Market Size of Automotive Battery Management Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.74 Billion |
| Market Size (2029) | USD 13.93 Billion |
| CAGR (2024 - 2029) | 17.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Battery Management Systems Market Analysis
The Automotive Battery Management Systems Market size in terms of Equal-17.10 is expected to grow from USD 5.74 billion in 2024 to USD 13.93 billion by 2029, at a CAGR of 17.10% during the forecast period (2024-2029).
The demand for battery management systems from the automotive industry has been growing significantly, and it is expected to continue to grow during the forecast report. Regional government policies regarding EV adoption have primarily driven the business dynamics. Companies are focusing on entering international deals and are heavily investing in R&D projects.
The anticipated increase in demand for electric vehicles may primarily drive the market during the forecast period, as most electric vehicles worldwide utilize lithium-ion batteries. The battery management system is essential for the safe and optimal performance of lithium-ion batteries.
Battery management systems in electric cars regularly record data during braking, acceleration, deceleration, and charging.
Automakers are initiating several plans to launch a greater number of electric vehicles. They are also entering partnerships and making investments to have a competitive edge in the markets.
- For instance, in January 2023, Texas Instruments introduced new battery cell and battery pack management tools, which claim to increase the range of an electric vehicle by 20%.
These factors are expected to have a positive impact on the market.
