Latest News- Lithium-Ion Battery Management Systems (BMS) For Vehicles Market: Centralized BMS is expected to lead the Type segment during 2025-2029

The Lithium-Ion Battery Management Systems (BMS) For Vehicles Market is being driven by Rapid expansion of EV sector

The Lithium-Ion Battery Management Systems (BMS) For Vehicles Market is expected to grow at a CAGR of 18.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 4237.9 million. Lithium-ion Battery Management Systems (BMS) play a crucial role in monitoring and protecting battery cells in vehicles, thereby enhancing their longevity. With the escalating adoption of high-density lithium-ion batteries in the electric vehicle (EV) industry, the demand for advanced BMS solutions is surging. In response, market players are introducing intelligent and smart BMS for EVs, featuring real-time monitoring and analysis capabilities. Moreover, cloud-based battery management services are gaining traction, enabling remote monitoring and analysis of each battery cell's status in real-time. This data, including state of charge (SoC) and wear and tear, is analyzed alongside driving conditions and temperature variations to optimize battery performance and extend cell life. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Centralized BMS
  • Distributed BMS
  • Modular BMS
• Product Type
  • Lithium-iron phosphate
  • Lithium-ion batteries
  • Lithium-cobalt oxide
  • Lithium-manganese oxide
  • Others
• Application
  • Battery electric vehicles
  • Hybrid electric vehicles
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rapid expansion of EV sector
• Declining prices of lithium-ion batteries
• Rising need for efficient and environment-friendly batteries

However, the market also witnesses some limitations, which are as follows:

• Fluctuating cost of raw materials
• Circuit protection challenges associated with BMS
• Lack of supporting EV charging infrastructure

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Market Scope in Lithium-Ion Battery Management Systems (BMS) For Vehicles Market Research Report

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Research Analysis Overview

Lithium-ion Battery Management Systems (BMS) play a crucial role in monitoring and optimizing the performance of vehicle battery packs. Key functions include battery pack monitoring, calibration, and aging management to mitigate degradation and ensure optimal battery capacity and efficiency. Fuel efficiency and charging station integration are also important. Autonomous and connected vehicles, electric powertrains, and various battery chemistries require specific BMS features, such as safety standards, certification, lifecycle management, analytics, telematics, simulation, modeling, control units, protection circuitry, sensing, data acquisition, and analysis.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in this sector include the escalating demand for electronic control units (ECUs) and other electrical components due to the rising sales of EVs, motorcycles, and PCs over the past decade. This trend is particularly significant in the context of the increasing adoption of lithium-ion batteries in electric and hybrid vehicles, necessitating advanced Battery Management Systems (BMS) to ensure optimal battery performance and longevity.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/