The global forecast for the automotive battery management system (BMS) market is highly promising, with an estimated growth from USD 4.7 billion in 2023 to USD 11.7 billion in 2028. This indicates a projected Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.
The BMS market is being propelled by the increasing popularity of electric vehicles (EVs), driven largely by environmental concerns, advancements in battery technology, and the expansion of charging infrastructure. As a result, the demand for automotive BMS is expected to increase as the adoption of electric vehicles grows worldwide, encompassing applications such as passenger cars, buses, trucks, e-bikes, and two-wheelers.
This market has been categorised by component, system type, battery type, topology, application, and region. Factors such as voltage, current, charge, power, health, and safety are vital for monitoring through battery management systems. The regional market is anticipated to experience significant growth, with North America expected to play a key role, particularly in the United States, Canada, and Mexico. The implementation of clean energy initiatives and incentives for EV adoption by various governments are driving the demand for electric vehicles in the region, including e-bikes and automated guided vehicles.
The modular topology segment, also known as decentralized, star, or master and slave’s topology, is projected to grow at the highest CAGR during the forecast period, offering a balance between the advantages and drawbacks of centralized and distributed topologies. It is favoured for its computational power and safety, as it does not require extensive wire harnesses. Major players contributing to this market include Eberspacher (Germany), Sensata Technologies, Inc. (US), AVL (Austria), LG Energy Solution (South Korea), and others.
The significant growth of the electric vehicles industry, the focus on electrification of public transportation, and government-led initiatives to boost EV adoption are driving market dynamics, with emerging opportunities in novel battery technologies and the advantages of wireless battery management systems over traditional systems.
Technological advancements are evident through the emergence of AB battery system, sodium-ion battery, solid-state battery, and wireless battery management systems. Key functions of BMS include battery management, cell balancing, thermal management, state of charge, and state of health.
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. Their provision of the latest data on international and regional markets, key industries, top companies, new products, and the latest trends has significantly contributed to shaping the automotive BMS market.
In conclusion, the automotive BMS market presents promising growth prospects, driven by the increasing demand for electric vehicles globally and the continuous technological advancements in battery management systems. The projected CAGR of 19.8% during the forecast period depicts a robust market that offers significant opportunities for industry players and stakeholders to take advantage of the increasing need for automotive battery management systems. For more information about this market, please visit https://www.researchandmarkets.com/r/lbi1sm.
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