Global automotive battery management system market was valued at US$ 18,622.0 thousand in 2018 and is projected to reach US$ 83,664.8 thousand by 2027, expanding at a stellar annual growth rate of 18.3% from 2019 to 2027. Increasing demand and adoption of electric vehicles worldwide and favorable government initiatives are the potential factors surging market expansion.
While the off-highway vehicle segment consists of dump-trucks, excavators, loaders, tractors, and other sub-segments. The bus segment captured 81.6% market share in 2018. It generated US$ 15,299.6 thousand in 2018 and is estimated to garner US$ 71,035.9 thousand by 2027 to rise at a CAGR of 18.8% during 2019–2027.
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Key players leading the global automotive battery management system market are Continental AG; Dana Limited; Gentherm; Hanon Systems; Mahle Gmbh; Marelli Holdings Co., Ltd; NXP Semiconductors N.V.; Renesas Electronics Corporation; Robert Bosch GMBH; and Valeo SA, among others. Japan is trying to reduce 80% of its automobile greenhouse gas emissions by 2050 with the help of new automotive strategy.
The launching of electric models by major private players, investment in charging infrastructure, extended battery manufacturing, and government policies are the key parameters bolstering the global automotive battery management system market. On the contrary, the high upfront costs and scalability issues hinder the growth of global automotive battery management system market. The electric automobile market has been growing at an unprecedented rate over the past few years.
The sales of electric vehicles are booming at a fast pace due to environmental concerns and conducive government policies. According to the Global EV Outlook 2019 by International Energy Agency (IEA), 250,000 units of electric vehicles were sold in 2018, especially the freight transport light-commercial vehicles (LCVs). At present, China is the leading market of EVs, followed by the US and Europe. Extensive research in battery chemistry and enhanced production capacity slays down the cost of manufacturing EV models.
The government initiatives to promote cleaner transportation options have been increasing at an impressive rate. European Union, China, Japan, India, Canada, and South Korea are some of the major economies where governments are proactively involved in establishing the EV ecosystem. For an instance, European Union adopted the policy to improve fuel economy standards of trucks and laid down ‘clean vehicles directives’ for the procurement of electric vehicles by the government.