Electric Passenger Car Lithium-Ion Battery Management System Market Outlook – 2027
Electric passenger car has gained a considerable consumer popularity & acceptance in the past few years. Major improvements in the performance of an electric passenger car such as high acceleration rate and long driving range after a single charge have been boosting the demand for electric passenger vehicle. Further, a lithium-ion battery (LIB) is a type of rechargeable battery, which is popularly used in the field of electric passenger vehicles due to its high energy concentration, lightweight, and long cycle life. Thereby, guaranteeing the safety and extended service life for the electric passenger car. Furthermore, a battery management system (BMS) helps in monitoring the battery usage and plays a vital role in performance of an electric vehicle battery. Therefore, the safety & security provided by the battery management system is expected to drive the growth of the global electric passenger car lithium-ion battery management system market in the near future.
COVID-19 scenario analysis:
- The pandemic has observed 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 passenger car lithium-ion battery management system manufacturers mainly due to Corona virus.
- Electric passenger car lithium-ion battery management system market is an evolving industry, which is majorly hampered due to coronavirus pandemic, all production and installation process across the affected countries had been shut down & disrupted.
- The electric passenger car lithium-ion battery management system manufacturers are facing issues such as factory shutdown and unavailability of workforce due to which a major decline in the supply cycle of electric passenger vehicles is observed owing to Corona virus pandemic.
- A global disruption in the cash flow has been witnessed due to COVID-19, which in turn has caused a major liquidity crisis in the electric passenger car lithium-ion battery management system industry.
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 and high manufacturing & maintenance cost are 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 electric passenger car lithium-ion battery management system market trends are as follows:
High manufacturing & maintenance cost
Electric passenger vehicle has major advantages such as zero carbon emission, noiseless driving experience and others over internal combustion engine (ICE) vehicles, however the manufacturing process for the electric passenger car lithium-ion battery management system is highly complex due to which the manufacturing & maintenance cost rises. Moreover, the reason for high cost of electric passenger vehicle is primarily due to lower production level than the ICE vehicles. Furthermore, the unavailability of infrastructure required for the electric passenger car market growth has proved to be a negative factor, which further affects the growth of the electric passenger car lithium-ion battery management system market. Therefore, high manufacturing & maintenance cost will hamper the growth of the electric passenger car lithium-ion battery management system market.
Key benefits of the report:
- This study presents the analytical depiction of the electric passenger car 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 electric passenger car lithium-ion battery management system market.
- The current market is quantitatively analyzed to highlight the electric passenger car lithium-ion battery management system market growth scenario.
- We can also determine lithium-ion battery management system will remain a significant revenue shareholder in the global electric passenger car lithium-ion battery management system market through the predictable future.
Questions answered in the global electric passenger car lithium-ion battery management system market research report:
- Which are the leading market players active in electric passenger car 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?
Electric Passenger Car Lithium-Ion Battery Management System Market Report Highlights
By Battery Type
Key Market Players
Hitachi Chemical, LG Chem Ltd., Tesla Inc., BYD Company Ltd., Panasonic Corp, Toshiba Corp, Samsung SDI, A123 Systems LLC, Ecobalt Solutions, GS Yuasa Corp