“The global automotive battery management system market accounted for US$ 18.62 Mn in 2018 and is expected to grow at a CAGR of 8.3% over the forecast period 2019-2027, to account for US$ 83.66 Mn by 2027. The automotive battery management system market outlook is positive, as the electric vehicles or fuel cell vehicles are gaining popularity among the end-users”.
Increasing adoption of these vehicles would enable the manufacturers to increase their production lines, thereby, requiring increased quantity of BMS. This factor is expected to drive the automotive battery management system market. Additionally, the presence of large number of well-established and automotive industry recognized players in the market is allowing the end-users to rely on the BMS products, which is also a key driving force of automotive battery management market.
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the US, and several European countries are also gaining momentum in developing and deploying electric buses, electric LCV, and electric HCVs. The e-commerce industry has flourished in the US and various European countries, and also the consciousness related to environmental hazards caused by diesel powered vehicles has led the countries to witness growth in electric trucks. Rising production of electric trucks is driving the automotive battery management system market in the US and Europe. Moreover, the governmental regulations to transform public transportation system to electric or hybrid vehicles or fuel cell vehicles from ICE vehicles have positively impacted on the electric bus manufacturers. This in turn has multiplied the automotive battery management system market size.
The automotive battery management system market has been segmented on the basis of vehicle type and geography. On the basis of vehicle type which is sub segmented trucks, buses, and off-highway vehicles. Trucks are further bifurcated into light commercial vehicle (LCV) and medium & heavy commercial vehicle (M&HCV). Buses are sub segmented into school bus, transit bus, mini bus, and coach/motor coach. Off-highway vehicles are fragmented into dump trucks, loader, excavator, tractors, and others.
The market participants operating in the automotive battery management system market are Magneti Marelli S.p.A, Continental AG, Dana Incorporated, Gentherm Incorporated, Hanon Systems, Renesas Electronics Corporation, MAHLE GmBH, Robert Bosch GmBH, NXP Semiconductors N.V., and Valeo SA, among others.
