Report : Battery Management Module Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Single Speed and Multi-Speed); by Driveline Type (Battery Electric vehicle (BEV) and Hybrid Electric Vehicle (HEV)); and Geography
According to the new research report published by The Insight Partners, titled “Battery Management Module Market - Global Analysis and Forecast to 2027”, the global battery management module market is expected to reach US$ 5,102.6 Mn by 2027, registering a CAGR of 14.0% during the forecast period 2020-2027.
Asia-Pacific battery management module market accounted for highest market share in 2019
In North America, the US is an early adopter of various technologies. The US, Canada, and Mexico are major economies in North America. Technological advancements have led to a highly competitive market in the region as increasing populations attract several technological developments due to high spending powers across different sectors. The consumer electronics industry is constantly blooming in the region. The density and adoption of consumer electronic devices in the region is quite high. Smartphones, personal computers, tablets, music players, DVD players, washing machines, television sets, and other consumer electronics devices have found a wider user base in North America. The battery management module offers proper management of battery life cycle and higher energy efficiencies in these consumer electronic devices. Hence, several device manufacturers in North America are integrating battery management modules. General Electric; Alpine Electronics; Apple, Inc.; and HP Inc. are some of the major consumer electronics manufacturers in North America. Moreover, companies are continuously enhancing their overall business processes for meeting the increased customer demand for high-quality products and services.
The oil & gasoline prices as well as high density of passenger cars have encouraged the use of electric vehicles. The massive demand for passenger cars in the region is supported by the US-based automotive giants—Ford, Tesla, General Motors, and Fiat—which are among the world’s largest automobile producers. The US has the largest market for electric vehicles (EV). According to the Edison Electric Institute’s report published in April 2019, approximately 1.18 million EVs were on the road in the US by March 31, 2019. Also, the US EV sales accounted for about 17% of global EV sales in 2018. In June 2018, General Motors Company partnered with Honda Motor Co. for supplying advanced batteries to boost growth plans related to electric vehicles. With this collaboration, both the companies would be selling modules for electric vehicles in North America. Electric vehicles have gained huge popularity in the past few years. After the successful testing of these vehicles, several major automotive manufacturers in North America have come forth to design and manufacture these vehicles. The use of electric cars in the region is likely to result in healthcare cost savings owing to reduced pollutant emissions, lowering of oil imports, increase in overall employment, and so on. Therefore, the region is predicted to observe a substantial growth in demand for battery management module owing to rising consumer electronics and electric vehicle manufacturing industries.
Key findings of the study:
In the past few years, government initiatives to promote the adoption of cleaner transportation options have been growing at an impressive rate. European Union, China, Japan, Canada, India, and South Korea are some of the major geographies where governments are proactively taking steps to increase the adoption of electric vehicles especially buses and trucks. For instance, in the European Union there were some significant policy changes were made. These initiatives include improvements in fuel economy standards for trucks and ‘Clean Vehicles Directive’ that is focused on the procurement of electric buses by government. Another directive called ‘Energy Performance Buildings Directive’ is also formed which sets minimum standards for setting up charging infrastructure in buildings. Japan is another example where fuel economy standards were revised for trucks and through Japan’s automotive strategy, the country is expected to reduce 80% of its automotive greenhouse gas emissions by the year 2050. Such favorable initiatives are anticipated to boost the adoption of heavy duty electric vehicles such as trucks.
The increasing adoption of consumer electronics devices across the globe owing to the transition of replacing the lead-acid batteries with lithium-ion batteries to save space and rising investment in EVs are some of the key factors that are expected to fuel the demand for a battery management module in all the key geographies over the forecast period of 2020 to 2027. Europe is also an important market for the future growth of the battery management module market during the forecast period due to the rapidly growing number of companies investing in EVs. The region is characterized by well-developed nations such as Germany, the UK, and France, which are the key markets for the adoption and growth of battery management module