According to recent study by Research Nester, the electric vehicle battery management system market size is expected to surpass more than USD 38 billion by the end of 2035.
Growing Integration of Swappable Battery to Promote Global Market Share of Electric Vehicle (EV) Battery Management System (BMS)
The global electric vehicle (EV) battery management system (BMS)market is estimated to grow majorly on account of the rising demand for swappable batteries. They are much faster than conventional charging, especially with high-capacity batteries. This makes it an attractive alternative for electric vehicle owners who need quick access to a fully charged battery. Moreover, a swappable battery system might include batteries from different manufacturers or different generations of batteries. The BMS checks the compatibility of each battery module to ensure that it can be safety used in the vehicle.
Besides this, rising production of electric vehicles is also expected to boost the market growth. At the end of March 2021, the Biden Administration presented “The American Jobs Plan,” a USD 2 trillion-dollar proposal that proposes a USD 174 billion investment in the US electric car market.
Some of the major growth factors and challenges that are associated with the growth of the global electric vehicle (EV) battery management system (BMS) market are:
Growth Drivers:
- Development of Battery Technology
- Rising Attention Towards Safe Battery
Challenges:
Different battery has different compatibility issues and BMS increases in the price of electric vehicle are some of the major factors anticipated to hamper the global market size of electric vehicle (EV) battery management system (BMS). With so many varied battery chemistries, sizes, and configurations on the market, it can be difficult for BMS makers to ensure compatibility and efficiency across multiple battery types. It is yet insufficiently adaptable to accept a wide range of electric car models. On the other hand, there are strict rules and regulations for ensuring battery safety. The BMS market is governed by a number of rules and standards concerning battery safety, performance, and emissions. Manufacturers may find it difficult to meet these regulatory criteria while remaining competitive.
On the basis of vehicle type, the global electric vehicle (EV) battery management system (BMS) market is segmented into battery electric vehicles and hybrid electric vehicles. The battery electric vehicle market is expected to generate the most revenue by the end of 2035, expanding at a considerable CAGR during the forecast period. The growth of the segment is attributed to the growing persuasion of the government for increasing the adoption of electric vehicles in the world. On the other hand, based on type, the market is fragmented into lead-acid, redox flow, and lithium-ion. Out of three, the lithium-ion battery is expected to dominate the market growth.
By region, the Europe electric vehicle (EV) battery management system (BMS)market is set to bring in the significant revenue by the end of 2035. European countries have set ambitious targets to reduce greenhouse gas emissions and combat air pollution. The stringent environmental policy mandated the transition towards cleaner transportation options. It has accelerated the adoption of electric vehicles and led to the demand for BMS in the region. Furthermore, the market is dominated by the revenue shares of North America followed by the Asia Pacific region.
Top players include in the global electric vehicle battery management system market are Marelli Holdings Co., Ltd., Elithion Inc., Renesas Electronics Corporation, Johnson Matthey, Texas Instruments Incorporated, Navitas System, LLC, Sensata Technologies, Inc., Storage Battery Systems, LLC, Exide Corporation, and Enersys.
Source – https://www.researchnester.com/reports/electric-vehicle-battery-management-system-market/3572