Battery Management System for EVs Market to rise at CAGR of 21% through 2028 – Report by Market Research Future (MRFR)
New York, Sept. 13, 2021 (GLOBE NEWSWIRE) — Battery Management System for Electric Vehicles Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Battery Management System for Electric Vehicles Market Research Report, Technology, Application, Vehicle type, End Market and Region – Forecast till 2028” the market size to reach USD 12 Billion at 21% CAGR from 2021 to 2028 (forecast period).
Key Players
List of the key Companies profiled in the global Battery Management System for EVs Market Report are–
- Robert Bosch in Germany
- Denso Corporation in Japan
- Continental AG in Germany
- BYD Co. Ltd in China
- Desay Corporation in China
- Panasonic Corporation in Japan
- Analog Devices in the US
- LG Innotek in South Korea
- Infineon Technologies Ag in Germany
- Amperex Technology Limited in China
- Hella GMBH and Co.
- KGAA etc., among others.
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Multiple Factors Contributing to Market Growth
According to the BMS for electric vehicle market outlook, EV demand has increased in the majority of areas. Vehicle growth raises the market value of BMS for electric vehicles. Due to the government’s strong support for passenger EVs, many emission restrictions employing high-performance superchargers are unique.
Along with the incentives provided by the government, the government is spending money on the establishment of EV charging stations, which will create opportunities for battery management systems for the expansion of the electric vehicle market and enhance market income. The continuous rise and development of EV technology provide tremendous opportunities for key players. Countries like Norway and Germany are investing significantly more in increasing EV demand and sales. This has resulted in an increase in demand for EV charging equipment and components. Sales have surged as a result of potentially long-term advancements and fast charging innovations.
Browse In-depth Market Research Report (185 pages) on Battery Management System for Electric Vehicles Market
https://www.marketresearchfuture.com/reports/battery-management-system-electric-vehicles-market-8324
COVID-19 Pandemic to have Temporary Impact on the Global Market
The breakdown of COVID 19 has caused a worldwide standstill in the production of new vehicles. The entire ecosystem has come to the worst state. The manual turns of the vehicles must modify the manufacturing volume of the battery management system for the industry of electric vehicles. The battery management system for the electric vehicle market industry relies on financing to continue production. During the COVID period, production was halted, and demand for electric vehicles was reduced, which had a significant impact on EV producers during the pandemic’s early stages. Due to the pandemic, the country was put on lockdown, which had a significant impact on automobile production units. These production units were shut down all around the world, and vehicle sales suffered tremendously as a result. As a result of limited supply and necessary precautions, the market value of battery management systems for electric vehicles has plummeted.
The government began taking all necessary precautions to protect the country. During the post-lockdown phase, the government began to promote EV production by increasing demand for low-emission fuel vehicles. The government began investing in EV charging stations and hydrogen fuel stations, which expanded the market size of the battery management system for electric vehicles.
Fewer EV Charging Stations
The presence of fewer EV charging stations, a hefty initial investment, and performance limits will reduce the battery management system for electric vehicles market size. As there are fewer EV charging facilities in many nations, EV charging has decreased. Since a huge number of nations have not developed it in sufficient numbers, many more countries are working on it to boost the demand for battery management systems for electric vehicles’ market value. When the EV charging network is in great demand, so will the demand for EVs. The Netherlands has installed charging stations, resulting in a higher charge density.
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Market Segmentation
The global battery management system for electric vehicles market has been segmented into system, application, and vehicle type.
By system, the global battery management system for electric vehicles market has been segmented into hardware and software.
By application, the global battery management system for the electric vehicles market has been segmented into passenger cars and commercial vehicles.
By vehicle type, the global battery management system for electric vehicles market has been segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV).
Regional Analysis
North America to Lead the Global Market
North America is expected to have a high battery management system for electric vehicle’s market share. This dominance is due to government initiatives and the global spread of EV technology. U.S American Recovery and Reinvestment Act provide capital for manufacturing HEV’s by government and private agencies, which are projected to have maximum growth shortly.
APAC to Follow North America
Asia Pacific is expected to follow the battery management system for electric vehicles market trends, owing to a major increase in battery manufacturing and BMS for electric vehicles market revenue on a large scale.
Segmentation of Market covered in the research:
Battery Management System for Electric Vehicles Market Research Report: Information by System (Hardware and Software), Application (Passenger Car and Commercial Vehicle), Vehicle Type [Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicles (PHEV)] and Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2028
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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