Electric Vehicle Battery Management System Market Size, Share, Analytics And Forecast Till 2030

(MENAFN- Straits Research) The charging and discharging of batteries are controlled by electrical circuits known as battery management systems (BMS). In electric vehicles, the primary function of the battery management system is to detect the battery's type, voltages, temperature, capacity, state of charge, power consumption, remaining operational time, charging cycles, and other information. The BMS interacts with many onboard systems, operate in harsh and uncontrolled conditions, and performs in real-time under rapidly changing charge/discharge conditions as the vehicle accelerates and brakes.
Market Dynamics
Growing Sales of Electric Vehicles Drive the Global Market
Electric vehicles, which offer a route to improved energy efficiency and lower emissions of other greenhouse gases and pollutants, are essential to the automobile industry's ability to function. Growing environmental concerns and practical government action are the main drivers of this rise. Governments have started projects and programs worldwide to encourage people to choose electric vehicles over conventional cars. One such program that promotes the purchase of electric vehicles is California's ZEV program, which intends to have 1.5 million electric vehicles on the road by 2025. People are more likely to buy electric vehicles than autos with conventional IC engines due to rules and incentive programs from the government. The change has created a viable market for electric vehicles now and in the future, rather than creating a drop in sales of automobiles with internal combustion engines.
Subsidies and Supportive Government Policies Creates Tremendous Opportunities
Governments have been aggressive in adopting laws to stimulate the adoption of electric vehicles since electric mobility has been rapidly expanding worldwide. Due to government subsidies and favorable policies that began more than ten years ago, China is the most advanced nation in producing electric vehicles. Additionally, rising investments in producing electric vehicles and their related parts, such as batteries, are anticipated to benefit market demand. For example, Daimler announced a new investment plan for 2021 through 2025 of EUR 70 billion or USD 85 billion for introducing 30 electrified vehicles, including 20 all-electric battery vehicles.
Regional Analysis
Europe is the most significant shareholder in the global electric vehicle battery management system market and is expected to grow at a CAGR of 29.09% during the forecast period. Germany, the center of Europe's auto industry, is seeing an increase in the acceptance of EV technology. Volkswagen AG, BMW AG, and Daimler AG are preparing to make a strong push for battery-powered vehicles. Electric mobility is at the heart of the federal government's climate protection effort, which seeks to achieve its 2030 climate targets primarily through transportation innovation. The country is implementing investments and incentives, such as purchase grants, ownership, and company car taxes, to promote the usage of clean automobiles. In France, where Renault is the market leader for electric cars, the Nissan LEAF, Tesla Model 3, and Renault ZOE are its best-selling electric automobiles. Renault and Daimler have offered commercial electric vehicles to the French market.
Asia-Pacific is expected to grow at a CAGR of 29.26%, generating USD 10,714.81 million during the forecast period. China is both the world's top producer and consumer of electric vehicles. Government air-quality aims, beneficial legislation, and national sales targets support domestic demand. Electric or hybrid vehicle manufacturers in China account for at least 10% of all new sales. A similar trend is observed for electric car battery management systems as the market for electric vehicles continues to grow, given that most enterprises are boosting vehicle electronics manufacturers in China. Japan has one of the best environments in the world for electric cars. Automakers like Toyota and Nissan are attempting to produce electric vehicles in this country. The abundance of electric vehicle charging points across the country is a reliable sign of the expansion of the market for hybrid and electric vehicles.
There is a tendency in the country to adopt electric mobility, and the United States represents a sizable market for electric vehicles. Many technological and electric vehicle manufacturing startups and companies operate nationwide, including Tesla, Rivian, Lucid, General Motors, etc. Buyers in all provinces may now take advantage of a new government incentive of CAD 5,000 for EVs with an MSRP under USD 45,000, which will help the country's population. Daymak International Inc.'s new electric vehicle (EV), the Daymak Spiritus, will include a bespoke IonIX Pro Lithium Ion battery pack from Extreme Vehicle Battery Technologies Corp., the company said. The unique, AI-powered battery management technology from EV Battery Tech will be installed in this battery pack (BMS).
Key Highlights

The global electric vehicle battery management system market size was valued at
USD 2.69 billion in 2021. It is projected to reach
USD 25.35 billion by 2030, growing at a
CAGR of 28.27%during the forecast period (2022-2030).
Based on components, the global electric vehicle battery management system market is bifurcated into integrated circuits, cutoff FETs and FET drivers, temperature sensors, fuel gauge/current measurement devices, microcontrollers, and others. The fuel gauge/current measurement devices segment is the highest contributor to the market and is estimated to grow at a CAGR of 28.17% during the forecast period.
Based on propulsion type, the global electric vehicle battery management system market is bifurcated into battery electric and hybrid vehicles. The battery electric vehicles segment is the highest contributor to the market and is estimated to grow at a CAGR of 27.42% during the forecast period.
Based on vehicle type, the global electric vehicle battery management system market is bifurcated into passenger cars and commercial vehicles. The passenger car segment owns the highest market share and is expected to grow at a CAGR of 28.7% during the forecast period.
Europe is the most significant shareholder in the global electric vehicle battery management system market and is expected to grow at a CAGR of 29.09% during the forecast period.

Competitive Players
The global electric vehicle battery management system market's major key players are Infineon Technologies AG, Silicon Laboratories, NXP Semiconductors, Vitesco Technologies, TE Connectivity, Renesas Electronics Corporation, Keihin Corporation, Texas Instruments Incorporated, Analog Devices Inc., and Visteon Corporation.
Market News

In February 2022, Silicon Laboratories announced Connecting battery technologies for electric vehicles from battery materials to management
In April 2022, Infineon Technologies AG introduced a new family of battery management ICs, including TLE9012DQU and TLE9015DQU.

Global Electric Vehicle Battery Management System Market: Segmentation
By Components

Integrated Circuits
Cutoff FETs and FET Driver
Temperature Sensor
Fuel Gauge/Current Measurement Devices
Microcontroller
Others

By Propulsion Type

Battery Electric Vehicles
Hybrid Vehicles

By Vehicle Type

Passenger Car
Commercial Vehicles

By Regions

North America
Europe
Asia-Pacific
LAMEA

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