Automotive Lithium-Ion Battery Management System Market Outlook – 2027
A lithium-ion battery (LIB) is a type of rechargeable battery, which is commonly used in various industrial applications, such as automotive, medical devices, portable electronics, and even in aerospace. LIB is very popularly used in the field of electric vehicles because of high energy concentration, lightweight, and long cycle life; thereby, guaranteeing the safety and extended service life. Further, a battery management system (BMS) helps in monitoring the battery usage and plays a vital role in performance of a battery. This system additionally manages rechargeable battery by having a control over its operating area, balancing it, and defending the battery of an electric vehicle. Therefore, escalation in the demand of electric vehicles drives the adoption of lithium-ion battery management system. The reduced cost of lithium-ion batteries and high acceptance of these batteries in applications such as electric vehicles and renewable energy structures are expected to drive the market growth.
COVID-19 scenario analysis:
- The pandemic has had a negative impact on the battery management system market size for the year 2020, an estimated of 2-3% of deviation is noticed in the growth of lithium-ion manufacturers due to coronavirus.
- Electric vehicle is an evolving industry, which is hampered due to an ongoing pandemic, as all type of production and installation across the affected countries had been shut down & all operations were disrupted.
- Majority of lithium-ion battery management system manufacturers are facing major issues such as closure of factories and unavailability of workforce due to the lockdowns, which further affects the production of the electric vehicles.
- As the governments all over the world have declared lockdown over the past few months, the demand and supply cycle of many global automotive lithium-ion battery manufacturers is vulnerable.
- The vendors in the automotive battery industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns, which in turn is affecting the lithium-ion vendors worldwide.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Growth in trend of electric vehicles, need for effective electric grid management, and increase in requirement for battery monitoring in renewable energy systems drive the growth of the global market. However, lack of standardized regulations for developing lithium-ion battery management systems is expected to hamper the growth of the market. On the contrary, increase in adoption of battery-operated public transport vehicles & government initiatives encouraging the use of electric vehicles and setting up of e-charging stations creates a favorable condition for the adoption of electric vehicles, which are anticipated to provide lucrative opportunity for the market growth.
The automotive lithium-ion battery management system market trends are as follows:
Increase in adoption of battery-operated public transport vehicles
The transportation segment is the second largest contributor to the carbon-emissions after the industrial segment and due to increase in the prices of petrol and diesel, an indirect push toward the battery-operated vehicles has been observed. Several carbon-discharge controlling regulations regarding fuel-operated buses have compelled manufacturers to take measures for reducing its fuel consumption significantly; thereby increasing 100,000 electric buses on road by 2020. With increase in number of electric buses deployed, there will be reduction in the emission of greenhouse gases and air pollutants. Therefore, growing demand for low-carbon emitting buses boosts the growth of the automotive lithium-ion battery management system market.
Key benefits of the report:
- This study presents the analytical depiction of the automotive lithium-ion battery management system industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the market.
- The current market is quantitatively analyzed to highlight the automotive lithium-ion battery management system market growth scenario.
- We can also determine that lithium-ion battery will remain a significant revenue shareholder in the automotive lithium-ion battery management system market during the forecast period.
Questions answered in the global automotive lithium-ion battery management system market research report:
- Which are the leading market players active in the automotive lithium-ion battery management system market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Lithium-Ion Battery Management System Market Report Highlights
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