|Fastest Growing Market:||Asia-Pacific|
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The electric vehicle battery management system market was valued at USD 2 billion in 2020, and it is expected to reach USD 9 billion in 2026 by registering a CAGR of around 28% during the forecast period (2021 - 2026).
The electric vehicles market across the world experienced a shift as consumers seek affordable products amid COVID-19. This potential shift in consumer preferences has been diverted toward used vehicles, as in 2020, the demand for used vehicles increased in almost every part of the world.
The rapid spread of COVID-19 has left the complete supply chain with unpredictable challenges and issues, such as OEM shutdowns, insufficient labor, output reduction, and raw material, which has affected the market. However, the market is expected to regain its momentum as economic activities resumed, worldwide.
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, drive the growth of the battery management system market. In addition, growth in the adoption of rechargeable batteries across multiple end-use industries propels market growth.
However, the rise in the overall price of products with the addition of a battery management system hinders the growth of the market. Furthermore, increasing government emphasis on increasing the adoption of electric vehicles and availability of incentives from the government for electric vehicles are expected to drive the demand for electric vehicles during the forecast period.
Europe anticipated remaining as the largest market for the battery management system due to the presence of several leading manufacturers. The adoption of 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 countries across Europe.
Scope of the Report
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 driver, temperature sensor, fuel gauge/current measurement devices, microcontroller, and other components. By propulsion type, the market is segmented into battery electric vehicles, hybrid vehicles.
By vehicle type, the market is segmented into Passenger cars, Commercial vehicles, and by geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World. For each segment, market sizing and forecast have been done on the basis of value (USD million).
|Cutoff FETs and FET Driver|
|Fuel Gauge/Current Measurement Devices|
|By Propulsion Type|
|Battery Electric Vehicles|
|By Vehicle Type|
Key Market Trends
Battery Electric Vehicle Segment to Dominate the Market
In the automotive sector, installation of battery management system in vehicles face the burden of additional manufacturing costs, according to vehicle type and design. In addition, it requires a proper cooling system for the smooth functioning of battery management system components. Electric mobility is swiftly growing, worldwide, owing to which goods transportation companies are also converting their existing fleet into electric propulsion-based vehicles. For instance,
- Daimler announced a new investment plan worth EUR 70 billion or USD 85 billion for the years 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.
Governments around the world have been proactive in enacting policies to encourage the adoption of electric vehicles. China, India, France, and the United Kingdom have announced plans to completely phase out the petrol and diesel vehicles industry before 2040. For instance,
- In April 2021, the United States laid out an infrastructural plan of USD 174 billion to promote electric vehicles and EV charging stations.
Thus, based on the factors mentioned above, growing investments in electric vehicle manufacturing and the government’s EV supporting policies, worldwide, are likely to 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 growing rapidly in every country, fueling the demand for battery management systems in the region. Owing to the growing sales of hybrid and electric passenger cars, automobile manufacturers plan to extend their battery management system production capacities over the forecast period.
EV technology is becoming more mainstream in Germany, Europe’s car-making heartland, where Germany’s Volkswagen AG, BMW AG, and Daimler AG are preparing for a major battery-car push. As the market in Germany 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., for the development and production of high-voltage battery management systems. Hella is primarily contributing to the field of battery electronics and jointly develop high-class battery management systems.
The government is also aiding the industry growth with more supportive policies: investment in infrastructure, broader measures to encourage uptake of the latest, low and zero-emission cars, and long-term purchase incentives to help the country grow its share in the EV market. This is expected to bolster the market prospects for a battery management system for EVs during the forecast period.
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The Electric Vehicle Battery Management System Market is moderately concentrated as it is dominated by several global players. Moreover, the market tends to be highly attractive for new players, and companies are operating in the market have been focusing on launching advanced technologies to gain a competitive advantage. For instance,
- In October 2020, NXP partnered with Volkswagen for Electric Vehicle Battery Solutions with a focus to deliver up to 75 full-electric vehicle models to market by 2029.
- In September 2020, Analog Devices announced the launch of a state-of-the-art wireless battery management system intended to help automakers improve their flexibility in scaling electric vehicle fleets into volume production.
- In March 2021, Analog Devices (ADI) and Volvo Cars jointly announced that Volvo may utilize and rely on ADI for the BMS and also for its Automotive Audio Bus (A2B). Volvo’s first purely electric SUV, the XC40 Recharge, is likely to rely on Analog Device’s ICs for its battery management system (BMS).
Some of the major players in the market include Renesas Electronics Corporation, NXP Semiconductors, Keihin Corporation, TE Connectivity, and Analog Devices Inc.
- 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 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 February 2021, Renesas Electronics Corporation announced the acquisition of Dialog Semiconductor PLC, a provider of power management, charging, AC/DC power conversion, etc., and have reached an agreement on the terms of a recommended all-cash acquisition representing a total equity value of approximately JPY 615.7 billion.
Table of Contents
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
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
5.1.6 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
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.3 Asia Pacific
220.127.116.11 South Korea
18.104.22.168 Rest of Asia Pacific
5.4.4 Rest of the World
22.214.171.124 South Africa
126.96.36.199 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
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Electric Vehicle Battery Management System Market market is studied from 2018 - 2026.
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% 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 2 Billion USD in 2018.
What is Electric Vehicle Battery Management System Market size in 2026?
The Electric Vehicle Battery Management System Market is valued at 9 Billion USD in 2026.
Which region has highest growth rate in Electric Vehicle Battery Management System Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Electric Vehicle Battery Management System Market?
Europe holds highest share in 2020.
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.