Automotive Battery Management System Market by Battery Type (Lithium-ion, Lead-acid, Nickel-based, Solid-state), Topology (Modular, Centralized, Distributed), Application (Passenger Vehicles, Commercial Vehicles) and Region- Global Forecast to 2028
Updated on : March 20, 2024
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. Several factors are driving the growth of the automotive BMS market. For instance, the growing popularity of electric vehicles (EVs) and hybrid electric vehicles (HEVs) has increased the use of lithium-ion batteries, necessitating BMS to control their performance, efficiency, and safety. In addition, rising government mandates regarding environmental protection drive the growth rate of the automotive battery management system Industry .
Automotive Battery Management System Market Forecast to 2028
To know about the assumptions considered for the study, Request for Free Sample Report
Automotive Battery Management System Market Dynamics
DRIVERS: Rising penetration of electric vehicles
The primary element of an electric vehicle (EV) is its battery, and the effectiveness of those batteries determines how effectively they operate. Vehicles powered by batteries comprise a series of connected battery packs, necessitating close monitoring to function correctly. As a result, BMS is an essential part of these automobiles. The global electric vehicle industry is undergoing massive change due to advancements in battery technologies, government-led support, and growing environmental concerns. Since the past decade, the global EV market has taken a giant leap in customer acceptance and sales. The key factors responsible for this growth include rising awareness of clean energy sources, new zero emissions, switching to sustainable fuel alternatives, etc. With this impressive rise in EV sales, the demand for batteries will rise rapidly, fueling the demand for automotive BMS systems.
RESTRAINTS: Complexity of various battery technologies
One of the critical challenges faced in the automotive battery management system market is the complexity of modern battery structures. These battery systems include battery packs, main and auxiliary chargers, motor controllers, safety devices, cooling and heating elements, state of charge (SOC) displays, and BMS control units. Moreover, sometimes BMS solutions struggle to integrate with these complex battery
OPPORTUNITIES: Rising government initiatives to support electric vehicle industry
The proliferation of EV charging stations presents a significant opportunity for the automotive battery management system market. As the demand for electric vehicles continues to rise among consumers and public transportation providers, establishing e-charging infrastructure becomes paramount. Governments are actively supporting the expansion of charging station networks. For instance, in February 2022, the Department of Transportation and Energy announced the allocation of USD 5 billion over five years to support the nationwide expansion of charging station networks in the US. As various economies develop the charging infrastructure, it will hike the adoption of EVs in the country, hence supporting the growth of the automotive BMS market.
CHALLENGES: Impact of external factors on performance
BMS functions include determining the state of charge (SoC) and state of health (SoH) required to work batteries effectively. After integrating the BMS in a real-time battery-operated application, there are possibilities of uncertain environmental conditions, such as extreme temperatures. These conditions could impact the accuracy of the BMS. For instance, BMS integrated into an EV or PHEV can be affected by the sudden vibration that speed breakers or the high temperatures can cause. Therefore, holding the accuracy level steady in a real-time environment poses challenges for manufacturers.
Automotive BMS Market Ecosystem
Prominent companies in this automotive battery management system market include well-established, financially stable manufacturers such as Eberspächer (Germany), Sensata Technologies, Inc. (US), LG Energy Solution Ltd. (South Korea), AMP (US), and Ficosa Internacional SA (Spain). These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Along with the well-established companies, there are a large number of small and medium-sized companies operating in this market, such as Elithion, Inc. (US), Ewert Energy Systems, Inc. (US), Futavis Gmbh (Germany) and XING Mobility (Taiwan).
Lithium-ion battery segment is expected to grow at the highest CAGR during the forecast period.
