Electric vehicle battery management system market size – USD 4.85 billion in 2021, market growth – at a CAGR of 15.2%.
NEW YORK, NY, USA, June 20, 2022 /EINPresswire.com/ — Market Trend – Electric Public Transport Uptrend
The global Electric Vehicle Battery Management System (EVBMS) market size is expected to reach USD 17.13 billion by 2030 and register a CAGR of 15.2% over the forecast period, according to the latest report by Reports and Data. Growing demand for electric vehicles (EV) globally, along with growing demand for sustainable and clean energy vehicles, are key factors that are expected to drive the market revenue growth during the forecast period.
Supportive government initiatives in various countries that provide benefits to consumers, such as financial incentives for the purchase of electric vehicles or significant reduction in certain taxes, are expected to have a positive impact on the growth of the market. Additionally, increasing focus on reducing reliance on gasoline-powered vehicles is another factor that is expected to drive the growth of the market.
The Electric Vehicle Battery Management System (EVBMS) helps improve overall vehicle efficiency and performance. Typically, battery packs in an electric vehicle consume a large amount of energy during sudden braking and releasing needed for crucial speed assistance. Additionally, the increasing focus on electrification of electric and non-electric vehicles has increased the overall electrical load on the battery. EVBMS is widely used to mitigate these challenges as this system controls overall power equipment loads of mechanics which consist of monitor, communication equipment and other applicable devices. The main purpose of this system is to reduce the load and further improve the performance of electric vehicles.
Leading EV battery manufacturers focus on offering customized smart battery solutions to provide full system diagnostics such as state of charge, accurate cell voltage, cell balancing and temperature monitoring in real time by adopting modern technologies including the Internet of Things (IoT) and Data Analytics. Additionally, OEMs, battery manufacturers and e-mobility fleet operators are leveraging smart hardware and data science to improve health insights as well as continuously monitor and improve battery performance.
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Some highlights of the report
• In January 2021, Texas Instruments (TI) announced the launch of an advanced wireless battery management system for electric vehicles. This system allows wireless control to be established, eliminating troublesome wiring and saving weight. TI’s SimpleLink CC2662R-Q1 wireless BMS microcontroller efficiently communicates with 100 battery cells on 2.4 GHz with latencies of 2 ms per node.
• The hardware segment accounted for a large share of revenue in 2020, as the battery management system of electric or hybrid electric vehicles typically consists of microcontrollers, sensors, and voltage units. Strong demand for surveillance batteries is a key factor that is expected to drive the growth of this segment.
• Hybrid Electric Vehicles (HEVs) offer the advantages of gasoline engines as well as electric motors to meet different purposes, such as high power, better fuel economy, and additional auxiliary power for various electronic devices and power tools . HEVs require the aid of battery management microcontrollers to reduce idle power consumption by shutting down the engine or motor while initiating ignition only when needed.
• The passenger vehicle segment accounted for the largest share of revenue in 2020, which can be attributed to the growing demand for passenger buses that can hold more than eighty seats and provide an efficient mode of transportation.
• The market for electric vehicle battery management systems in Europe is expected to account for a significantly large revenue share during the forecast period due to supportive government initiatives, such as waiver of registration fees and road taxes for electric vehicle buyers and incentives for electric vehicle manufacturers. Particular emphasis on expanding manufacturing facilities to produce lithium-ion batteries is another factor that is expected to positively impact the market growth in this region.
• Major players operating in the market include Contemporary Amperex Technology Co. Limited (CATL), Panasonic Corporation, Cummins, SAIC Motor Corporation Limited, Continental AG, and Renesas Electronics Corporation.
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For this report, Reports and Data has segmented the global Electric Vehicle Battery Management System (EVBMS) market on the basis of component, propulsion type, vehicle type and region:
Type Outlook (Revenue, USD billion; 2019-2030)
o Lithium Ion
o Redox flow
o Lead acid
Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
• Electric heater
• Electric hybrid
Application Outlook (Revenue, USD Billion; 2019-2030)
o Voltage monitoring
o Temperature sensor
o Day-to-day management
o Release monitoring
Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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