Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) — According to the report, the Automotive Battery Management System Market Size was USD 4.8 billion in 2020. The market is expected to grow from USD 5.1 billion in 2021 to USD 16.7 billion in 2028 at a CAGR of 18.4% during the period 2021-2028.
Given the favorable characteristics of discontinuing the use of gasoline-powered vehicles and increasing the implementation of electric vehicles (EVs). Therefore, with an increase in the acceptance and usage of electric vehicles, the industry is expected to observe the development of progressive automotive battery management systems over the forecast period. Additionally, aspects such as increasing range of batteries, data logging as well as temperature management are contributing to this market growth.
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Drivers and Restrictions:
Growing urbanization and regional displacement necessities to drive market growth
In recent years, the maximum of the population is moving to urban spaces due to the growing job prospects and rapid industrialization in urban areas; urbanization reaches its peak year after year. Moreover, urban passengers are more disposed towards the technologically progressive and ecological movement. With its condensed design, the electric automotive battery management system is one of the most advanced solutions with high-end technology.
Impacts of COVID-19: Blockages and delays in the supply chain to restrain market growth
The global COVID-19 virus pandemic had an adverse influence on the supply chain and logistics industry as it had been delayed due to the rapid spread of COVID-19 around the world. This pandemic has triggered huge indecision and panic in the industry for all members of the industrial value chain engaged. To prevent the spread of the COVID-19 pandemic, governments around the world have implemented strict social distancing guidelines as well as limited to full lockdown commitments.
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Report cover:
The market report we provide is a rounded assessment of the market coupled with current trends and upcoming potentials to launch rough investment profits. Additionally, a comprehensive review of all impending opportunities, threats, competitions, or drivers are also covered in the report. In addition, a regional systematic review is proposed.
The effects of COVID-19 have been added to the report to guide experts and business owners to have an amplified knowledge of current threats. Key market players are identified and their strategies to drive market growth are documented in the report.
Segmentation:
On the basis of battery type, the market is segregated into advanced lead-acid and lithium-ion. Lithium-ion batteries are expected to witness the fastest growth over the forecast period.
Based on the type of propulsion, the market is categorized into BEV (Battery Electric Vehicle), PHEV (Plug-in Electric Vehicle), and HEV.
By application, the market is segmented into passenger cars and commercial vehicles.
Geographically, the market is divided into North America, Europe, Asia-Pacific, and Rest of the World.
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Regional outlook:
- Asia-Pacific will dominate the market due to high urbanization and smart cities
- Asia-Pacific held the largest automotive battery management system market share and is expected to become the fastest growing region in the coming years. It is expected to demonstrate its dominance with the highest CAGR over the forecast period.
- North America is estimated to rank second in the global market owing to the growing demand for battery-powered vehicles over heat-engined automobiles.
- Europe ranks third in the market, with Germany ranking first in this local market, as several major automobile manufacturers are located in this region.
List of companies operating in the market:
- Robert Bosch GmbH (Gerlingen, Germany)
- Continental AG (Hanover, Germany)
- Toshiba Corporation (Tokyo, Japan)
- Intel Corporation (California, USA)
- NXP Semiconductors NV (Eindhoven, Netherlands)
- Analog Devices, Inc. (Massachusetts, USA)
- Denso Corporation (Aichi, Japan)
- Johnson Matthey, Inc. (London, UK)
- LG Chem, Ltd. (Seoul, South Korea)
- Midtronics, Inc. (Illinois, USA)
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Global Automotive Battery Management System Market Segmentation:
By battery type:
- Lithium ion based
- Based on advanced lead acid
Through Drive type:
By type of vehicle:
- Particular Cars
- Commercial vehicles
By geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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Contents:
1. Introduction
1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1. Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT analysis
4.4. Technological development
4.5. Value chain analysis
4.6. Impact of COVID-19 on the Automotive Battery Management System market
5. Global Automotive Battery Management System Market Analysis, Outlook and Forecast, 2017 – 2028
5.1. Main results/summary
Continued…
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