Electric Vehicle Battery Management System Industry Overview
| Study Period: | 2018 - 2028 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
| CAGR: | 28.2 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electric Vehicle Battery Management System Market Analysis
The Electric vehicle battery management system market was valued at USD 2696.3 million in 2021 and is expected to reach USD 12010.6 million in 2027, registering a CAGR of around 28% during the forecast period (2022 - 2027).
Despite the negative COVID-19 impact on the global automotive industry, electric vehicle sales for the year 2020 witnessed significant growth worldwide. This was primarily attributed to government subsidies, expanding electric vehicle charging infrastructure, and a rise in fuel prices. The same growth trend was witnessed for 2021 and will likely continue during the forecast period. This is likely to remain a major driving factor during the forecast period.
Over the medium term, factors such as the rise in the adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) and the surge in industry preference for lithium-ion batteries are expected to drive the growth of the battery management system market.
However, the rise in the overall price of products with the addition of a battery management system hinders the market's growth.
Europe is anticipated to remain the largest market, followed by Asia-Pacific for the battery management system due to several leading manufacturers. Adopting electric vehicles (EVs), plug-in electric vehicles, and hybrid electric vehicles (HEVs) technology is expected to rise considerably across small and medium-sized businesses in European countries.
Electric Vehicle Battery Management System Industry Segments
Battery management systems (BMS) are used to monitor and control power storage systems, assure the health of battery cells, and deliver power to vehicle systems. Isolation products have numerous uses inside BMS in the electrical domains of electric vehicles (EV) or hybrid electric vehicles (HEV). The electric vehicle battery management system market has been segmented by component type, propulsion type, vehicle type, and geography.
The Scope of the report covers details about recent developments, trends, and technologies in the market. By Component type, the market is segmented into integrated circuits, cutoff FETs and FET drivers, temperature sensors, fuel gauge/current measurement devices, microcontrollers, and other components. By Propulsion type, the market is segmented into battery electric vehicles and hybrid vehicles.
By vehicle type, the market is segmented into passenger cars and commercial vehicles. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, market sizing and forecast have been done on the basis of value (USD million).
| By Components | |
| Integrated Circuits | |
| Cutoff FETs and FET Driver | |
| Temperature Sensor | |
| Fuel Gauge/Current Measurement Devices | |
| Microcontroller | |
| Other Components |
| By Propulsion Type | |
| Battery Electric Vehicles | |
| Hybrid Vehicles |
| By Vehicle Type | |
| Passenger Car | |
| Commercial Vehicles |
| By Geography | ||||||||
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Electric Vehicle Battery Management System Market Trends
This section covers the major market trends shaping the Electric Vehicle Battery Management System Market according to our research experts:
Battery Electric Vehicle Segment Anticipated to Dominate the Market
With Electric mobility swiftly growing worldwide, governments have also been proactive in enacting policies to encourage the adoption of electric vehicles. China, India, France, and the United Kingdom have announced plans to phase out the petrol and diesel vehicles industry entirely before 2040.
- China is, by far, the most advanced country with regard to the production of electric cars globally due to subsidies and supportive government policies, which started more than ten years ago. In April 2021, the United States launched an infrastructural plan of USD 174 billion to promote electric vehicles and EV charging stations.
Moreover, growing investments in electric vehicle manufacturing and its associated components like batteries are expected to create a positive outlook for demand in the market. For instance,
- Daimler announced a new investment plan worth EUR 70 billion or USD 85 billion for 2021 through 2025 for bringing 30 electric vehicles to market, including 20 all-electric battery vehicles. In December 2020, Volkswagen raised its planned investment in digital and electric vehicle technologies to EUR 73 billion over the next five years and earmarked EUR 60 billion for all-electric vehicles.
Thus, based on the abovementioned factors, growing investments in electric vehicle manufacturing and the government’s EV supporting policies worldwide will likely drive the electric vehicle battery management system market over the forecast period.
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Europe Expected to Hold Significant Share in the Market
Europe is one of the largest markets for electric vehicles worldwide, where the demand for electric cars is snowballing in every country, fueling the demand for battery management systems in the region. Growing sales of hybrid and electric passenger cars and rising government aid are expected to drive demand in the market. For instance, France signed in favor of the global electric mobility initiative, which aimed to make 20% of the vehicles on the road non-polluting by 2030.
In addition, a growing priority for weight saving, i.e., as demand for light vehicles is increasing, EV (Electric Vehicle) battery management systems are also witnessing a transition phase where several players are focusing on the same. In March 2020, LION E Mobility AG and Sogefi announced an agreement to combine LION’s battery management systems and module design technology with Sogefi’s industrial, automotive cooling components and global sales and distribution capabilities. As the market is becoming lucrative, several local manufacturers are entering into a joint venture with other companies in the market. For instance,
- In June 2021, Hella announced its joint venture (JV) with Evergrande Group, HELLA Evergrande Electronics (Shenzhen) Co., to develop and produce high-voltage battery management systems. Hella is primarily contributing to the field of battery electronics and jointly developing high-class battery management systems.
- In June 2021, STMicroelectronics announced its collaboration with Arrival to provide semiconductor technologies and products for Arrival’s vehicles, including automotive microcontrollers and power and battery-management devices. Arrival has chosen ST as one of its key partners in bringing its connected EVs (Electric Vehicles) to market.
