According to ESOMAR-certified Future Market Insights’ (FMI), The adoption of automotive battery management system is expected to record a CAGR of 25.6% during the forecast period. The automotive battery management system market size is anticipated to rise from US$ 3.8 billion in 2023 to US$ 37.4 billion in 2033.

One of the main drivers of growth in the Automotive BMS market is the increasing adoption of EVs, which require advanced battery management systems to ensure optimal performance and safety. As the market for EVs continues to grow, the demand for advanced BMS technology is expected to increase as well.

In addition, advancements in battery technology, such as the development of solid-state batteries, are expected to drive growth in the Automotive BMS market. These new types of batteries offer higher energy density, faster charging times, and greater safety than traditional lithium-ion batteries, but also require advanced BMS technology to manage and monitor their performance.

 “In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.”

For more info: https://www.futuremarketinsights.com/reports/automotive-battery-management-system-market

Key Takeaways of Automotive Battery Management System Market Study

• Consumer demand across the globe is beginning to bend in favor of electric vehicles, and has strong disruption potential with governments providing purchasing incentives and subsidiaries.
• With the dawn of electro-mobility and the resulting increase in EV production, automakers are offering tailored electric vehicles with modification in battery management systems.
• APEJ is anticipated to remain the fastest-growing region in the automotive battery management system market during the forecast years, owing to several countries encouraging the usage of EVs. China leads the global fleet of electric vehicles.
• Hybrid electric vehicles hold more than two-third of the global EV fleet. Increasing sales of HEVs are foreseen to fuel the demand for battery management systems in the future.
• Electric vehicle fleet is significantly low as compared to ICE vehicles. As a result, the OEM sales channel is projected to retain its prominence throughout the forecast period.
• Although centralized BMS account for a lion’s share in the global market, modular BMS are expected to witness high growth due to its superior functional benefits over its counterparts.