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The lithium-ion battery management systems (BMS) for vehicles market size is estimated to grow by USD 3,861.58 million at a CAGR of 22.23% between 2022 and 2027. The growth of the market depends on several factors such as the rising need for efficient and environment-friendly batteries, increasing adoption of intelligent BMS, and declining prices of Li-ion batteries. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The automobile segment is estimated to witness significant demand during the forecast period. This segment of the Li-ion BMS mainly comprises e-scooters, e-bikes, e-motorcycles, electric cars, electric buses, and electric trucks. This segment of the global Li-ion BMS for vehicles market is expected to grow with slight fluctuations in growth rate. Chinese government's policy changes related to electric vehicles is one of the main factor contributing to the fluctuations in growth rate.
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The automobile segment was the largest segment and was valued at USD 1,038.59 million in 2017. Additionally, COVID-19 across the world has significantly disrupted the operations of the automotive industry. Thus, there is an increasing focus by automotive manufacturers on reviving the existing operations and recovering the investments made earlier in 2019. Additionally, there is an increase in investment by automotive manufacturers in the development of electric vehicles since 2010. Due to the outbreak of COVID-19, there is a decrease in focus by automotive manufacturers on electric vehicles and electric vehicle infrastructure development. Hence, such factors can significantly slow down the growth of the global Li-ion BMS for the vehicles market in the automobile segment during the forecast period.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving market growth is the declining prices of Li-ion batteries. The adoption of Li-ion batteries in vehicles significantly influences the global Li-ion BMS for vehicles market. One of the main factors that negatively impacts the adoption of Li-ion batteries is their high cost. However, there is a rapid decline in the manufacturing cost of Li-ion batteries over the past decade which is expected to fuel the demand for Li-ion batteries in vehicles.
Additionally, the decline in the cost of Li-ion batteries can be attributed to an increase in the production scale and improvements in manufacturing efficiency. Furthermore, factors such as the reduction in the prices of battery-grade lithium carbonate, lithium hydroxide, and others are expected to positively impact the demand of the market. Hence, such factors are expected to drive lithium-ion BMS for vehicle market demand during the forecast period.
A key factor shaping market demand is the increasing demand for Li-ion batteries in locomotives. Locomotives are considered one of the cost-efficient ways of transportation and the increase in the adoption of battery-electric or battery-powered locomotives will make them a cost-effective option. Thus, the adoption of these is expected to positively impact the market growth.
Additionally, there is an increase in shift from diesel-powered locomotives in several countries. For instance, Germany has started adopting locomotives that are powered by alternative energy sources. Furthermore, there is increasing investment in by several countries such as the US, India, and Russia. Hence, such factors are expected to positively impact the market which, in turn, will drive the market during the forecast period.
The lack of supporting electric vehicle charging infrastructure is one of the key challenges hindering market growth. The increase in the number of electric vehicles across the world is a significant challenge in terms of the lack of proper charging infrastructure. Several factors such as the long charging times and the inability to support different charging ports are negatively impacting the adoption of electric vehicles.
Furthermore, even though the number of publicly accessible chargers installed worldwide was 144,000, several of the publicly accessible chargers are slow-charging outlets. Additionally, other factors such as the need to monitor fast chargers frequently, as they often shut down and require resetting every 30 minutes are negatively impacting the market. Hence, such factors are expected to hinder the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Analog Devices Inc: The company offers battery management systems for vehicles.
The research report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the major regions which dominate the global Li-ion batteries market in terms of volume is the APAC region. But the penetration of Li-ion batteries is lesser in APAC when compared to other regions based on vehicle production and sales. Some of the vehicles which are powered by lead-acid or Ni-MH batteries include e-bikes and forklifts which will increase the demand for the market.
Moreover, the main reason for the reduced penetration of Li-ion batteries in the region is due to the higher cost of Li-ion batteries than other battery types and the higher price sensitivity of the people in APAC. On the other hand, there is a decline in the price of Li-ion batteries significantly in APAC due to factors such as the prevailing oversupply of lithium, owing to the excess mining in Australia. Hence, such factors are expected to drive market growth in the region during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market for vehicles is witnessing substantial growth, driven by the increasing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs). BMS plays a critical role in managing the energy stored in a battery, ensuring efficient charging and discharging processes, and optimizing battery life and performance.
The industry faces challenges such as overcharging, which can impact battery health and fluctuations in performance due to external factors like temperature and voltage. To address these challenges, BMS includes features such as cell balancing, state-of-charge, and state-of-health monitoring, ensuring the reliability and longevity of lithium-ion batteries.
Key application areas for BMS include telecommunications, industrial machinery, and renewable energy systems. In the renewable energy sector, BMS is crucial for managing battery energy storage systems used for photovoltaic and wind energy storage, providing frequency and voltage control services to grid operators. Despite the market's growth potential, factors like lack of regulations and the complexity of various battery technologies pose challenges for the automotive BMS market. However, advancements in BMS technology and the expansion of EV charging infrastructure are expected to drive the demand for the market in the coming years.
Lithium-Ion Battery Management Systems For Vehicles Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.23% |
Market growth 2023-2027 |
USD 3,861.58 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
21.65 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, Norway, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Analog Devices Inc., AVL List GmbH, BMS Powersafe, Dana Inc., Dober, Elithion Inc., Gentherm Inc., Infineon Technologies AG, Johnson Matthey Plc, Lithium Balance AS, Panasonic Holdings Corp., Renesas Electronics Corp., Texas Instruments Inc., and Toshiba Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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