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Automotive Battery Management System Market to Grow by USD 1.89 Billion during 2020-2024

Strategic Insights

— 2 min read

The automotive battery management system market is poised to grow by USD 1.89 billion during 2020-2024, progressing at a CAGR of almost 16% during the forecast period. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Key players in the market include Continental AG, DENSO Corp., Infineon Technologies AG, LG Chem Ltd., Lithium Balance AS, Mitsubishi Electric Corp., Panasonic Corp., Renesas Electronics Corp., Samsung SDI Co. Ltd., and Tesla Inc.

The use of communication protocols has been instrumental in driving the growth of the market. The market is segmented into application, type, and geography. By application, the market is segmented into hybrid electric vehicles, battery electric vehicles, and other vehicles. By type, the market is segmented into lithium-ion and others. The market in APAC is expected to grow at a faster rate than the market in other geographies.

Key Takeaways:

  • The global automotive battery management system market is expected to grow by USD 1.89 billion during 2020-2024.
  • The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
  • The use of communication protocols has been instrumental in driving the growth of the market.
  • The market is segmented into application, type, and geography.
  • By application, the market is segmented into hybrid electric vehicles, battery electric vehicles, and other vehicles.
  • By type, the market is segmented into lithium-ion and others.
  • The market in APAC is expected to grow at a faster rate than the market in other geographies.
  • Key players in the market include Continental AG, DENSO Corp., Infineon Technologies AG, LG Chem Ltd., Lithium Balance AS, Mitsubishi Electric Corp., Panasonic Corp., Renesas Electronics Corp., Samsung SDI Co. Ltd., and Tesla Inc.

Statistics:

  • Market size: USD 7.73 billion (2020)
  • Market size by 2024: USD 9.62 billion
  • Growth rate: 15.89% CAGR during the forecast period
  • Market segmentation by application:

+ Hybrid electric vehicles: USD 3.14 billion in 2020, growing at a CAGR of 12.64% during the forecast period

+ Battery electric vehicles: USD 1.45 billion in 2020, growing at a CAGR of 10.45% during the forecast period

+ Other vehicles: USD 1.36 billion in 2020, growing at a CAGR of 18.27% during the forecast period

  • Market segmentation by type:

+ Lithium-ion: USD 6.25 billion in 2020, growing at a CAGR of 15.65% during the forecast period

+ Others: USD 1.23 billion in 2020, growing at a CAGR of 20.13% during the forecast period

Sources:

  • Businesswire: https://www.businesswire.com/news/home/20200624005616/en/
  • Technavio: https://www.technavio.com/talk-to-us?report=IRTNTR43863
  • Technavio: https://www.technavio.com/website/social-media-technavio.com/

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