December 20, 2018
WELLESLEY, Mass., Dec. 20, 2018 – As the demand for battery electric vehicles and plug-in hybrid electric vehicles is expected to surge within the next five years, and research efforts to improve battery chemistries have increased, the market for battery management systems is at a point of rapid growth, according to BCC Research.
The global automotive battery management system was valued at $3.5 billion in 2018 and is expected to reach $6.9 billion by 2023 at a compound annual growth rate (CAGR) of 14.7% during the forecast period, according to the report “Automotive Battery Management System: Global Markets.”
“Rising emissions from usage of fossil fuels in transportation, volatility in fuel prices, environmental concerns and technological advancements in battery technology have brought a renewed interest in HEVs and EVs that were introduced in the second half of the 1900s,” the report notes. “Batteries have advanced to such an extent that now it is possible to meet the expectations of consumers looking for emission-free reliable sources of transportation.”
High Capital Cost as a Key Market Restraint
Hybrid electric vehicles, plug-in hybrid electric vehicles and battery electric vehicles are comparatively costlier than conventional IC engines. Typically, a hybrid vehicle costs about 20% more than a conventional gasoline or diesel fuel-based engine. This cost difference is more significant for PHEVs and BEVs.
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Automotive Battery Management System: Global Markets( IAS143A )
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