Market Overview
The market for Battery Management System for Electric Vehicles Market was estimated at USD 2 billion by 2022, and it is predicted to grow at a CAGR of roughly 28% from 202 to 2030, reaching USD 9 billion (2022 - 2030). The global electric car market has shifted as consumers seek more economical options in the wake of COVID-19. This possible shift in customers' preferences has been channeled toward used vehicles, with the need for used vehicles increasing in practically every country by 2020.
Battery management systems (BMS) ensure battery cell health, analyze and operate power storage systems, and distribute power to vehicle systems. Within electrical domains of electric cars (EV) or hybrid electric vehicles, isolation components have a variety of applications inside BMS (HEV).
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Market Segmentation
By Type- As you can see from the sector overview, the hardware segment dominates the global battery management system for the electric vehicles market. The commercial component of the market encompasses the market share because of the demand for e-buses and e-trucks. The PHEV division is rapidly expanding due to its well-developed EV infrastructure. It is predicted to increase at a high rate during the projection period, owing to a lower need for battery monitoring integrating circuit systems.
Technology- As technology advances, the environmental effect has decreased, and energy sustainability has improved to a high value. Lithium-ion batteries are the most popular and are recommended for use. When it comes to battery technology, pulse charging has been shown to be the most effective.
Regional Classification
The countries dealing with the modular topology sector are predicted to grow rapidly throughout the battery management forecast period. According to the area, North America is expected to have a big battery management system market share driving electric vehicles.
The government's policies and the global expansion of EV technology have resulted in this domination. The American Recovery and Reinvestment Act of 2009 provides funding for government and private sector companies to manufacture HEVs, which are expected to see rapid expansion in the near future. Due to a major increase in battery manufacturing as well as encompassing the BMS for electric cars market revenue on a broad scale, Asia-Pacific is expected to follow the battery management system for electric automobiles market trends.
Industry News
The battery management system market is growing due to factors like the increased use of electric cars (EVs) and hybrid electric vehicles (HEVs) and an increase in market preference for lithium-ion batteries. Furthermore, market growth is fueled by an increase in the adoption of rechargeable batteries across a variety of end-use sectors.
However, installing a battery management system raises the overall price of items, limiting market expansion. Furthermore, throughout the projection period, rising government focus on promoting electric car adoption as well as the presence of government subsidies for electric vehicles are projected to fuel demand for electric vehicles.
Due to the rapid growth of electric mobility around the world, goods transportation businesses are converting their current fleet to electric propulsion-dependent vehicles. The setup of a battery management system in a vehicle incurs additional production expenses in the automotive industry, depending on the vehicle type as well as design. It also necessitates a proper cooling system for the elements of the battery management system to perform properly.
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