According to the current scenario, many countries are recovering from the economic crisis. Recent technological advancements has led to fundamental compromises in the automotive battery technology. With combustion engines inevitable for a decreasing adoption in the forthcoming years, demand for the systems to cope with electricity consumption of the vehicles is marked to gain traction. The forecast study by Future Market Insights implies that the global market for automotive battery management systems will touch a valuation of nearly US$ 8Bn by 2027-end.
Our analysts who are related to this forecast study have considered the key concerns and given insights regarding the future of global market for automotive battery management system.
What is the future of automotive battery management system market?
Based on the analysis, the global market for automotive battery management system will observe robust growth of 22.1% CAGR during the forecast period. Increasing harsh working environments will lead to rising sales of battery management systems.
What is your stance regarding the impact of increasing EV sales?
It is clearly understood after core analysis that the increasing electric vehicles (EV) sales along with HEVs (hybrid electric vehicles) mainly, has greatly influenced the growth of the global market as these vehicles require the maximum charge compared to others. These vehicles hold series-connected battery sets that need extensive monitoring. Therefore, battery management system acts as an important factor in these vehicles for guaranteeing and supervising safe and reliable battery operations. Moreover, passenger cars will contribute significantly towards the growth of EV sales.
Can you explain in brief as to why OEMs hold potential for contributing the maximum in sales?
Undoubtedly yes. Basically due to innovative features and developments, OEMs are highly inclined towards adoption of automotive battery management system. Increasing production capacities is a focal point for the OEMs due to rising EV sales.
Why is APEJ (Asia-Pacific excluding Japan) lucrative for the global market?
Well, in the APEJ region, there is increasing demand for EVs, exclusively in emerging economies such as China. Additionally, the region is observing increasing demand for EVs that are four-wheeler based and are power-driven by lithium-ion batteries. The same scenario remains in India. Basically, in this region, there is increasing usage of automotive battery management systems in commercial vehicles, battery electric vehicles, golf carts and hybrid vehicles.
What strategies would the market players apply in order to take the lead in global market for automotive battery management systems?
Manufacturers are increasing their product-line considering the standards for product development. The rising customer awareness regarding battery management systems is creating demand for the concrete standards along with sustainability. Environmental impacts and transformation in automotive mobility are considered as the key focal points by the leading manufacturers.
Can you mention the leading market players in the global automotive battery management system market?
Indeed. We have thoroughly sketched out on the competitive landscape. On that basis, the leading market players in the global automotive battery management market are HORIBA MIRA Ltd., Lithium Balance A/S, Intel Corporation, Renesas Electronics Corporation, Continental AG, Preh GmbH, AVL LIST GmbH, Texas Instruments Inc., Robert Bosch GmbH, Analog Devices, Inc., MIDTRONICS, Inc., LG Chem, Ltd., Toshiba Corporation, Johnson Matthey Plc. and NXP Semiconductors NV.
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