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Europe Electric Vehicle Battery Management System Market Report and Forecast 2024-2032
Market Report I 2024-04-09 I 140 Pages I EMR Inc.
Europe Electric Vehicle Battery Management System Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the Europe electric vehicle battery management system market size reached a value of USD 950 million in 2023. Aided by the accelerating adoption of electric vehicles (EVs) and the advancements in battery technology, the market is projected to further grow at a CAGR of 5.20% between 2024 and 2032 to reach a value of USD 1560 million by 2032.
The battery management system (BMS) is a crucial component in the electric vehicle ecosystem, responsible for monitoring and managing the battery pack's state of charge, state of health, and overall performance. It ensures optimal operation, longevity, and safety of the battery by managing the load and maintaining the battery within safe operating conditions. The rise in the EV market, combined with the need for efficient energy management solutions, drives the demand for sophisticated EVBMS across Europe.
The primary drivers of the Europe electric vehicle battery management system market growth include the escalating demand for electric vehicles, driven by rising fuel prices, increasing awareness of environmental issues, and government incentives. The need for advanced battery technology and improved vehicle performance also significantly contribute to market growth.
The growth of the European market is primarily fueled by the region's strong environmental policies, significant investments in the EV sector, and consumer shift towards sustainable and green mobility solutions. As per the Europe electric vehicle battery management system market analysis, the advancements in battery technologies and the integration of renewable energy sources with charging infrastructures are further augmenting the market growth
The market in Europe has witnessed several key advancements and strategic initiatives. Manufacturers are focusing on innovation to enhance BMS functionality, including improved algorithms for accurate state of charge and state of health estimations, thermal management, and the integration of artificial intelligence (AI) for predictive analytics and maintenance.
As per the Europe electric vehicle battery management system market outlook, enhanced connectivity features in BMS are expected to improve the diagnostics and management capabilities, allowing for real-time data tracking and remote management of battery systems. Wireless BMS are becoming increasingly popular as they reduce wiring complexity, lower costs, and improve reliability and flexibility in battery module assembly.
As the lifespan and efficiency of batteries become crucial factors for electric vehicle users, there is a growing emphasis on advanced battery health monitoring systems within BMS. These systems utilise sophisticated algorithms to provide accurate predictions on battery life expectancy and performance, which is vital for maintaining vehicle reliability and value over time.
With the rise of ultra-fast charging technologies, BMS must adapt to manage the thermal and electrical stresses associated with rapid charging without compromising battery life which can aid the Europe electric vehicle battery management system market expansion. This requires innovations in thermal management systems and real-time monitoring capabilities to ensure safety and efficiency.
As the market grows, there is a noticeable move towards standardisation in BMS protocols, which facilitates interoperability between different manufacturers and simplifies the integration process. Standardisation in electric vehicle battery management system market in Europe also helps in reducing costs and improving the reliability of electric vehicles.
Furthermore, partnerships between automotive OEMs and battery manufacturers are increasing to secure supply chains and develop bespoke BMS solutions tailored to specific vehicle requirements. There's also a growing trend towards modular BMS solutions, which offer scalability and flexibility for different types of electric vehicles, from passenger cars to commercial vehicles.
Regulatory support from European governments, providing incentives for EV buyers and funding for new technology development, continues to play a vital role in boosting the Europe electric vehicle battery management system market share. These initiatives are crucial for fostering innovation and adoption of EVs and related technologies like BMS across the region.
Market Segmentation
The market can be divided based on vehicle type, battery type, application type, and country.
Market Breakup by Vehicle Type
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Market Breakup by Battery Type
- Lithium-Ion Battery
- Lead-Acid Battery
- Others
Market Breakup by Application Type
- Passenger Cars
- Commercial Vehicle
Market Breakup by Country
- Germany
- United Kingdom
- France
- Italy
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Europe electric vehicle battery management system market. Some of the major players explored in the report by Expert Market Research are as follows:
- Denso Corp
- Robert Bosch GmbH
- Continental AG
- Panasonic Corp.
- Mitsubishi Electric Corp.
- LG Corp.
- Hitachi Ltd.
- Preh GmbH
- Sensata Technologies, Inc. (Lithium Balance)
- Marelli Holdings Co., Ltd.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Battery Management System Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Battery Management System Historical Market (2018-2023)
8.3 Global Electric Vehicle Battery Management System Market Forecast (2024-2032)
8.4 Global Electric Vehicle Battery Management System Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Europe Electric Vehicle Battery Management System Market Overview
9.1 Key Industry Highlights
9.2 Europe Electric Vehicle Battery Management System Historical Market (2018-2023)
9.3 Europe Electric Vehicle Battery Management System Market Forecast (2024-2032)
10 Europe Electric Vehicle Battery Management System Market by Vehicle Type
10.1 Hybrid Electric Vehicle (HEV)
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Plug-In Hybrid Electric Vehicle (PHEV)
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Battery Electric Vehicle (BEV)
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Europe Electric Vehicle Battery Management System Market by Battery Type
11.1 Lithium-Ion Battery
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Lead-Acid Battery
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Others
12 Europe Electric Vehicle Battery Management System Market by Application Type
12.1 Passenger Cars
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial Vehicle
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Europe Electric Vehicle Battery Management System Market by Country
13.1 Germany
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Kingdom
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 France
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Italy
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Denso Corp.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Robert Bosch GmbH
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Continental AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Panasonic Corp.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Mitsubishi Electric Corp.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 LG Corp.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Hitachi Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Preh GmbH
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Sensata Technologies, Inc. (Lithium Balance)
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Marelli Holdings Co., Ltd.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Battery Management System Market: Key Industry Highlights, 2018 and 2032
2. Europe Electric Vehicle Battery Management System Market: Key Industry Highlights, 2018 and 2032
3. Europe Electric Vehicle Battery Management System Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
4. Europe Electric Vehicle Battery Management System Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
5. Europe Electric Vehicle Battery Management System Historical Market: Breakup by Battery Type (USD Billion), 2018-2023
6. Europe Electric Vehicle Battery Management System Market Forecast: Breakup by Battery Type (USD Billion), 2024-2032
7. Europe Electric Vehicle Battery Management System Historical Market: Breakup by Application Type (USD Billion), 2018-2023
8. Europe Electric Vehicle Battery Management System Market Forecast: Breakup by Application Type (USD Billion), 2024-2032
9. Europe Electric Vehicle Battery Management System Historical Market: Breakup by Country (USD Billion), 2018-2023
10. Europe Electric Vehicle Battery Management System Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. Europe Electric Vehicle Battery Management System Market Structure
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