According to our latest study on "Automotive Battery Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Vehicle Type," the market is expected to grow from US$ 61.03 million in 2022 to US$ 161.84 million by 2028; it is expected to grow at a CAGR of 17.6% from 2022 to 2028.
Emergence of Wireless Battery Management Systems to Fuel Automotive Battery Management System Market Growth during Forecast Period
A large amount of wiring goes into an EV to connect individual cells in a battery pack, and these wires are liable to safety failures. A battery management system is a fundamental element that is used to monitor and control lithium-ion battery storage systems in EVs. Many companies in the Automotive Battery Management System Market size are building wireless battery management systems to reduce complexities associated with wiring present in a conventional battery management system. Wireless connectivity results in high reliability, reduced costs, and decreased weight in large multicell battery packs. Wireless connections are also allowing EV manufacturers to experiment with the placement of flexible battery modules and the installation of additional sensors in the place of wires. Wireless technologies such as Zigbee and point-to-point wireless topology are being used to enable wireless battery management systems. Wireless modules and microcontrollers are used to collect, process, and display information from various sensors on display devices. Thus, the above-mentioned factors are expected to boost the Automotive Battery Management System Market in the coming years. In March 2022, the wireless battery management system Analog Devices, Inc. achieved certification for the highest standard of automotive cybersecurity engineering and management. Thus, wireless battery management systems are emerging as significant trends in the Automotive Battery Management System Market share in the coming years.
The global trucking industry is witnessing growth owing to the emergence of electric light commercial vehicles and heavy commercial vehicles. Thus, these factors are expected to boost the Automotive Battery Management System Market share in the coming years. Several vehicle manufacturers, such as Volvo, MAN, Zein Motors, Daimler, Tevva Motors Limited, and Renault, have planned investments in the electric truck. In October 2022, Amazon announced that it will invest US$ 972.1 million to purchase more than 1,500 electric trucks and long-haul trucks. The truck manufacturers are seeking advanced technologies to reduce or mitigate carbon emissions; as a result, they are venturing into the production of electric or fuel cell trucks. Thus, the increase in production of electric trucks is augmenting the demand for improving the efficiency of the batteries used in these trucks, which is catered by the battery management system. Thus, an increase in the production of electric trucks is anticipated to fuel the Automotive Battery Management System Market growth outlook during the forecast period.
The weight of the battery and range of the vehicle are two major challenges faced by the battery management system manufacturers. However, despite such challenges, the manufacturers of heavy commercial vehicles have been designing and developing zero emission trucks. The demand for electric heavy commercial vehicles is rising among the end users owing to the rising inter-country and cross-country trade of vehicles. Hence, the truck OEMs are procuring batteries and battery management systems in large quantities to meet the demands of their respective end users. Thus, the above-mentioned factors are expected to boost the Automotive Battery Management System Market share in the coming years.
The light commercial vehicle (LCV) segment in the automotive industry has been experiencing stupendous growth over the past decades as these vehicles offer significant advantages over the heavy commercial vehicles during the city commute. An increase in the adoption of LCVs has led to the rise in environmental pollution. Therefore, the production and adoption of electric or hybrid vehicles are growing, which is propelling the Automotive Battery Management System Market size. Several light truck manufacturers, as well as new electric vehicle manufacturers, are offering electric LCVs in recent years. Asia Pacific, primarily China, Japan, and South Korea, leads the electric LCV market. Electric truck manufacturers such as Mitsubishi Fuso Truck and Bus Corporation, Nissan, Zein Motors, and Isuzu have been driving the electric LCV market, which is propelling the Automotive Battery Management System Market in the region. Thus, the above-mentioned factors are expected to boost the Automotive Battery Management System Market share in the coming years. In May 2022, the Canadian government announced a new federal investment worth US$423 million in project funding for automaker Stellantis that will modernize assembly plants and increase electric vehicles (EV) production. Hinduja flagship firm, Ashok Leyland partnered with Adani Capital for financing its LCV range of vehicles in July 2022. Such initiatives are expected to propel the Automotive Battery Management System Market share.
Key Findings of Study:
The automotive battery management system market is segmented on the basis of vehicle type. By vehicle type, the market is segmented into bus, trucks, and off-highway vehicle. In 2022, the bus segment led the market.
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