According to a new market research report published by Credence Research, “the global market for automotive battery management systems is expected to reach US$ 10.46 billion by 2027, increasing to CAGR by 14.2% during the 2019-2027 forecast.”
Key questions answered in this report
- What was the global automotive battery management system market size in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is the largest regional automotive battery management system market?
- Which end-use vertical has the largest penetration of automotive battery management system and related facilities?
- Which are the predominant trends shaping the global automotive battery management system market?
- Which is the most promising, attractive, and less-explored vehicle type segment in the global automotive battery management system market?
- Who are the leading vendors in the global automotive battery management system market?
- What are the premiere strategies adopted by the leading players in the global automotive battery management system market?
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The battery management system plays a vital role in the automotive industry. Increased use of petroleum-based fuel and an increase in the number of internal combustion engine vehicles are encouraging government bodies to implement regulations and policies on electric and hybrid vehicles. In addition, the Government provides incentives in the form of tax rebates, subsidies, grants and fuel efficiency and emission standards to encourage the use of environmentally-friendly vehicles. The above factors are expected to drive the market for automotive battery management systems around the world. An increase in the number of electric vehicles, an increase in the optimum and safe need for energy-stored battery packs, the application of IoT and cloud computing technology are expected to boost demand for the automotive battery management system.
Browse Full Report Originally Published by Credence Research at: https://www.credenceresearch.com/report/automotive-battery-management-system-market
For example, in July 2019, Bosch announced the development of IoT based swam intelligence to monitor batteries installed in EV systems, thus reducing battery wear and tear by 20%. This feature enabled smart software is expected to drive the automotive battery management system globally. According to a survey conducted by the International Energy Agency (IEA) in 2018, the global electric car fleet has reached some 5.1 million, which is expected to drive the automotive battery management system market. The uptake of electric vehicles (EVs) and the demand for battery production mean a higher demand for new materials in the automotive sector, requiring increased attention to the battery management system.
Increased penetration of electric vehicles (EVs) coupled with government initiatives is likely to see significant growth in North America. The provision of grants by the U.S. American Recovery and Reinvestment Act towards public and private bodies is further expected to drive the market growth in the near future. For example, according to the survey conducted by the Edison Electric Institute in March 2019, more than 1.18 million electric vehicles (EVs) were on the road in the U.S. market, increasing market share sales by 0.2 per cent from March 2018. In addition, Ford is offering the largest public charging station (EV) of around 12,000 units in North America, including fast charging and charging plugs, representing global sales of 17% of EVs on the U.S. market.
Some of the leading manufacturers profiled in the study include Continental AG, Robert Bosch GmbH, Intel Corporation, Midtronics, Inc., NXP Semiconductors NV, Toshiba Corporation, Johnson Matthey Plc., Analog Devices, Inc., Renesas Electronics Corporation and LG Chem Ltd. among others.