LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive battery management system market to grow at a CAGR of over 22% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the intelligent automotive battery management system as one of the key emerging trends in the global automotive battery management system market. Power efficiency of electric vehicles depends on the amount of load the vehicle is required to carry at a point of time. Carrying increased amounts of load depletes the battery life cycle and increases the number of charging cycles. Automotive battery management system players developing systems that offer a balance between the power supplied for a vehicle's operation based on the load.
Players in the market are developing a type of automotive battery management system for high performance electric or hybrid cars to alter the flow of current for improving the life of the battery during frequent charging cycles. Intelligent automotive battery management systems are able to monitor the condition of individual battery cells and take actions to improve the power retaining the capacity of the vehicle battery.
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In this report, Technavio analysts highlight the increasing demand for hybrid and electric vehicles as a key factor contributing to the growth of the global automotive battery management system market:
Increasing demand for hybrid and electric vehicles
The rising influx of internal combustion engine vehicles on roads and the non-renewable nature of petroleum-based fuels are increasing air pollution and driving government bodies to encourage the use of hybrid and electric vehicles. The increase in sale of hybrid and electric vehicles will drive the demand for automotive battery management systems during the forecast period.
According to a senior analyst at Technavio for automotive electronics, “In developed countries such as the US and Japan and the European Union, the governing bodies are actively promoting the use of electric and hybrid vehicles. Countries such as the Netherlands and Norway have instated a plan of banning the sales of internal combustion engine vehicles by 2025., while Germany plans to do the same by 2030. The UK and France have taken similar measures to ban the sales of internal combustion engine vehicles by 2040.”
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Global automotive battery management system market segmentation
This market research report segments the global automotive battery management system market into the following applications, including hybrid vehicle and battery electric vehicle and key regions, including the Americas, APAC, and EMEA.
Of the two major applications, the hybrid vehicle segment held the largest market share in 2017, accounting for nearly 85% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is battery electric vehicle, which will account for nearly 16% of the total market share by 2022.
APAC was the leading region for the global automotive battery management system market in 2017, accounting for a market share of nearly 69%. By 2022, the Americas will witness a significant increase in market growth of nearly 12%.
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