Automotive Battery Management System Market To Surge To $12.33 Billion By 2029 Backed By Electric Vehicles Uptick
21 Jan, 2025
What Has Been The Performance Of The Automotive Battery Management System Market In Recent Years?
One of the significant segments predicted for rapid growth, the Automotive Battery Management System Market, has been gaining significant traction.
• The market surged from $5.74 billion in 2024 to reach $6.73 billion in 2025, marking a CAGR of 17.3%.
Factors such as increasing demand for electric vehicles, stringent emission regulations, advancements in battery technology, and increased adoption of renewable energy sources propelled this substantial growth.
What Are The Future Projections For The Automotive Battery Management System Market?
Potent growth lies ahead for the automotive battery management system market.
• The market is forecasted to surge to a staggering $12.33 billion in 2029, with a CAGR of 16.3%.
The demand for electric vehicles, adoption of autonomous and connected vehicles, rising demand for lightweight materials in vehicle manufacturing, focus on reducing carbon footprint in transportation, and increasing government support for electric vehicles are the major drive this growth.
What Is Propelling The Growth Of The Automotive Battery Management System Market?
Increased global adoption of electric vehicles is significantly propelling the automotive battery management system market growth. Automotive battery management systems are pivotal for electronic vehicles as these systems guard the battery against operations beyond safety limits and monitor state of charge (SOC) and state of health (SOH). For instance, according to the International Council on Clean Transportation, the sales of new electric light-duty vehicles in the U.S. escalated to approximately 1.4 million in 2023, rising from nearly 1 million in 2022. Hence, the growing adoption of electric vehicles globally is driving the demand for automotive battery management systems.
How Is The Automotive Battery Management System Market Segmented?
The automotive battery management system market is segmented into –
1) By Connection Topology: Centralized Automotive Battery Management Systems, Distributed Automotive Battery Management Systems, Modular Automotive Battery Management Systems
2) By Propulsion Type: IC Engine Vehicle, Electric Vehicle (HEV, PHEV, and BEV)
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
What Product Innovations Are Being Noticed In The Market?
Companies have begun focusing on developing compact battery management systems (BMS), which are streamlining the traditional BMS to boost energy efficiency, reduce space consumption, and enhance vehicle performance. For instance, in 2022, Sensata Technologies launched the c-BMS24X, a compact BMS for industrial applications, low-voltage electric vehicles, and energy storage systems. This innovative system uses advanced software algorithms for precise monitoring of battery states and can handle up to 24 cells in series with continuous currents exceeding 2000 amps.
Who Are The Pivotal Market Participants?
Major companies in the market include:
• Robert Bosch GmbH
• Continental AG
• Toshiba Corporation
• Intel Corporation
• NXP Semiconductors NV
• LG Chem Ltd.
• Panasonic Corporation
• Samsung SDI Co. Ltd.
• A123 Systems LLC
• Denso Corporation
Which Region Dominates The Automotive Battery Management System Market?
Asia-Pacific dominated the automotive battery management system market in 2024 and is expected to be the fastest-growing region during the forecast period.