Electric Vehicle Battery Management System Market Trends

Growth Drivers

• Advantages of BMS in Increasing Battery Life– BMS avoids degradation and hence enhances the overall efficiency of the battery. The BMS is essential for improving battery performance and extending battery life.
• Rising Investment in Battery Production– Battery manufacturers all over the world are set to invest over half a trillion in boosting battery production capacity by 2030. With the growing production of batteries, the demand for assessing the quality of the battery is likely to rise.
• Growing Focus on Battery Safety and Reliability– Battery is an integral part of an electric vehicle, it is responsible for running the car and providing power to it. However, there is a huge concern regarding its safety after many battery explosion accidents. Therefore, governments all over the world are implementing regulations to address the problems. For instance, in India, the Ministry of Road Transport and Highways has laid a battery safety standard regulation to be followed by manufacturers to avert fire incidents in two-wheelers. The battery management system makes it possible to detect any irregular pattern or abnormality measuring and prevent them before a serious accident.

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.

• Compatibility Issues with Different Batteries
• Regulations and Standards