Who Are The Top Key Players Operating In The Battery Management System Market Globally?

Battery Management System Market overview:

The market for electric vehicle battery management systems was valued at USD 2696.3 million in 2021 and is expected to reach USD 12010.6 million in 2027, growing at a CAGR of around 28% during the forecast period (2022 - 2027).

The use of energy in vehicles in a safer manner has increased among consumers as electrification in vehicles has increased. Commercial vehicles are extremely popular. The need for IBMS has gained traction among us. Its use aids in shutting down vehicular systems, keeping the battery safe from explosions. To deal with such types of damage, the Battery Management System market for electric vehicles assists with battery shutdown notification and safety measures.

The Battery Management System market for electric vehicles communicates with other components that assist in recording charge levels. It also aids in cell balancing, thermal protection of batteries, and current control while charging, all of which contribute to the growth of the Battery Management System market for electric vehicles.

Recent Developments:

BorgWarner Inc. announced in May 2022 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.

In January 2022, FPT Industrial announced the release of two e-axles and a battery pack with a Battery Management System tailored to the customer's needs. 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.

Samsung introduced a new battery with fast charging capability and high energy density, allowing electric vehicles to travel up to 600 kilometres.

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Market segmentation

Furthermore, this system protects the battery and the vehicle while running. Despite the negative impact of COVID-19 on the global automotive industry, electric vehicle sales for 2020 saw significant growth globally. This was primarily due to government subsidies, increased electric vehicle charging infrastructure, and an increase in fuel prices. The same growth trend was observed in 2021 and is expected to continue during the forecast period. This is a major driving factor during the forecast period.

Regional Analysis

With electric mobility rapidly expanding worldwide, 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. The market is divided into two segments based on vehicle type: passenger and commercial vehicles. The Electric Vehicle Battery Management Systems market is moderately consolidated, with several global players dominating it. Furthermore, the market is highly appealing to new entrants, and companies are operating in the market have been focusing on launching advanced technologies to gain a competitive advantage. Due to the presence of several leading manufacturers, Europe is expected to remain the largest market for electric vehicle battery management systems, followed by Asia-Pacific. Adoption of electric vehicles (EVs), plug-in electric vehicles (PEVs), and hybrid electric vehicles (HEVs) technology is expected to increase significantly across European small and medium-sized businesses.

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Key Players