On the basis of the aforementioned factors, it is evident that Europe is likely to hold a significant market share over the forecast period.
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Electric Vehicle Battery Management System Market Competitor Analysis
The Electric Vehicle Battery Management System Market is moderately consolidated as several global players dominate it. Moreover, the market tends to be highly attractive for new players, and companies operating in the market have been focusing on launching advanced technologies to gain a competitive advantage. For instance,
- In May 2021, Vitesco won a contract to supply Hyundai’s new EV platform with 800-volt inverters with silicon carbide technology in significant quantities for the new electric vehicle platform of the Hyundai Motor Group, underlining its intention to launch a total of 23 battery-powered models by 2025, 11 of which may be exclusively battery-powered.
- In April 2021, Silicon Labs announced that the company entered a definitive asset purchase agreement to sell its Infrastructure & Automotive (I&A) businesses to Skyworks Solutions Inc. for USD 2.75 billion.
- In October 2020, NXP partnered with Volkswagen for Electric Vehicle Battery Solutions with a focus on delivering up to 75 full-electric vehicle models to market by 2029.
Some of the major players in the market include Renesas Electronics Corporation, NXP Semiconductors, Keihin Corporation, TE Connectivity, and Analog Devices Inc.
Electric Vehicle Battery Management System Market Top Players
Renesas Electronics Corporation
NXP Semiconductors
Keihin Corporation
TE Connectivity
Analog Devices Inc.
*Disclaimer: Major Players sorted in no particular order
Electric Vehicle Battery Management System Market Recent Developments
- In May 2022, BorgWarner Inc. announced that a leading global vehicle manufacturer had selected its Battery Management System (BMS) to equip the entirety of its B-segment, C-segment, and light commercial vehicle platforms. Initially, model years from mid-2023 will be equipped with the new BorgWarner BMS technology, which optimizes battery pack performance, safety, and life span.
- In January 2022, FPT Industrial announced presenting two e-axles and a battery pack with a Battery Management System customized to meet customer needs.
It displayed an integrated e-Axle designed for the Nikola Tre. A dual-electric motor axle for GVW vehicles up to 44 tons guarantees high performance and efficiency with a maximum power of 420 kW and a maximum torque of 900 Nm for each motor. - In October 2021, Ballard Power Systems and Forsee Power announced signing a memorandum of understanding (MOU) for a strategic partnership to develop fully integrated fuel cell and battery solutions optimized for performance, cost, and installation for heavy-duty hydrogen mobility applications.
- In March 2021, Analog Devices (ADI) and Volvo Cars announced that Volvo might utilize and rely on ADI for the BMS and its Automotive Audio Bus (A2B). Volvo’s first purely electric SUV, the XC40 Recharge, will likely rely on Analog Device’s ICs for its battery management system (BMS).
- In February 2021, Renesas Electronics Corporation announced the acquisition of Dialog Semiconductor PLC, a provider of power management, charging, AC/DC power conversion, etc. The companies have reached an agreement on the terms of a recommended all-cash acquisition representing a total equity value of approximately JPY 615.7 billion.
Electric Vehicle Battery Management System Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD Million)
5.1 By Components
5.1.1 Integrated Circuits
5.1.2 Cutoff FETs and FET Driver
5.1.3 Temperature Sensor
5.1.4 Fuel Gauge/Current Measurement Devices
5.1.5 Microcontroller
5.1.6 Other Components
5.2 By Propulsion Type
5.2.1 Battery Electric Vehicles
5.2.2 Hybrid Vehicles
5.3 By Vehicle Type
5.3.1 Passenger Car
5.3.2 Commercial Vehicles
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Russia
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 South Africa
5.4.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Infineon Technologies AG
6.2.2 Silicon Laboratories
6.2.3 NXP Semiconductors
6.2.4 Vitesco Technologies
6.2.5 TE Connectivity
6.2.6 Renesas Electronics Corporation
6.2.7 Keihin Corporation
6.2.8 Texas Instruments Incorporated
6.2.9 Analog Devices Inc.
6.2.10 Visteon Corporation
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electric Vehicle Battery Management System Market Research FAQs
What is the study period of this market?
The Electric Vehicle Battery Management System Market is studied from 2018 - 2028.
What is the growth rate of Electric Vehicle Battery Management System Market?
The Electric Vehicle Battery Management System Market is growing at a CAGR of 28.2% over the next 5 years.
What is Electric Vehicle Battery Management System Market size in 2018?
The Electric Vehicle Battery Management System Market is valued at 2696 Million USD in 2018.
What is Electric Vehicle Battery Management System Market size in 2028?
The Electric Vehicle Battery Management System Market is valued at 12010 Million USD in 2028.
Which region has highest growth rate in Electric Vehicle Battery Management System Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Electric Vehicle Battery Management System Market?
Europe holds highest share in 2021.
Who are the key players in Electric Vehicle Battery Management System Market?
Renesas Electronics Corporation, NXP Semiconductors, Keihin Corporation, TE Connectivity, Analog Devices Inc. are the major companies operating in Electric Vehicle Battery Management System Market.
Electric Vehicle Battery Management System Industry Report
In-depth industry statistics and market share insights of the Electric Vehicle Battery Management System Market sector for 2020, 2021, and 2022. The Electric Vehicle Battery Management System Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Electric Vehicle Battery Management System Market report PDF.
