/ Press Release / Automotive & Transportation

Automotive Battery Management System Market Size Was Valued at US$ 5.8 Billion in 2021, And Anticipated to Grow at A CAGR of 16.2% Over The Forecast Period

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Global Automotive Battery Management System Market Is Rising Due to Surge in Adoption of Electric and Hybrid Electric Vehicles, And Increasing Government Efforts for Electric Mobility Charging Infrastructure

The automotive battery management system aids in keeping track of a battery's performance and usage. This system further manages rechargeable batteries by controlling the operation area, balancing the battery, and offering battery protection. Additionally, it controls how the battery of an electric car is recharged.

To monitor the charge level, the automobile battery management system communicates with various components of the drivetrain. It is a crucial part of the powertrain of an electric car and helps with cell balance, battery heat protection, and current regulation during charging. It aims to safeguard the battery in addition to the vehicle's functionality. It is also critical to decide which control tasks should be delegated to the battery management system to prevent scenarios in which it could impede the mobility or movement of the vehicles.

The worldwide demand for automotive battery management system market was estimated at around USD 5.8 billion in 2021, and by the end of 2031, existing and expected developments would hit valuations of around USD 18.4 billion. The industry players and analysts predict theglobal natural gas vehicle marketgrowth of around 16.2% in terms of CAGR. The market for automotive battery management systems is anticipated to increase as a result of the rising demand for electric vehicles. The number of electric vehicles is anticipated to rise sharply during the projection period. Based on current trends and legislation, the International Energy Agency (IEA) predicts that 145 million electric vehicles, heavy trucks, vans, and buses will be in use worldwide by 2030.

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However, due to issues with many countries weak foundations, the automotive battery management system sector is experiencing financial difficulties in developing countries. Other than those from emerging regions, import taxes have consistently been higher for those parts. The high cost of manufacturing battery management systems as a result of barriers such asport obligations, import levies, and taxes is thus expected to restrain the market for automotive battery management systems. Moreover, increasing product launches and inventions by market players further create lucrative growth opportunities for the market growth in forthcoming years.

Some of the leading and top natural gas vehicle companies in the global market include Robert Bosch GmbH, Continental AG, Toshiba Corporation, NXP Semiconductors, Denso Corporation, Intel Corporation, Analog Devices, Johnson Matthey, LG Chem, Midtronics, and among others.

On the basis of type, the worldwide automotive battery management system market can be segmented into lithium-ion, lead-acid, nickel, and flow battery. in terms of connection topology, global automotive battery management system market can be segmented into centralized, distributed, and modular. on the basis of vehicle type, the market can be bifurcated into passenger cars, and commercial vehicles. in terms of propulsion type, global automotive battery management system market can be classified into BEV, PHEV, and HEV. In terms of geography, the global automotive battery management system market is classified into North America, Europe, Asia pacific, South America, and Middle East & Africa.

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