Automotive Battery Management System Market is expected to grow at a CAGR of 17% between 2021-2027.
Many functional blocks make up a battery management system, including cell voltage balancing, real-time clock, state machine, temperature monitor, cutoff FET, fuel gauge monitor, and so on. The FET driver is in charge of connecting and isolating the battery pack from the load and charger. The fuel gauge is used to monitor the amount of charge that enters and exits the battery pack. The cell voltage of each cell should be checked using a cell voltage monitor to evaluate the overall health of the battery pack. If the cell pack delivers a larger current while maintaining a consistent voltage, the cell pack may catch fire. As a result, a temperature monitor is utilized to keep track of the temperature and avert dangerous situations. In this approach, Battery Management Systems fulfil their primary duty of battery pack protection. The Global Automotive Battery Management System Market is expected to grow at a CAGR of 17% between 2021-2027.
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Market Overview
Lithium-ion batteries are gaining in popularity due to many advantages such as increased power density and cheaper cost. However, there is a danger involved with using lithium-ion batteries since they are more prone to harm if left undercharged. As a result, to handle such damages, an Automotive Battery Management System may assist with battery shutdown notice and safety procedures. The Automotive Battery Management System interacts with other components to keep track of charge levels. It also aids in cell balancing, battery thermal protection, and current regulation when charging, all of which contribute to the growth of the Automotive Battery Management System Market. Furthermore, this system protects the battery as well as the vehicle while it is operating. Control functions should be allocated to the battery management system to avoid undesirable situations such as vehicle movement being hampered. As a result, the market for Automotive Battery Management Systems is developing due to the increasing use of electric cars. However, because the adoption of an Automotive Battery Management System raises the final cost of the car, demand from cost-conscious buyers falls. In some regions, a shortage of experienced people for testing and installing Automotive Battery Management Systems in vehicles is expected to limit the growth of the Automotive Battery Management System Market.
COVID-19 Impact
The global outbreak of COVID-19 has had a significant impact on the supply chain and logistics business, which has been stopped as a result of COVID-19's fast spread throughout the world. This epidemic has created a great deal of anxiety and concern among all members of the industrial value chain. Governments throughout the world have implemented rigorous social distancing measures, ranging from partial to total lockdown interventions, to prevent the spread of the COVID-19 disease. As a result, there is less public transportation on the roadways. Furthermore, because social distancing restrictions remain in force, demand for autos has decreased, impacting this sector.
Global Automotive Battery Management System Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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By Battery Type, the market is primarily studied into:
· Lithium Ion
· Advanced Lead-acid
· Others
Based on battery type, the market is segmented into Lithium Ion, Advanced Lead-acid and Others. The Lithium Ion segment is expected to grow at a higher CAGR during the forecasted period. Lithium-ion batteries are becoming more popular as a result of its advantages such as increased power density and cheaper cost. Previously, lead-acid batteries were often utilized, but they lacked sufficient storage capacity per unit of mass. Lithium-based batteries, on the other hand, are difficult to manage because of their non-linear charge or discharge curve. If these batteries are overcharged or undercharged, they can be damaged. As a result, the automobile battery management system aids in the notification of battery shut down or the implementation of safety measures.
By Topology, the market is primarily bifurcated into:
· Centralized
· Modular
· Distributed
Based on topology, the market is segmented into Centralized, Modular and Distributed. The Modular segment is expected to grow at a higher CAGR during the forecasted period. Modular BMSs are gaining popularity since they provide more computational power and are safer owing to less wiring. Modular topology may be used in a variety of applications, including energy storage systems, industrial UPS, medical mobility vehicles, electric car parts, and drones.
By Vehicle, the market is primarily bifurcated into:
· Passenger Cars
· Commercial Vehicles
Based on vehicle, the market is segmented into Passenger Car and Light Commercial Vehicle. The Passenger Car segment is expected to grow at a higher CAGR during the forecasted period. The passenger car segment dominates the worldwide automotive BMS market, and this trend is expected to continue. The advantage can be linked to several variables, including the growing urban population and its commuting requirements. End-users choose EVs because of the growing worry about rising environmental pollution and their cheap running costs.
Global Automotive Battery Management System Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
Asia Pacific market is predicted to be the fastest-growing region in the coming years. During the projection period, it is predicted to dominate with the greatest CAGR. The high population density of nations like China and India, which account for more than 38% of the world population, is a major driver of this region's growth. Furthermore, several beneficial government measures conducted in these regions to revitalize the car sector, which was hit by COVID-19, are expected to fuel market expansion. Furthermore, increased urbanization and smart cities are predicted to fuel EV expansion, accelerating the market for electric vehicle onboard chargers.
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The major players targeting the market includes:
· LG Chem, Ltd.
· Robert Bosch GmbH
· Continental AG
· Analog Devices, Inc.
· Intel Corporation
· NXP Semiconductors NV
· Renesas Electronics Corporation
· Johnson Matthey, Inc.
· Toshiba Corporation
· Midtronics, Inc.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Automotive Battery Management System Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the Global Automotive Battery Management System Market?
· Which factors are influencing the Global Automotive Battery Management System Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Automotive Battery Management System Market?
· Which factors are propelling and restraining the Global Automotive Battery Management System Market?
· What are the demanding global regions of the Automotive Battery Management System Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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