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Battery Management System for Electric Vehicles Market Overview:
The Electric vehicle battery management system market was valued at USD 2696.3 million in 2021. The Global Electric Vehicle Battery Management System (EVBMS) market size is expected to be worth USD 9634.7 million in 2030, with a 15.2% revenue CAGR during the forecast period. Rising global demand for electric vehicles (EVs), as well as rising demand for sustainable and clean energy vehicles, are some of the key factors expected to drive market revenue growth over the forecast period.
Government initiatives in various countries that benefit consumers, such as financial incentives for purchasing EVs or significant reductions in certain taxes, are expected to boost Electric vehicle battery management system market growth. Furthermore, a growing emphasis on reducing reliance on gasoline-powered vehicles is expected to drive Battery Management System for Electric Vehicles market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rising demand for sustainable & clean energy vehicles and the rising global demand for electric vehicles (EVs) are considered vital parameters enhancing the performance of the global Electric Vehicle Battery Management System market. Furthermore, government initiatives in numerous countries that benefit consumers, such as significant reductions in certain taxes or financial incentives for purchasing EVs, are also projected to positively impact the growth of the global Electric Vehicle Battery Management System market over the coming years.
Electric Vehicle Battery Management System Market Trends
The Electric vehicle battery management system market is expected to be dominated by the battery electric vehicle segment.
With electric mobility rapidly expanding around the world, governments have been proactive in enacting policies to encourage the use of electric vehicles. China, India, France, and the United Kingdom have all announced plans to phase out the production of gasoline and diesel vehicles entirely by 2040. Due to subsidies and supportive government policies that began more than ten years ago, China is by far the most advanced country in the world in terms of electric car production. In April 2021, the United States announced a USD 174 billion infrastructure plan to promote electric vehicles and EV charging stations. Furthermore, rising investments in electric vehicle manufacturing and associated components such as batteries are expected to boost Electric Vehicle Battery Management System market demand. For instance,
Daimler announced a new investment plan worth EUR 70 billion (USD 85 billion) from 2021 to 2025 for the introduction of 30 electric vehicles, including 20 all-electric battery vehicles. Volkswagen increased its planned investment in digital and electric vehicle technologies to EUR 73 billion over the next five years in December 2020, with EUR 60 billion set aside for all-electric vehicles.
As a result of the foregoing factors, rising investments in electric vehicle manufacturing and government EV support policies around the world are expected to drive the electric vehicle battery management system market revenue over the forecast period.
Electric Vehicle Battery Management System Market Segment Insights:
Among all the types, the lithium-ion battery segment secured the leading position across the global Electric vehicle battery management system market in 2021, given the factors such as rising demand for lithium-ion batteries and secure & effective functioning.
Among all the applications, the IoT-enabled battery management system segment secured the leading position across the global Electric vehicle battery management system market in 2021, given factors such as rising demand for technologically advanced and innovative batteries.
Electric Vehicle Battery Management System Type Insights
The Global Electric vehicle battery management system Market is segmented into lead-acid batteries, lithium-ion batteries, nickel batteries, and others based on battery type. In 2021, the lithium-ion battery segment maintained its revenue share. Rising demand for lithium-ion batteries is also propelling Electric vehicle battery management system market revenue growth. Because of their high-power density, low self-discharge, and low cost, lithium-ion batteries are a viable option for electric vehicle batteries and other applications. The output of lithium-ion batteries is expected to increase from 450 GWh in 2020 to 1,450 GWh in 2025. Furthermore, the rapid expansion of the automotive and consumer electronics sectors in China and other European countries is increasing BMS adoption. Despite their higher energy density, Li-ion batteries have some disadvantages, particularly in terms of safety. Moreover, li-ion batteries have a propensity to overheat or break down at high voltages and their storage capacity degrades with age, eventually failing after a few years of use. To ensure secure and effective functioning, each battery pack must contain an electronic battery management system.
Electric Vehicle Battery Management System Application Insights
The Battery Management System for Electric Vehicles Market segmentation by Application into Voltage Monitoring, Temperature Censor, Current Management, Discharge Monitoring, Others. Rising demand for technologically advanced and innovative batteries, such as IoT-enabled battery management systems for fleet operators, is also driving Electric Vehicle Battery Management System market revenue growth. For example, Indian startup Emuron offers IoT-enabled BMS to fleet operators, which is an asset management system that monitors vehicle battery performance in real-time. It includes a GPS monitoring device that provides users with real-time data on the condition and usage of lithium-ion batteries. This device also allows for remote charging and immobilization in an emergency, and it collects, exchanges, and analyses real-time data from batteries to provide insights on battery usage and status.
Electric Vehicle Battery Management System Regional Insights
By Region, the study segments the Electric Vehicle Battery Management System market into North America, Europe, Asia-Pacific and Rest of the World. Geographically, Europe is expected to have a significant Electric vehicle battery management system market share.
