The electric vehicle battery management system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Vehicle Battery Management System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
electric vehicle battery management system market size has grown
exponentially in recent years. It will grow from $5.38 billion in 2023
to $7.10 billion in 2024 at a compound annual growth rate (CAGR) of
32.1%. The growth in the historic period can be attributed to rising
environmental concerns, increasing fuel prices, growing demand for
electric vehicles, declining battery costs, improving energy density.
The electric vehicle battery management system market size is expected to see exponential growth in the next few years. It will grow to $19.35 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%. The growth in the forecast period can be attributed to enhanced battery performance, evolving battery chemistry, stringent emission standards, shifting consumer preferences, increasing focus on energy efficiency. Major trends in the forecast period include integration of predictive maintenance, development of wireless battery management system solutions, adoption of cloud-based analytics, rise of solid-state batteries, expansion of energy-as-a-service models.
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Scope Of Electric Vehicle Battery Management System Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Vehicle Battery Management System Market Overview
Market Drivers -
The
rise of electric mobility solutions is expected to propel the growth of
the electric vehicle battery management system market going forward.
Electric mobility solutions encompass a wide range of electrically
powered vehicles and associated infrastructure, such as electric
vehicles (EVs) and charging stations, to reduce reliance on fossil fuels
and promote cleaner, more sustainable transportation. The combination
of environmental concerns, technological advancements, government
support, cost savings, and shifting consumer preferences is driving the
rapid rise of electric mobility solutions. Electric vehicle battery
management systems ensure battery packs' safe, efficient, and reliable
operation, optimizing performance, extending battery life, and enhancing
the overall driving experience. For instance, in April 2023, according
to reports published by the International Energy Agency (IEA), a
France-based intergovernmental organization, electric car sales surged
by 55% in 2022 compared to 2021, surpassing 10 million units, while the
proportion of electric cars in total car sales increased to 14% in 2022
from 9% in 2021. Therefore, the rise of electric mobility solutions
fuels the growth of the electric vehicle battery management system
market.
Market Trends -
Major companies operating in the
electric vehicle battery management system market increasingly focus on
integrating artificial intelligence (AI) to develop advanced solutions
such as battery intelligence software to enhance battery performance,
optimize energy management, and extend battery life. Integrating
artificial intelligence (AI) enables advanced capabilities such as
predictive maintenance, optimized energy management, adaptive control
strategies, and enhancing battery performance, efficiency, and
longevity. For instance, in April 2023, WAE Technologies, a UK-based
technology and engineering services company, launched the Elysia battery
intelligence. This offers innovative features such as battery insight,
optimization, and cloud-based solutions, with AI integration enhancing
battery management through data analysis and predictive capabilities.
Its significance lies in revolutionizing battery management, extending
lifespan, and providing actionable insights, marking a significant
advancement in the electric vehicle battery management system market
towards optimizing efficiency and supporting new models of battery
financing.
The electric vehicle battery management system market covered in this report is segmented –
1) By Battery Type: Lithium-ion, Nickel Metal Hydride, Other Battery Types
2)
By Components: Integrated Circuits, Cutoff FETs And FET Driver,
Temperature Sensor, Fuel Gauge And Current Measurement Devices,
Microcontroller, Other Components
3) By Vehicle Type: Battery Electric Vehicles, Hybrid Electric Vehicles
4) By Application: Voltage Monitoring, Temperature Censor, Current Management, Discharge Monitoring, Other Applications
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Regional Insights -
Asia-Pacific
was the largest region in the electric vehicle battery management
system market in 2023. The regions covered in the electric vehicle
battery management system market report are Asia-Pacific, Western
Europe, Eastern Europe, North America, South America, Middle East,
Africa.
Key Companies -
Major companies operating in the
electric vehicle battery management system market are SAIC Motor
Corporation Limited, Robert Bosch GmbH, Tesla Inc., Panasonic
Corporation, Intel Corporation, BYD, Contemporary Amperex Technology Co.
Limited (CATL), Continental AG, LG Chem Ltd., Hyundai Mobis, ABB Ltd.,
Toshiba Corporation, Johnson Matthey plc, Texas Instruments Inc., TE
Connectivity, STMicroelectronics N.V., Infineon Technologies AG, NXP
Semiconductors N.V., Analog Devices Inc., Renesas Electronics
Corporation, Eberspaecher Vecture Inc., Lithium Balance A/S (Sensata
Technologies), Sensata Technologies Holding PLC, Visteon Corporation,
Maxim Integrated, Hitachi Automotive Systems Ltd., LION Smart GmbH,
Leclanché SA, Nuvation Energy (Nuvation Engineering), Merlin Equipment
Ltd.
Table of Contents
1. Executive Summary
2. Electric Vehicle Battery Management System Market Report Structure
3. Electric Vehicle Battery Management System Market Trends And Strategies
4. Electric Vehicle Battery Management System Market – Macro Economic Scenario
5. Electric Vehicle Battery Management System Market Size And Growth
…..
27. Electric Vehicle Battery Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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