Electric Vehicle Battery Management System Market size was valued at USD 9.13 Billion in 2023 and is likely to reach USD 287.79 Billion by 2036, expanding at around 30.4% CAGR during the forecast period. In the year 2024, the industry size of electric vehicle battery management system is estimated at USD 11.26 Billion. The growth of the market can be attributed to the surging manufacturing of electric vehicles pushed by its demand. The rising use of EVs increases the running time of batteries, and the battery management system is essential for monitoring the health of the overall battery pack, including each battery cell. In the year 2022, around 10 million electric vehicles were sold across the globe, beating the sales of 2021 by showing around 9% growth.
In addition to these, a factor that is believed to fuel the market growth of electric vehicle battery management systems is the rising infrastructure of battery charging. There were 2.7 million public charging points globally at the end of 2022, with over 900,000 of them constructed in 2022, representing a 55% increase over the number in 2021. The presence of adequate charging infrastructure boosts the confidence among people to adopt EVs, which in turn increases the demand for EV battery management system.
Growth Drivers
Challenges
High Overall Cost- The BMS increases the total cost of electric vehicles, which is a huge concern for clients and especially in this cost-competitive market. As the EV market grows, there will be greater demand for better and less costly BMS systems that maintain vehicle safety without raising the vehicle's price.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
30.4% |
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Base Year Market Size (2023) |
USD 9.13 Billion |
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Forecast Year Market Size (2036) |
USD 287.79 Billion |
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Regional Scope |
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Type (Lithium Ion, Redox Flow, Lead-Acid)
The lithium-ion segment is estimated to hold 45% share of the global electric vehicle battery management system market in the year 2036. The increasing demand for lithium-ion batteries in the automobile sector can be ascribed to the segment's expansion. According to International Energy Agency, in 2022, the demand for automotive lithium-ion (Li-ion) batteries shot up by 65% reaching 550 GWh, which is significantly higher than 330 GWh in 2021. The growth is mainly driven by the surging popularity of EVs in the world. Batteries made of Lithium-ion batteries employed BMS for maintaining their temperature range since they have high sensitivity to high temperatures. Thus, prone to destruction when the battery is exposed to an unfavorable environment
Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle)
The battery electric vehicle segment is expected to account for 60% of the global electric vehicle battery management system market in the year 2036. Many governments worldwide have implemented incentives and policies to promote EV adoption. Furthermore, in this day and age of environmental concerns, battery electric vehicles emit no exhaust emissions, making them greener and more sustainable modes of transportation. Battery-powered vehicle tends to discharge, thus they need a battery management system to supervise the process and time of discharging and increase the life of the battery by preventing excessive discharging. During battery car operation, the BMS supervises the discharge process to prevent over-discharging, which would harm the battery.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Vehicle Type |
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Application |
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North American Market Forecast
The electric vehicle battery management system market in North America is projected to be the largest with a share of about 36% by the end of 2036. The growth of the market can be attributed majorly to the increasing acceptance of electric vehicles owing to increasing development in its technology. As per the International Energy Agency, more than 750,000 new all-electric automobiles were registered in the United States in 2022, representing a 57 percent increase over 2021.
APAC Market Statistics
The Asia Pacific electric vehicle battery management system market is estimated to be the second largest, registering a share of about 27% by the end of 2036. The growth of the market can be attributed majorly to the rising production of batteries in the region. As per the data of the China Alliance for Electric Vehicles (CAEV), a total capacity of 545.9 gigatonnes (GWh) of batteries for electric vehicles, the production of battery has dramatically surpassed the number of EVs in the region.
Author Credits: Dhruv Bhatia
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