Europe Battery Management System for Electric Vehicles is one of the world's largest markets for electric vehicles, with demand for electric vehicles increasing in every country, fueling the region's demand for battery management systems. Rising government aid and rising hybrid and electric passenger car sales are expected to drive Electric vehicle battery management system market demand. For example, France endorsed the global electric mobility initiative, which aimed to make 20% of vehicles on the road zero-emissions by 2030.
Furthermore, there is a growing emphasis on weight reduction, i.e., as demand for light vehicles grows, EV (Electric Vehicle) battery management systems are in a transition phase, with several players focusing on the same. In March 2020, LION E Mobility AG and Sogefi announced an agreement to combine LION’s battery management systems and module design technology with Sogefi’s industrial, automotive cooling components and global sales and distribution capabilities. As the Electric Vehicle Battery Management System market is becoming lucrative, several local manufacturers are entering into a joint venture with other companies in the Electric vehicle battery management system market. For instance, Hella announced a joint venture (JV) with Evergrande Group in June 2021, HELLA Evergrande Electronics (Shenzhen) Co., to develop and manufacture high-voltage battery management systems. Hella's primary contributions are to the field of battery electronics and the joint development of high-quality battery management systems.
Asia Pacific electric vehicle battery management system (EVBMS) market will grow at an annual rate of 18.1%, with a total addressable market cap of $ 49,571.3 million, driven by rising sales of electric vehicles (EVs), rising demand for sustainable and clean energy vehicles, supportive government initiatives, depleting fossil fuels, and rising environmental awareness among people.
Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Electric Vehicle Battery Management System Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America ev battery management systems market in is expected to grow from $4.56 million in 2022 to $11.45 million by 2028. From 2022 to 2028, it is expected to grow at a CAGR of 15.4%. The North America Ev Battery Management System Market is being driven by rising EV sales and the expansion of EV infrastructure.
Electric vehicle (EV) sales are rapidly increasing as a result of rising environmental concerns and government policies encouraging the use of low- and zero-emission vehicles. Government subsidies and tax breaks encourage manufacturers to scale up their operations. The US government proposed new standards for its action plan to build a nationwide network of 500,000 EV charging stations by 2030 in June 2022. The government announced a plan to allocate $5 billion to states over the next five years to fund EV chargers.
Electric Vehicle Battery Management System Key Market Players & Competitive Insights
The Electric vehicle battery management system market is moderately consolidated, with several major players dominating it. Furthermore, the market is highly appealing to new entrants, and companies operating in the Ev Battery Management System market have been focusing on the launch of advanced technologies to gain a competitive advantage in Electric Vehicle Battery Management System Market . As an example, Vitesco won a contract in May 2021 to supply Hyundai's new EV platform with 800-volt inverters with silicon carbide technology in significant quantities for the Hyundai Motor Group's new electric vehicle platform, underlining its intention to launch a total of 23 battery-powered models by 2025, 11 of which may be exclusively battery-powered.
Key Companies in the Electric Vehicle Battery Management System Market includes.
- ADVICS CO. LTD
- AISIN Corporation
- Continental AG
- DENSO CORPORATION
- robert bosch gmbh
- ZF Friedrichshafen AG
- Mazda Motor Corporation
- faurecia
- Hyundai Mobis Co Ltd
- Maxwell Technologies
- Others
Electric Vehicle Battery Management System Industry Developments
July 2023: Japan’s K Line, the operator of the car carrier involved in a major ongoing North Sea fire casualty, has revealed nearly 500 electric vehicles (EV) onboard the vessel.
South Korea's major power plant builder Doosan Enerbility Co. proposes forming a battery recycling subsidiary, focusing on the sector expected to grow quickly with the ascending global electric vehicle industry. Doosan Enerbility said in the last week of July 23, its board of directors decided to set up Doosan Recycle Solution. This unit reprocesses waste batteries to collect lithium, a core material for EV cells.
May 2022: BorgWarner Inc. announced that a leading global vehicle manufacturer had chosen its Battery Management System (BMS) to equip the entirety of its B-, C-, and light commercial vehicle platforms. Model years beginning in mid-2023 will be the first to feature the new BorgWarner BMS technology, which optimises battery pack performance, safety, and life span.
January 2022: FPT Industrial announced the release of two e-axles and a battery pack with a Battery Management System tailored to the needs of the customer.It displayed a Nikola Tre-specific integrated e-Axle. With a maximum power of 420 kW and a maximum torque of 900 Nm for each motor, a dual-electric motor axle for GVW vehicles up to 44 tonnes ensures high performance and efficiency.
Electric Vehicle Battery Management System Market Segmentation:
Battery Management System for Electric Vehicles by Type Outlook
- Lithium Ion
- Redox Flow
- Lead Acid
- Others
Battery Management System for Electric Vehicles Application Outlook
- Voltage Monitoring
- Temperature Censor
- Current Management
- Discharge Monitoring
- Others
Battery Management System for Electric Vehicles Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
- Middle East
- Africa
- Latin America
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