The automotive battery management system (BMS) market is poised to experience a considerable surge in the coming years. The market is expected to grow from USD 4.7 billion in 2023 to USD 11.7 billion by 2028, representing a notable CAGR of 19.8% during this period. An automotive BMS is an essential component in electric vehicles (EVs) as it actively monitors, protects, and optimizes the battery’s performance. Its primary function is to ensure the safety of the battery and prevent it from operating outside its designated parameters. The main functions of an automotive BMS include monitoring, protection, optimization, integration, scalability, safety, and compliance.
The market for lithium-ion (Li-ion) batteries, known for their high energy and power density, is anticipated to dominate the market during the forecast period. The increasing popularity of Li-ion batteries in automotive applications is attributed to their impressive charge/discharge efficiency and compact size. However, ensuring the safety and durability of Li-ion batteries requires precise management, making the BMS crucial for managing and controlling Li-ion battery performance in EVs.
With the growing demand for electric vehicles, the passenger vehicles segment is expected to exhibit the highest CAGR during the forecast period. The increasing popularity of EVs in this segment is reshaping the automotive industry, leading key players to develop advanced BMS to improve the performance, safety, and longevity of EV batteries.
Key players in this market include Eberspächer, Sensata Technologies, Inc., AVL, LG Energy Solution, Ficosa Internacional SA, Leclanché SA, Nuvation Energy, Futavis GmbH, and AMP, among others.
The US is anticipated to hold a substantial market share of the automotive BMS market during the forecast period. This is due to the presence of numerous well-known automotive manufacturers in the region, along with significant investments by the US Department of Energy (DOE) to enhance the production of advanced batteries used in electric vehicles. In February 2022, the DOE announced a significant investment to boost the growth of EV battery manufacturing, which will consequently drive the demand for automotive BMS in the US.
The report also categorizes the automotive BMS market based on component, system type, battery type, topology, application, and region, and describes the drivers, restraints, opportunities, and challenges influencing the market’s growth. Additionally, the report includes a value chain analysis and the competitive landscape of the market leaders.
As the automotive BMS market is expected to experience substantial growth in the coming years, it is evident that this critical component will play a significant role in the sustainable mobility landscape, particularly in response to the rising demand for electric vehicles.