Market Size of Europe Electric Vehicle Battery Management System Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | > 30.00 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Europe Electric Vehicle Battery Management System Market Analysis
Currently, the European electric vehicle battery management system market is valued at USD 0.83 billion and is expected to reach USD 4.44 billion over the next five years, registering a CAGR of more than 30 % during the forecast period.
- The COVID-19 pandemic severely slowed down the market growth of electric vehicle battery management systems. With the global automotive industry just beginning to transition towards electric mobility, the global halt of automotive production and sales severely affected the growth trajectory of the market. As a result of the pandemic, a major economic crisis was witnessed in the industry. As a result of the pandemic, a major economic crisis was witnessed in the industry.
- However, stringent emission targets for different countries around the world are anticipated to significantly drive investments in electric mobility. Similarly, the high number of national government initiatives and purchase incentives for electric vehicles is expected to drive demand for electric vehicles and, consequently, electric vehicle battery management systems over the coming years.
- In vehicles, the battery management system is primarily used for managing and protecting the cells in a battery pack. Safe and optimum use of the energy stored is highly essential in a vehicle battery pack due to the growing electrification of vehicles. Factors such as the increasing demand for electric vehicles and energy storage systems and growing consumption of rechargeable batteries in consumer electronics, coupled with technical advancements, are aiding the market's growth significantly.
- Features like start/stop, electric power steering, and electric braking systems have increased the power load on the battery. Therefore, prioritizing all these electrical loads on a scale from comfort to safety level has been a major issue in the vehicle electric system. Therefore, the intelligent battery management system (IBMS) has been gaining attention among automobile manufacturers, which aided its adoption across the world.
Europe Electric Vehicle Battery Management System Industry Segmentation
An electric vehicle battery management system (BMS) is a crucial component that monitors and controls the performance of the battery pack in an electric vehicle. It ensures the optimal charging, discharging, and overall health of the battery, enhancing the safety, efficiency, and longevity of the electric vehicle's energy storage system.
The Europe electric vehicle battery management system market is segmented by propulsion type (plug-in hybrid electric vehicle and battery electric vehicle), vehicle type (passenger car and commercial vehicle), and country (Germany, United Kingdom, France, Norway, and the rest of Europe).
The report offers market size and forecasts for the Europe electric vehicle battery management system for all the above segments in value (USD).
Propulsion Type | |
Plug-in Hybrid Electric Vehicle | |
Battery Electric Vehicle |
Vehicle Type | |
Passenger Cars | |
Commercial Vehicle |
By Geography | |
United Kingdom | |
Germany | |
France | |
Italy | |
Norway | |
Rest of Europe |
Europe Electric Vehicle Battery Management System Market Size Summary
The European electric vehicle battery management system market is poised for significant growth, driven by the increasing demand for electric vehicles and the need for advanced energy storage solutions. The market, which experienced a slowdown due to the COVID-19 pandemic, is now rebounding as stringent emission targets and government incentives across Europe propel investments in electric mobility. The growing electrification of vehicles, coupled with advancements in battery management technologies, is enhancing the safety and efficiency of electric vehicle systems. This surge in demand is further supported by the rising awareness of environmental concerns and the economic benefits associated with electric vehicle adoption, particularly in countries like Norway, which leads in electric car deployment.
The market landscape is characterized by substantial technological investments and strategic partnerships among key players such as Denso, Bosch, Hella, and Panasonic Corporation. These companies are actively expanding their battery management system divisions to capture a larger market share. Innovations in battery management systems, such as those showcased by Webasto SE and Audi AG, highlight the ongoing research and development efforts aimed at enhancing vehicle electrification and digitalization. The European market is expected to witness continued growth, with Norway anticipated to play a leading role due to its favorable policies and technological advancements in electromobility.
Europe Electric Vehicle Battery Management System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 The Passenger Cars Segment is Driving the Demand for Battery Management Systems
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1.1.2 Others
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1.2 Market Restraints
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1.2.1 Disturbances in Supply Chain
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1.2.2
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Propulsion Type
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2.1.1 Plug-in Hybrid Electric Vehicle
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2.1.2 Battery Electric Vehicle
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicle
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2.3 By Geography
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2.3.1 United Kingdom
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2.3.2 Germany
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2.3.3 France
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2.3.4 Italy
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2.3.5 Norway
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2.3.6 Rest of Europe
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Europe Electric Vehicle Battery Management System Market Size FAQs
What is the current Europe Electric Vehicle Battery Management System Market size?
The Europe Electric Vehicle Battery Management System Market is projected to register a CAGR of greater than 30% during the forecast period (2024-2029)
Who are the key players in Europe Electric Vehicle Battery Management System Market?
Denso Corporation, Robert Bosch GmbH, Panasonic Corporation, LG Chem Ltd and Calsonic Kansei Corporation are the major companies operating in the Europe Electric Vehicle Battery Management System Market.