NEW YORK, Jan. 18, 2024 /PRNewswire/ — The lithium-ion battery management systems for vehicles market is estimated to grow by USD 3.86 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 22.23% during the forecast period. However, the growth momentum will progress. APAC is estimated to contribute 50% to the growth of the global market during the forecast period. The declining prices of Li-ion batteries is a key factor driving market growth. Decreased Li-ion battery costs result from enhanced production scale and manufacturing efficiency. Additionally, lower prices of battery-grade lithium carbonate and lithium hydroxide are anticipated to boost market growth. The increasing demand for Li-ion batteries in locomotives is a major trend in the market. However, The lack of supporting electric vehicle charging infrastructure is one of the significant challenges restricting market growth.
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Lithium-Ion Battery Management Systems for Vehicles Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (automobile, industrial, and locomotive), vehicle type (hybrid electric vehicles, battery electric vehicles, and other vehicles), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The automobile segment is estimated to witness significant growth during the forecast period. This Li-ion BMS segment includes e-scooters, e-bikes, e-motorcycles, electric cars, electric buses, and electric trucks. Automotive manufacturers are increasingly emphasizing operational revival and investment recovery.
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Lithium-Ion Battery Management Systems For Vehicles Market – Market Dynamics
The Lithium-Ion Battery Management System (BMS) in the Electric Vehicles (EVs) market faces multifaceted challenges. Key among these is ensuring energy efficiency and prolonging battery cycle life while maintaining battery safety and health, crucial in automotive technology. Managing battery chemistry involves precise State of Charge (SOC) and State of Health (SOH) assessments, essential for reliable battery health monitoring and diagnostics. Additionally, battery pack cell balancing, thermal management, and voltage and current regulation are critical for optimal performance. Challenges also extend to integrating with charging infrastructure, including smart charging and renewable energy integration, vital for sustainable electric mobility.
The BMS must address electric vehicle range concerns, aligning with vehicle electrification trends. Furthermore, advancements in power electronics, battery temperature control, and energy management are necessary to support battery degradation mitigation. Lastly, evolving battery manufacturing processes must adapt to these technological needs, ensuring efficient battery testing and reinforcing the overall impact of BMS in the EV market.
What are the key data covered in this Lithium-Ion Battery Management Systems For Vehicles Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Lithium-Ion Battery Management Systems For Vehicles Market between 2023 and 2027
- Precise estimation of the Lithium-Ion Battery Management Systems For Vehicles Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Lithium-Ion Battery Management Systems for Vehicles Market across APAC, North America, Europe, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Lithium-Ion Battery Management Systems for Vehicles Market companies
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
