and JLR is more focused on manufacturing electric vehicles (EV), thereby expected to drive market growth. For instance, according to McKinsey & Company survey in 2017, electric vehicle sales held a market share of around 1.3%, battery electric reached around 66,000 units & plug-in hybrid vehicles reached around 34,000 units worldwide.

Furthermore, the government policy measure to provide economic incentives to bridge the cost gap between EVs and internal combustion engines (ICEs) and early deployment of charging infrastructures is projected to fuel the demand for the automotive battery management system globally.

North America to Dominate, Europe to Witness Strong Growth

In North America, the automobile industry is driven by economic contribution, innovation, and technology to develop measurable solutions that prompt energy efficiency, environmental protection, and mobility. An increasing number of light trucks and car sales in the U.S. are projected to drive the automotive battery management system market. For instance, according to the Wards Intelligence survey in Q3 2019, the automobile industry registered around 14,038,731 units of light trucks and cars in North America.

Europe is expected to have a sufficient manufacturing capacity to meet the growing domestic demand for EV, PEV, and HEV. For instance, as per the International Energy Agency (IEA), in 2018, Norway held the electric cars market share of around 46% globally. Furthermore, gradually increasing momentum for electric vehicle (EV) adoption from both the customer and automotive industry leads the powertrain expected to play an important in the Europe mobility market. Furthermore, the aforementioned factor is expected to drive the demand for batteries, further leading to the growth of the automotive battery management system market.

Frequently Asked Questions:

The market for Automotive Battery Management System is expected to reach US$ 10.46 Bn by 2027.

The Automotive Battery Management System market is expected to see significant CAGR growth over the coming years, at 14.2%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

Competitive Dashboard, Continental AG, Robert Bosch GmbH, Intel Corporation, Midtronics, Inc., NXP Semiconductors NV, Toshiba Corp, Johnson Matthey PLC, Analog Devices, Inc are some of the major players in the global market.

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Published Date:  Nov 2019
Category:  Energy
Report ID:   60045
Report Format:   PDF
Pages:   120
Rating:    4.2 (58)
Delivery Time: 24 Hours to 48 Hours   
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