An Automotive Battery Management System or BMS is a crucial mechanism that oversees the management of automotive rechargeable batteries, particularly in electric vehicles. This technology plays a pivotal role in monitoring the battery in an electric vehicle.
It performs a variety of functions and ensures that the battery life and functionality are improved. A report by Data Bridge Market Research suggests that the global automotive battery management system may grow from $5.17 billion in 2021 to $13.94 billion by 2029. This growth is registered at a CAGR (Compound Annual Growth Rate) of 13.20%.
Furthermore, the report provided in-depth information on experts, import/export, pricing, production consumption, and pestle analysis. In this report article, we will discuss the growth of the automotive BMS market share, size, trends and more. But first, let us understand the mechanism behind the BMS functionality.
What is an Automotive Battery Management System?
An Automotive Battery Management System, or BMS, improves the functionality, safety, and performance of automobile batteries. The system connects with the active or present charger to maintain battery charging with advanced control.
Integrating this system in an EV (Electric Vehicle) is important for maximizing the utility of the battery pack and improving longevity. Given that, here are some functions that BMS generally perform:-
- Cell monitoring
- State of charge (SOC) estimation
- Cell balancing
- Protecting battery cells from damage caused by overcharging or over-discharging
- Monitoring the battery’s temperature
- Keeping a check on loose connections and internal shorts
- Regulating the charging/discharging of the battery
- Monitoring and controlling the charging process to prevent overcharging
- Preventing over-discharging, which can cause damage to the battery and increase the risk of explosion
- Quick response in any malfunction due to overcharge/discharge, overcurrent, or over/under temperature.
Automotive Battery Management System Market Analysis
Market research, consulting companies, research institutes, and other organizations conducted market analysis in 2021. Their report estimated the market management system at USD 5.17 billion.
The report further shared that the market size will eventually improve, with a CAGR (Compound Annual Growth Rate) of 13.20% between 2022 and 2027. With growing vehicle electrification, the market seems to have a positive global impact. Automakers find resonance with BMS as it improves vehicle safety and efficiently uses the energy stored in a vehicle battery pack.
However, the demand for BMS in automotives remained silent in Fiscal Year 2020 in the event of Covid-19. The year effectively subdued the supply chain, causing a decline in market production and profit.
But on the bright side, the market has improved in terms of revenue and annual sales since quarantine 2 in 2021. The supply chain is managed and regulated effectively, ensuring growth in the forecast period.
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Automotive Battery Management System Market Size
Fortune Business Insights suggested that the automotive battery management system (BMS) market was valued at $8.25 billion in 2022. It is expected to reach $26.46B by the year 2030 at a CAGR (compound annual growth rate) of 16.17%.
In terms of geographical region, The Asia Pacific area will see the fastest growth during this period. One of the major factors that is driving this growth for BMS is the increasing demand for e-mobility.
Here are some other estimates for the BMS market size:-
- $13.94 billion by 2029, with a CAGR of 13.20% from 2022 to 2029 (Data Bridge Market Research)
- $11.7 billion by the year 2028 at a CAGR of 19.8% from 2023 to 2028 (Markets and Markets)
- $41 billion by 2032, with a CAGR of 19.1% from 2023 to 2032 (Allied Market Research)
Automotive Battery Management System Market Share
Researchers say that the current automotive battery management system market share is 55% in 2022. Several factors affect the market value, including:
- Growing popularity of electric vehicles
- Use of lithium-ion (Li-ion) batteries in EVs and hybrid electric vehicles (HEVs)
- BMS to control their performance, efficiency, and safety
- Government mandates
Rising mandates regarding environmental protection drive the growth rate of the automotive BMS industry.
The automotive battery management system global market is divided by its use across geographical areas. The automotive segment held about 43% of the market in 2022. The North American market reached 31.9%, Europe held over 28.5%, and Asia Pacific held about 25%.
Automotive Battery Management System Market Growth and Latest Trends
The automotive battery management system is growing at an improved compound rate. The global electric vehicle industry is experiencing massive changes in terms of innovation while reducing its carbon footprint.
The development of BMS has positively addressed the increased environmental concerns. In the past decade, customer acceptance and sales of the EV automotive model have jumped dramatically.
Some prominent companies in the automotive industry have actively contributed to market growth. Given that, here is a list of the top manufacturers in the automotive industry:-
- Eberspacher (Germany)
- Sensata Technologies Inc (US)
- LG Energy Solution Ltd (South Korea)
- AMP (US)
- Ficosa International SA (Spain)
Lithium-ion batteries are the standard choice for EVs (Electric Vehicles). This is mainly because of their exceptional power capacity, energy density, and strength-to-weight ratio. Manufacturers also consider them because of their low self-discharge capacity.
- The Automotive Battery Management System oversees the performance of Lithium-ion batteries, controlling their crucial working modules and maintaining health.
- The surge in demand for electric vehicles has influenced manufacturers to improve BMS performance and functionality. Popular manufacturers across the world, such as Tesla Inc. (US), Ford Motor Company (US), and Volkswagen AG (Germany), deal in electronic vehicle components.
- Manufacturers are following a new trend in automotive battery management systems. Adding more cells to battery stacks can drive towards higher voltage systems.
- Based on this data and figure, the automotive battery management system market may satisfy the estimations by 2029.
Conclusion
The major players in the Battery Management System Market are Leclanché SA, Sensata Technologies Inc., Eberspächer, Renesas Electronics Corporation, Johnson Matthey, Elithion Inc., BMS PowerSafe, Navitas System LLC Corporate, etc. These companies have effectively improved the market for BMS in terms of size, revenues, share, and more. Some popular electric vehicles on the road are Tata Punch EV, MG Comet EV, BYD Seal, Tata Nexon EV, Tata Tiago EV, and more.
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