Global Electric Vehicle Battery Management System Market Insights and Forecast to 2028

Electric Vehicle Battery Management System Market Statistics 2028

The global Electric Vehicle Battery Management System market size is projected to reach USD 11950 million by 2028, from USD 5563.5 million in 2021, at a CAGR of 11.1% during 2022-2028.

The Electric Vehicle Battery Management System market is anticipated to develop as a result of factors like the increase in the adoption of electric cars (EVs) and hybrid electric vehicles (HEVs), as well as the surge in industry preference for lithium-ion batteries.

Electric Vehicle Battery Management System Market Trends

Battery management systems (BMS) are used to distribute electricity to vehicle systems, monitor and operate power storage systems, and ensure the health of battery cells. The electrical domains of electric vehicles (EV) or hybrid electric cars make extensive use of isolation items (HEV).  This factor is expected to drive the growth of the Electric Vehicle Battery Management System market. 

Battery safety depends on a number of elements, including electrochemical reactions, material characteristics, and side reactions in lithium-ion batteries. Batteries in electric vehicles are controlled by voltage and temperature. Typically, lithium-ion batteries overheat. The battery ruptures and ignites the combustible elements as a result of constant heat and gas creation inside the battery. Additionally, electrical abuse such as external short circuits and undesired electrochemical reactions occurs when batteries are overcharged or over-discharged.

 Furthermore, the high density of lithium-ion batteries makes them susceptible to outside factors like collision, which generates a lot of heat and results in thermal runaway. These safety concerns make it difficult for EV producers to foresee in advance a situation that is hazardous to batteries. Battery management systems can tackle safety-related problems in EV batteries efficiently. This in turn is expected to drive the growth of the Electric Vehicle Battery Management System market. 

Moreover, the Electric Vehicle Battery Management System market is advancing thanks to considerable research and development (R&D) efforts. To increase their market, manufacturers are working with stakeholders, technology vendors, and motorized enterprises.

Electric Vehicle Battery Management System Market Share

Over the projected period, the biggest revenue share is anticipated to come from Asia Pacific. This is due to regional governments, particularly those in China, Japan, India, South Korea, and other countries, increasingly enacting policies such as exempting purchasers of electric vehicles from registration fees and road taxes and providing incentives to EV producers. Since the majority of the nations in this region are emerging or previously established, the rate of car purchases is rising.

Segment by Type

• Distributed
• Centralized
• Modular

Segment by Application

• Battery Electric Vehicles (BEVs)
• hybrid Electric vehicles (HEVs)
• Plug-in Hybrid electric Vehicles (PHEVs)

BY COMPANY

• Tesla Motors
• BYD
• CATL
• SAIC MOTOR
• Continental
• LG Chem
• BAIC BJEV
• Denso
• Calsonic Kansei
• Joyson
• Mewyeah
• Klclear
• Huizhou E-POWER Electronics
• Guoxuan High-Tech
• Hitachi
• Sinoev
• Hyundai Kefico

BY REGION

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA