Automotive segment has undergone some of the most earth-shaking transformations in the last few years with the spike of electric mobility fame rising every year.
This fact can be further proven by the accelerating growth of start-ups sprouting in the automobile sector as technology integration takes the segment to new heights.
One of the major components of electric vehicles, the Global Battery Management System (BMS) market is predicted to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at CAGR of 18.7% during the forecast period.
The Battery Management System (BMS) market has been driven by the increasing adoption of electric vehicles (EVs) and energy storage systems.
A BMS is a key component of these systems, as it is responsible for monitoring and controlling the state of the battery pack, including its charge and discharge status.
As the demand for EVs and energy storage systems continues to grow, the BMS market is also expected to see significant growth in the next few years.
Expecting to propel the growth of the electric mobility space, automakers are keen on developing their strategies around some of the Major Automotive BMS Trends in 2023 to get an edge in the market.
Major Automotive BMS Trends in 2023
Stating some of the Major Automotive BMS Trends in 2023 that will redefine the EV sector includes,
High-Performance Systems
One of the Major Automotive BMS Trends in 2023 that can be witnessed in the BMS market is the increasing demand for high-performance systems. As EV manufacturers aim to increase the range of their vehicles and energy storage systems aim for higher energy density, the BMS must be able to handle the increased power and energy demands. This has led to a greater focus on developing BMS systems that can handle higher currents and voltages, as well as increased temperature and power cycling.
Advanced Sensors & Monitoring Systems
Another Major Automotive BMS Trends in 2023 is the growing use of advanced sensors and monitoring systems. The BMS is responsible for measuring a wide variety of parameters, including cell voltage, temperature, and current. As the number of cells and modules in the battery pack increases, so does the complexity of the BMS. To manage this complexity, companies are increasingly turning to advanced sensors and monitoring systems that can collect more accurate data and provide more detailed information on the state of the battery pack.
Miniaturization and Integration
Major Automotive BMS Trends in 2023 that can propel the growth of the EV market are miniaturization and integration which will become key trends in the BMS market. With the increasing demand for smaller, more compact systems, companies are working to miniaturize the BMS, making it possible to integrate it directly into the battery pack. This can help to reduce the size, weight and cost of the system. Additionally, it also helps in increasing the safety of the system.
Artificial Intelligence & Machine Learning
There has been increasing use of Artificial Intelligence and Machine learning in BMS systems, which is becoming increasingly important as battery packs become more complex. The use of AI and machine learning algorithms can help to improve the performance and accuracy of the BMS by constantly monitoring and analyzing data from the battery pack, providing real-time information on the state of the system and predicting potential issues. Thus, becoming a Major Automotive BMS Trends in 2023.
Multiple Battery Chemistry
The BMS market is also expected to see a growing demand for multi-chemistry support, as different types of battery chemistries are used in different applications. For example, lithium-ion batteries are commonly used in EVs, while lead-acid batteries are still used in some types of energy storage systems. Hence, coming up as a Major Automotive BMS Trends in 2023. The BMS must be able to support multiple chemistries to manage the different types of batteries.
Software-based Solutions
The BMS market is also expected to see an increasing demand for software-based solutions, as companies look to adopt more flexible and scalable systems. Many BMS systems are still based on hardware, but with the increasing use of software, the BMS can be updated and modified remotely, which helps in reducing downtime and costs. Therefore, termed as another Major Automotive BMS Trends in 2023.
Wrapping Up
Summarizing some of the Major Automotive BMS Trends in 2023 that one is expected to see in the next few years are the growing need for high-performance systems, advanced sensors and monitoring systems, miniaturization and integration, Artificial Intelligence and Machine Learning, multi-chemistry support, and software-based solutions.
Companies like TEKpower, Rotronics, AVL, YASA, Ilika, Bosch, Denton Vacuum, MTS Systems Corporation and National Instruments are some of the major players in the BMS market.