The awareness about environmental hazards is spreading like wildfire across the globe. Many individuals are moving toward using sustainable methods to save the earth from more damage due to factors like global warming. Air pollution is one of the major concerns regarding environmental hazards. To reduce this type of pollution, the adoption of a cleaner transportation mechanism is necessary.
Many people prefer electric vehicles as a good option for cleaner transport. Governments across various countries are also supporting the increased usage of electric vehicles. For the safe utilization of batteries in an electric car, an efficient automotive battery management system is necessary. Thus, based on this aspect, the global automotive battery management system market is expected to garner promising growth across the forecast period of 2020-2030.
These battery management systems assist in detecting and monitoring battery usage. This system also ensures the proper recharging of batteries in an electric vehicle. Thus, all these features of an automotive battery management system help in increasing the growth rate.
Based on battery type, the global automotive battery management system market can be classified into nickel-based, lithium-ion-based, flow batteries, and advanced lead-acid based. These battery management systems are used prominently in electric vehicles, e-bikes, and golf carts. On the basis of connection topology, the automotive battery management system market can be segmented into distributed, modular, and centralized.
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The study on the automotive battery management system market helps the CXOs to bury the barriers of fake information and offers a full analysis of varied segments. The report offers a five-point (emerging trends, competitive landscape, a scrutinized detail of the regions, key players, and latest developments) benefit to the stakeholder. This factor plays an important part in imparting the right information to the stakeholder.
Furthermore, the study pays attention to the effect of the SARS-CoV-2 pandemic and also on the dangers that may hurt the growth of the automotive battery management system market. The analysis by the researchers also highlights the opportunities and challenges that the automotive battery management system market is anticipated to face between 2020 and 2030.
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Automotive Battery Management System Market: Competitive Landscape
The automotive battery management system market is consolidated with a few major players accounting for a larger growth share. These companies always strive to attract a large customer base through the launch of novel products and features. This is achieved through intense research and development activities.
Some well-established players in the automotive battery management system market are DENSO Corporation, Gentherm Incorporated, NXP Semiconductor N.V., Continental AG, Robert Bosch GmbH, Hanon Systems, and Renesas Electronics Corporation.
Automotive Battery Management System Market: Increasing Role of Governments in Promoting E-Vehicles to Boost Growth
The growing environmental concerns are leading the governments of various countries to introduce initiatives that encourage the use of electric vehicles. For instance, the UK government has announced a total ban on new petrol and diesel cars from 2030 under the Prime Minister’s Green Plan.
The Indian Government recently announced its plans to set up an infrastructure for 69000 EV charging stations across India. Delhi, the capital of India has announced a heavy discount and benefits on the purchase of EVs in the union territory. Hence, the promotion of EVs will eventually help in the growth of the automotive battery management system market.
Automotive Battery Management System Market: Regional Perspective
Asia Pacific’s automotive battery management system market may gain extensive growth across the forecast period of 2020-2030. The rising influence of e-vehicles in China and favorable government policies for electric vehicles in India may serve as prominent growth factors for the automotive battery management system market.
The automotive battery management system market in Europe may also gain traction due to the increase in government initiatives regarding e-vehicles promotion.
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This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.