LONDON--(EON: Enhanced Online News)--The global automotive battery management system (BMS) market is expected grow at a CAGR of more than 22% during the period 2016-2020, according to Technavio’s latest report.
“The implementation of stringent emission regulations and various tax credits on hybrid and electric vehicles are the key drivers for HEV and EV market growth. The adoption rate of BMS in these markets will reach 100% during the forecast period”
In this report, Technavio covers the market outlook and growth prospects of the global automotive BMS market for 2016-2020. The market is further categorized into three segments based on battery technology used in vehicles, especially in new energy vehicles like hybride electric vehicle (HEVs) and electric vehicle (EVs). These segments are lithium ion (Li-ion) batteries, nickel–metal hydride (Ni-MH) batteries, and lead-acid batteries. Li-ion batteries are projected to dominate over the lead-acid and Ni-MH batteries in the automotive battery marketplace during the forecast period. This is due to the extensive use of high-density, small size Li-ion battery packs in hybrid and EVs.
“The implementation of stringent emission regulations and various tax credits on hybrid and electric vehicles are the key drivers for HEV and EV market growth. The adoption rate of BMS in these markets will reach 100% during the forecast period,” says Siddharth Jaiswal, a lead automotive electronics research expert from Technavio.
Technavio’s automotive research analysts segment the global automotive BMS market into the following regions:
In 2015, with a market share of over 69%, APAC dominated the global automotive BMS market, followed by the Americas with over 17% and EMEA with approximately 13%.
APAC: high adoption of EVs to boost demand for BMS
The automotive BMS market in APAC is expected to grow at a CAGR of more than 33%. The high growth rate is attributed to the presence of major vendors in vehicle and battery manufacturing, and the demand for BMS from countries like China, Japan, and South Korea owing to the high adoption of EVs.
Asian countries, especially China, Japan, and South Korea are very aggressive, compared with other nations across the globe, in promoting and developing HEVs. This is an important factor driving the automotive battery market, especially the Li-ion battery market, which, in turn, propels the BMS market.
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Americas: growth of H&E vehicles to fuel demand for BMS
Countries like the US and Canada are employing stringent regulations on fuel efficiency and emissions for vehicles, to cut down on the use of petroleum products and reduce greenhouse gas (GHG) emissions.
Governments in this region are making massive investments towards projects aimed at the electrification of public transport system. For instance, in Canada, the government has enacted the Transport Electrification Action Plan 2015-2020, amounting to USD 420 million, which will support private sector vendors to take up public transport projects. All these drivers will propel the growth of H&E vehicles, which, in turn, will boost the automotive BMS market in the Americas during the forecast period.
EMEA: many European countries rapidly shifting to battery driven public transport
Europe has some of the most stringent fuel efficiency and emission norms worldwide. These norms are achievable with the use of hybrid electric transportation, thus pushing government and public operators to shift to hybrid electric buses. The subsidy structure for buyers and manufacturers in the EU is the key supporting factor for the development of HEVs, batteries, and charging infrastructure. Many countries in Europe such as the UK, Austria, Germany, and Italy are rapidly shifting to battery driven public transport to promote the 'green city' concept. These commercial H&E vehicles are manufactured with integrated BMS solutions to ensure an efficient battery life as these vehicles are used for a minimum of 12 years.
“Countries across the Middle East and Africa are focusing on the electrification of their public transport as rapid urbanization is leading to traffic congestion and pollution. Therefore, the automotive BMS market in EMEA to grow at a CAGR of more than 56% during the forecast period,” says Siddharth.
The top vendors in the global automotive BMS market as highlighted in this market research report are:
- Johnson Matthey battery systems
- LG Chem
- Lithium Balance
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