Lithium-ion batteries are the standard choice for electric vehicles (EVs) due to their exceptional energy density, power-to-weight ratio, and minimal self-discharge. However, ensuring their safety and durability requires precise oversight for the efficiency and security of the battery and the vehicle; hence, BMS plays a crucial role in the assembly of the automotive battery. BMS is indispensable for overseeing and controlling Li-ion battery performance in EVs, encompassing battery health, charge status, voltage, current, and environmental temperature. Therefore, a BMS is an essential enabling factor for the evolution of lithium-ion batteries. With the expanding electric vehicle market, the demand for BMS is projected to surge in the coming years.
The market for passenger vehicles is projected to grow with substantial CAGR during the forecast period
The increasing popularity of electric vehicles (EVs) in the passenger vehicle segment is undeniably shaping the future of the automotive industry. As consumers increasingly opt for eco-friendly transportation, the demand for EVs steadily rises. This surge in demand for electric vehicles plays a pivotal role in propelling the development and adoption of advanced BMS. These systems are essential for enhancing EV batteries' performance, safety, and longevity, ensuring they meet the high expectations of today's environmentally conscious drivers. Companies such as Tesla Inc. (US), Ford Motor Company (US), and Volkswagen AG (Germany) operate in the passenger electric vehicles segment. Companies offering BMS for passenger EVs include Sensata Technologies, Inc. (US), Eberspächer (Germany), and Elithion, Inc. (US) maong many others.
Automotive Battery Management System Market by Region
To know about the assumptions considered for the study, download the pdf brochure
The market in Asia Pacific is projected to hold the largest market share from 2023 to 2028.
The Asia Pacific market has been segmented into China, Japan, South Korea, India, and the Rest of Asia Pacific. The region is the largest manufacturer, supplier, and consumer of lithium-ion batteries due to the easy availability of raw materials. Asia Pacific countries have tremendous potential for applications within the automotive battery management system market. The region has many electronic component & system manufacturers, BMS solution providers, and electric vehicles/EV battery manufacturers.
China is one of the largest automotive and battery manufacturing hubs with immense growth potential for the automotive BMS market. China is also a major electric vehicle market, witnessing significant investments in the electric vehicle market. The rising penetration of EVs in the country will increase the demand for batteries, which, in turn, will boost the production volume of the batteries in the country. Hence, the need for automotive BMS will also increase during the forecast period.
Top Automotive Battery Management System Companies - Key Market Players:
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), and AMP (US) are among a few top Companies players in automotive battery management system market.
Automotive Battery Management Market Report Scope :
|
Report Metric |
Details |
| Estimated Market Size | USD 4.7 billion in 2023 |
| Projected Market Size | USD 11.7 billion in 2028 |
| Growth Rate | CAGR of 19.8% |
|
Market Size Available for Years |
2019–2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023–2028 |
|
Units |
Value (USD Million/Billion) |
|
Segments Covered |
Component, System Type, Battery Type, Topology, and Application |
|
Geographic Regions Covered |
North America, Europe, Asia Pacific, and RoW |
|
Companies Covered |
Major Players: Eberspächer (Germany), Sensata Technologies, Inc. (US), AVL (Austria), LG Energy Solution (South Korea), Ficosa Internacional SA (Spain), Leclanche SA (Switzerland), Nuvation Energy (US), Futavis GmbH (Germany), AMP (US), and Others- (Total 23 players have been covered) |
Automotive Battery Management System Market Highlights
This research report categorizes the automotive BMS market by component, system type, battery type, topology, application, and region.
|
Segment |
Subsegment |
|
By Components: |
|
|
By System Type: |
|
|
By Battery Type: |
|
|
By Topology: |
|
|
By Application: |
|
|
By Region |
|
Recent Developments in Automotive BMS Industry :
- In September 2022, Sensata Technologies, Inc. announced the launch of a new BMS, Lithium Balance n3-BMS, for high-voltage applications.
- In April 2022, Infineon Technologies AG introduced a new family of battery management ICs, which includes TLE9012DQU and TLE9015DQU. These ICs are optimized solutions for battery cell monitoring and balancing. In addition, they have excellent measurement performance with the highest application robustness.
