Market Size of Europe Electric Vehicle Battery Management System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 30.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Electric Vehicle Battery Management System Market Analysis
Currently, the European electric vehicle battery management system market is valued at USD 0.83 billion and is expected to reach USD 4.44 billion over the next five years, registering a CAGR of more than 30 % during the forecast period.
- The COVID-19 pandemic severely slowed down the market growth of electric vehicle battery management systems. With the global automotive industry just beginning to transition towards electric mobility, the global halt of automotive production and sales severely affected the growth trajectory of the market. As a result of the pandemic, a major economic crisis was witnessed in the industry. As a result of the pandemic, a major economic crisis was witnessed in the industry.
- However, stringent emission targets for different countries around the world are anticipated to significantly drive investments in electric mobility. Similarly, the high number of national government initiatives and purchase incentives for electric vehicles is expected to drive demand for electric vehicles and, consequently, electric vehicle battery management systems over the coming years.
- In vehicles, the battery management system is primarily used for managing and protecting the cells in a battery pack. Safe and optimum use of the energy stored is highly essential in a vehicle battery pack due to the growing electrification of vehicles. Factors such as the increasing demand for electric vehicles and energy storage systems and growing consumption of rechargeable batteries in consumer electronics, coupled with technical advancements, are aiding the market's growth significantly.
- Features like start/stop, electric power steering, and electric braking systems have increased the power load on the battery. Therefore, prioritizing all these electrical loads on a scale from comfort to safety level has been a major issue in the vehicle electric system. Therefore, the intelligent battery management system (IBMS) has been gaining attention among automobile manufacturers, which aided its adoption across the world.
