Report : Europe Automotive Battery Management System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Vehicle Type (Bus, Trucks, and Off-Highway Vehicle)
At 15.2% CAGR, the Europe Automotive Battery Management System Market is speculated to be worth US$ 40.77 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe automotive battery management system market was valued at US$ 17.44 million in 2022 and is expected to reach US$ 40.77 million by 2028, registering a CAGR of 15.2% 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 Europe 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. Furthermore, EV sales grew by 65% in Europe to reach 2.3 million units, while sales in the US doubled to 630,000 units in 2021. In addition, supportive government regulations for EV charging stations further propel EV sales, driving the growth of the Europe automotive battery management system market. Private sectors are also encouraging the electrification of transport worldwide. 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. 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 thus driving the Europe automotive battery management system market.
On the contrary, high upfront costs and scalability issues hampers the Europe automotive battery management system market.
- Based on vehicle type, the Europe automotive battery management system market is segmented into bus, trucks, and off-highway vehicle. The bus segment held 78.9% market share in 2022, amassing US$ 13.76 million. It is projected to garner US$ 32.84 million by 2028 to expand at 15.6% CAGR during 2022–2028.
- Based on country, the Europe automotive battery management system market has been categorized into Germany, France, Netherlands, the UK, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 55.2% market share in 2022. It was assessed at US$ 9.62 million in 2022 and is likely to hit US$ 22.74 million by 2028, exhibiting a CAGR of 15.4% during the forecast period.
Key players dominating the Europe 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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