Report : Asia Pacific Automotive Battery Management System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Vehicle Type (Bus, Trucks, and Off-Highway Vehicle)
At 18.9% CAGR, the Asia Pacific Automotive Battery Management System Market is speculated to be worth US$ 108.44 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific automotive battery management system market was valued at US$ 38.37 million in 2022 and is expected to reach US$ 108.44 million by 2028, registering a CAGR of 18.9% from 2022 to 2028. Increasing sales of EVs and expansion of EV infrastructure and government initiatives and policies favoring low-emission vehicles are the critical factors attributed to the Asia Pacific automotive battery management system market expansion.
Electric vehicle (EV) sales are growing at a fast pace owing to increasing concerns about environmental protection and government policies favoring the adoption of low-emission and zero-emission vehicles. Subsidies and tax rebates offered by governments encourage manufacturers to scale up their processes. In the same year, sales in China surged to reach 3.3 million, accounting for about half of the Asia Pacific sales. Private sectors are also encouraging the electrification of transport. Many vehicle manufacturers are making announcements about their intentions and plan to launch electric buses, trucks, and off-highway vehicles. Thus, an increase in investments in charging infrastructure and a rise in the number of favorable government policies are propelling battery manufacturing scales, thereby bolstering the demand for battery management systems. In May 2022, PMI Electro, an electric bus maker, announced the plan to set up its largest commercial EV manufacturing plant in Pune, India, which will have an annual production capacity of 2,500 vehicles. The plant is expected to have a production capability of 300,000 units by the first half of 2025. Similarly, Bajaj Auto announced an investment of US$ 40 million for the manufacturing of an EV plant in India, with a production capacity of 500,000 EVs per year. The BMS are used in EV’s to monitor the aging, charging status of the batteries, and optimum performance of the batteries which are helping to improve the operating efficiency of the EV’s. Thus, such growing production of EVs in different countries is boosting the demand for automotive batteries and battery management systems which in turn will fuel the Asia Pacific automotive battery management system market.
On the contrary, high upfront costs and scalability issues hampers market Asia Pacific automotive battery management system market.
- Based on vehicle type, the Asia Pacific automotive battery management system market is segmented into bus, trucks, and off-highway vehicle. The bus segment held 84.4% share of Asia Pacific automotive battery management system in 2022, amassing US$ 32.40 million. It is projected to garner US$ 93.23 million by 2028 to expand at 19.3% CAGR during 2022–2028.
- Based on country, the Asia Pacific automotive battery management system market has been categorized into China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 96.7% share of Asia Pacific automotive battery management system in 2022. It was assessed at US$ 31.70 million in 2022 and is likely to hit US$ 87.49 million by 2028, exhibiting a CAGR of 18.4% during the forecast period.
Key players dominating the Asia Pacific automotive battery management system market are Continental AG; Dana Limited; GENTHERM; Hanon Systems; Mahle GmbH; Marelli Holdings Co., Ltd; NXP Semiconductors; Renesas Electronics Corporation; Robert Bosch GmbH and Valeo.
- In,2021; Continental’s development and production service provider, Continental Engineering Services (CES) is cooperating with the battery specialist Varta. The aim of the partnership is to develop new technologies and products that particularly lead to advances in sustainable solutions in the field of electro mobility.
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