Automotive Battery Management System Market to Grow at a CAGR of 18.3% to reach US$ 83.66 Million from 2019 to 2027

 

The Automotive Battery Management System Market was valued at US$ 18,622.0 Thousands in 2018 and is projected to reach US$ 83,664.8 Thousands by 2027; it is expected to grow at a CAGR of 18.3% from 2019 to 2027.

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A battery management system is employed for the management of batteries that are used in high voltage hybrid and electric vehicles. A battery management system is integrated into Li-Ion battery by electric vehicle manufacturers and battery pack manufacturers to manage all the functions. The overall battery system in an electric vehicle is a combination of multiple components such as battery module, sensors, controllers, thermal management systems, and battery management systems. The designs and specifications of these battery systems vary vastly from vehicle to vehicle. A battery management system collects data from various systems and based on this data, the individual cells are operated and balanced effectively to ensure safe operations. In general, a battery management system comprises of battery management controller, the cell supervising circuit, and high voltage sensor device. In hybrid, electric, and plug-in vehicles, battery management systems offer scalable control module for batteries. These systems ensure functional safety and integration of various software modules. With growing concerns regarding environmental protection and positive initiatives taken by governments to reduce emissions, the demand for electric and hybrid vehicles is anticipated to grow at an impressive pace during the forecast period of 2019 to 2027. The increasing adoption of electric vehicles will have a direct impact on the demand of battery management systems. Being a crucial part of an electric vehicle’s battery system, the market growth of these systems is anticipated to see an unprecedented growth over the course of next few years. With growing innovations in the electric vehicle industry, battery management systems are also seeing an upward trend in technology enhancements and advanced features. One such trend is wireless battery management systems which help in reducing the complexities related to wiring methods that are currently being used in multi-cell battery packs. Hence, the growing demand for electric vehicles and increasing technology advancements in the battery management systems are some of the major factors that are anticipated to drive the growth of global automotive battery management systems during the forecast period of 2019 to 2027.