How Automotive Battery Management Systems Are Shaping the Future of EVs
The global automotive battery management system (BMS) market size is expected to grow from USD 4.7 billion in 2023 to USD 11.7 billion in 2028, at a CAGR of 19.8% from 2023 to 2028.
Environmental awareness and government incentives mainly
drive the surging demand for electric vehicles. The increasing adoption of EVs
can also be attributed to advancements in battery technologies, such as
enhanced energy density and cost reductions, necessitating the integration of
BMS for proficient battery management. The adoption of BMS technology is
further accelerated by the declining costs associated with battery production
and heightened competition in the EV sector. The global shift toward sustainability
and environmental consciousness expands the adoption of electric vehicles,
supporting the BMS market growth.
The market for the distributed topology
segment is expected to gain a significant market share during the forecast
period.
In the distributed battery management system topology, each
cell in the battery pack has a dedicated slave board that measures and controls
an individual cell. Each cell is connected to voltage signals, a temperature
sensor, and serial internal and external communication cables. This topology is
much easier to install than a centralized topology. The advantages of
distributed BMS are their simple design and high reliability. However, the cost
of a distributed system can be much higher for battery packs with many cells
than that of a centralized system. The distributed topology in a battery
management system is the simplest to mount and offers a neat assembly. It is
best suited for high-power applications such as electric vehicles.
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Commercial vehicles segment is expected to grow at an
impressive CAGR during the forecast period.
The commercial vehicles segment primarily includes electric
buses and electric trucks. In recent years, there has been a rise in the
adoption of electric transportation. The economies worldwide have set their
goals for net zero emissions, and countries worldwide are shifting to electric
vehicles. One of the most important modes of urban commercial transportation
worldwide is buses. There has been an increasing adoption of electric buses and
coaches by public authorities, non-profit organizations, and private companies.
In the coming years, the penetration of commercial vehicles is predicted to
rise owing to the net zero emissions goals. Consequently, the automotive BMS
market is also predicted to rise during the forecast period.
Europe is expected to hold a significant market share of
the automotive BMS market during the forecast period.
The European automotive battery management system market has
been segmented into Germany, the UK, France, and the Rest of Europe. The
emerging electric vehicle market is positively impacting the region's
manufacturing of lithium-ion battery cells/packs and related components such as
BMS. Europe also has a significant presence of automobile manufacturers. With
the rising trend of e-mobility, a massive demand for electric vehicle batteries
in the region has been created. These factors are driving the growth of the
automotive battery management system market in this region. Furthermore, the
demand for automotive BMSs in this region is attributed to the presence of
manufacturing facilities of major automotive manufacturers, such as the BMW
Group (Germany), Mercedes-Benz Group AG (Germany), and Volkswagen AG (Germany).
The key players in this market include Eberspächer
(Germany), Sensata Technologies, Inc. (US), AVL (Austria), LG Energy Solution
(South Korea), Ficosa Internacional SA (Spain), Leclanché SA (Switzerland),
Nuvation Energy (US), Futavis GmbH (Germany), AMP (US) and others.
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