Automotive Battery Management System Market expected to grow at a CAGR of 18.3% 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.
According to The Insight Partners’ research, the global automotive battery management system market was valued at US$ 18,622.0 thousand in 2018 and is projected to reach US$ 83,664.8 thousand by 2027, expanding at a stellar annual growth rate of 18.3% from 2019 to 2027. Increasing demand and adoption of electric vehicles worldwide and favorable government initiatives are the potential factors surging market expansion.
As per our regional analysis, Asia Pacific led the business occupying 61.1% market share in 2018. It accrued US$ 11,380.5 thousand in 2018 and is predicted to be worth US$ 56,748.9 thousand by 2027 to grow at the highest CAGR of 19.7% over the forecast period.
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The government initiatives to promote cleaner transportation options have been increasing at an impressive rate. European Union, China, Japan, India, Canada, and South Korea are some of the major economies where governments are proactively involved in establishing the EV ecosystem. For an instance, European Union adopted the policy to improve fuel economy standards of trucks and laid down ‘clean vehicles directives’ for the procurement of electric vehicles by the government. Japan is trying to reduce 80% of its automobile greenhouse gas emissions by 2050 with the help of new automotive strategy. The launching of electric models by major private players, investment in charging infrastructure, extended battery manufacturing, and government policies are the key parameters bolstering the global automotive battery management system market.
Key players leading the global automotive battery management system market are Continental AG; Dana Limited; Gentherm; Hanon Systems; Mahle Gmbh; Marelli Holdings Co., Ltd; NXP Semiconductors N.V.; Renesas Electronics Corporation; Robert Bosch GMBH; and Valeo SA, among others.
• In August 2019, Dana acquired Nordresa Motors, a company known for developing and commercializing electric powertrains for commercial vehicles. Later, in October 2019, the company announced its partnership with a major North American commercial-vehicle manufacturer to supply e-powertrain systems for a medium-duty vehicle program. Dana’s spicer electrified powertrain technology will be featured in the new trucks.
• In April 2018, Gentherm launched a 48-volt lithium-ion battery thermal management (BTM) in the latest model of Mercedes S-class of the year and a few other models. This highly innovative solution based on thermoelectric technology is integrated as a structural part of the battery housing. It is able to heat and cool the sensitive lithium-ion battery cells.
• In May 2018, Mahle GmbH acquired 80% shares of Brain Bee. This acquisition, in terms of stakes and holdings, strengthened the position of Mahle service solutions with respect to R&D, sales, and production.
• In May 2018, NXP Semiconductors signed a pact with Tata Consultancy Services to work together on unique solutions for automotive, security, and IoT industries.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
The Insight Partners,
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.