Global Automotive Battery Management System Market Generated A Market Revenue Of US$ 3.20 Bn In 2018
According to a new market research report published by Brisk Insights, “Automotive Battery Management System Market By Battery Type (Lithium-Ion, Lead Acid, Ni-MH), By Vehicle Type (Battery Electric, Plug-In Hybrid, Full Hybrid, Others (Diesel, Gasoline, CNG)), By End-use (OEM, Aftermarket) and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global automotive battery management system market is expected to reach US$ 10.46 Bn by 2027, expanding at a CAGR of 14.2% during the forecast from 2019 to 2027.
The battery management system plays a vital role in the automobile industry. Increasing use of petroleum-based fuel and a rise in the number of internal combustion engine vehicles are encouraging the government bodies to implement regulations and policies for electric and hybrid vehicles. In addition, the government provides incentives in the form of tax rebates, subsidies, grants and fuel efficiency and emission standards to encourage the use of eco-friendly vehicles. The aforementioned factors are expected to drive the market for automotive battery management systems worldwide. An increase in the number of electric vehicles, growing optimum and safe need for energy stored battery packs, application of IoT and cloud computing technology are expected to boost up the demand for the automotive battery management system.
For instance, in July 2019, Bosch announced the development of IoT based swam intelligence to monitor the batteries installed in EV systems, thereby reducing the wear and tear on batteries by 20%. This feature enabled the smart software system is expected to drive the automotive battery management system globally. According to the International Energy Agency (IEA) survey in 2018, the global electric car fleet reached around 5.1 million, which is projected to drive the automotive battery management system market. The electric vehicle (EV) uptake and the requirement for battery production imply a bigger demand for new materials in the automotive sector, requiring increased attention towards the battery management system.
Increasing penetration of electric vehicles (EV) coupled with government initiatives is likely to witness significant growth in North America. The provision of grants by the U.S. American Recovery and Reinvestment Act towards public and private bodies is further expected to drive the market growth in the near future. For instance, according to the Edison Electric Institute survey in March 2019, more than 1.18 million electric vehicles (EV) were on road in the U.S. market, thereby increasing the market share sales by 0.2% from March 2018. Furthermore, Ford is offering the largest electric vehicle (EV) public charging stations of around 12,000 units in North America which includes fast charging and charge plugs, representing global sales of 17% EVs in the U.S. market.
Some of the leading manufacturers profiled in the study include Continental AG, Robert Bosch GmbH, Intel Corporation, Midtronics, Inc., NXP Semiconductors NV, Toshiba Corporation, Johnson Matthey Plc., Analog Devices, Inc., Renesas Electronics Corporation and LG Chem Ltd. among others.
Browse the full report at https://www.briskinsights.com/report/automotive-battery-management-system-market
The Global Automotive Battery Management System Market is Segmented into:
By Battery Type Segment (2017–2027; US$ Bn)
By Vehicle Type Segment (2017–2027; US$ Bn)
By End-use Segment (2017-2027: US$ Bn)
By Geography Segment (2017–2027; US$ Bn)
*Complete segmentation list is on report page