- In May 2021, Analog Devices, Inc. announced that it had expanded its battery management system (BMS) products portfolio, including ASIL-D functional safety and innovative new low-power features to enable continuous battery monitoring.
Frequently Asked Questions(FAQs) :
What is the total CAGR expected to be recorded for the automotive BMS market from 2023 to 2028?
The global automotive BMS market is expected to record a CAGR of 19.8% from 2023–2028.
What are the driving factors for the automotive BMS market?
Growing penetration of electric vehicles and increasing electrification of public transportation are some of the driving factors for the automotive BMS market.
Which application will grow at a fast rate in the future?
The passenger vehicle application is expected to grow at the highest CAGR during the forecast period. The rising adoption of passenger EVs globally is anticipated to contribute toward the growth of the automotive BMS market.
Which are the significant players operating in the automotive BMS market?
Eberspächer (Germany), Sensata Technologies, Inc. (US), AVL (Austria), LG Energy Solution (South Korea), and Ficosa Internacional SA (Spain) are among a few top players in the automotive BMS market.
Which region will grow at a fast rate in the future?
The automotive BMS market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the current size of the automotive BMS market. Exhaustive secondary research has been done to collect information on the market, peer, and parent markets. The next step has been to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the automotive battery management system (BMS) market.
Secondary Research:
Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.
Primary Research
Primary sources mainly consist of several experts from the core and related industries, along with preferred automotive BMS providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from automotive BMS providers, such as Eberspächer (Germany), Sensata Technologies, Inc. (US), AVL (Austria), LG Energy Solution (South Korea), and Ficosa Internacional SA (Spain); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the automotive BMS market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:
- Major players in the industry have been identified through extensive secondary research.
- The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Top-Down Approach
In the top-down approach, the overall market size has been used to estimate the size of the individual market segments (mentioned in market segmentation) through percentage splits from secondary and primary research. For specific market segments, the size of the most appropriate immediate parent market has been used to implement the top-down approach. The bottom-up approach has also been implemented for data obtained from secondary research to validate the market size of various segments.
Bottom-Up Approach
The bottom-up approach has been used to arrive at the overall size of the automotive BMS market from the revenues of the key players and their market shares. Calculations based on revenues of key companies identified in the market led to the estimation of their overall market size.
Market Definition
A battery management system (BMS) is an electronic device that monitors and controls the operation and functioning of a rechargeable battery. It is called the brain of the battery, as it enhances safety, performance, charging rates, and longevity by managing current, voltage, temperature, and battery capacity. Its primary functions include protection from overcharging, ensuring safe operation, cell balancing, voltage and temperature control, and determining the state of charge (SoC) and state of health (SoH) of the battery. A battery management system typically comprises hardware and software customized per applications and battery specifications.
An automotive BMS is a crucial component of electric vehicles (EVs) that accurately monitors, protects, and optimizes the performance of the EV battery. The BMS is responsible for ensuring the battery's safety, preventing it from operating outside its safe operating area. The main functions of an automotive BMS include monitoring, protection, optimization, integration, scalability, safety, and compliance.
Key Stakeholders
- Battery Manufacturers
- Automotive BMS Manufacturers
- IC Manufacturers
- Battery Cell and Battery Pack Manufacturers
- Testing, Inspection, and Certification Providers
- Electric Vehicle Manufacturers
- Government Agencies and Regulatory Bodies
Report Objectives
- To define and forecast the automotive BMS market regarding battery type, topology, and application.
- To describe and forecast the automotive BMS market and its value segments for four regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their respective countries.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micro-markets concerning individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of the automotive BMS market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To strategically profile key players and comprehensively analyze their market position regarding ranking and core competencies, along with a detailed market competitive landscape.
- To analyze strategic approaches such as agreements, collaborations, and partnerships in the automotive BMS market
- To provide an analysis of the recession impact on the growth of the market and its segments
Available Customizations
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Automotive Battery Management System Market