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
Electric Vehicle Battery Management System Market: Key Insights
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
30.2% |
|
Base Year Market Size (2024) |
USD 11.37 billion |
|
Forecast Year Market Size (2037) |
USD 351.32 billion |
|
Regional Scope |
|
