Electric Two-Wheeler Lithium-Ion Battery Management System Market to Reach $2.76 Billion by 2030: Cognitive Market Research
CHICAGO, March 29, 2023 /PRNewswire/ -- The Global Electric Two-Wheeler Lithium-Ion Battery Management System Market size will be valued at USD 0.53 Billion in 2022. It is projected to be USD 2.76 Billion by 2030, growing at a CAGR of 20.1% from 2023 to 2030, as per a recent report published by Cognitive Market Research. Manufacturers involved in EV BMS are focusing on EV battery performance and range. For instance, Qnovo has announced a collaboration with NXP Semiconductors to implement new innovation for electrified mobility, SpectralX, for electric vehicles. By using predictive analytics, SpectralX can improve battery performance, safety along with range in several types of EVs with any lithium-ion battery in a more intelligent way.
Major findings during the study of the Electric Two-Wheeler Lithium-Ion Battery Management System Market:
- With the growing concern over the associated impact of greenhouse gasses on the environment, there is an increasingly high demand for electric two-wheelers across the globe. This is attributed to enhance the growth of the electric two-wheeler lithium-ion battery management system market
- Motorcycles largely contribute to the revenue of the electric two-wheeler lithium-ion battery management system market owing to their high popularity among the population. The APAC region, especially China, followed by India, has the rising trend for electric motorcycles. Further, one of the primary reasons for their high popularity is their high speed, low maintenance, and easy use
- Use of electric pedelecs is significantly rising due to its benefits on health. The increasing population switching to a healthy lifestyle will create huge opportunities for the growth of the Pedelecs segment in the near future
- Europe Electric Two-Wheeler Lithium-Ion Battery Management System Market dominates the overall market as it is becoming more and more common in European countries like Netherlands, Germany, France, and Norway. The use of plug-in vehicles in Europe is actively supported by its government. A wide array of policies has been established to offer direct financial support to customers
- The APAC region will show the highest growth rate in the future in the electric two-wheeler lithium-ion battery management system market. This can be attributed to the increasing demand for plug-in vehicles in China, Vietnam, and India. For instance, Hero Electric has purchased 5 lakh units of Exicom BMS a year, given the rapid increase in demand for electric two-wheelers in India.
Electric Two-Wheeler Lithium-Ion Battery Management System Industry Statistics 2022:
Global Electric Two-Wheeler Lithium-Ion Battery Management System Market |
2022 |
Global Revenue (USD Billion) |
0.53 |
CAGR – (2023-2030) |
20.1 % |
Motorcycle Vehicle Type Share |
51.0 % |
Distributed Topology Share |
45.4 % |
Europe Electric Two-Wheeler Lithium-Ion Battery Management System Market Regional Share |
35.2 % |
Report Deliverables:
Report Features |
Details |
Market Size in 2030 |
USD 2.76 Billion |
Segments Covered in the Report |
Vehicle Type Topology Regions |
Other Qualitative Analysis |
Pestle Analysis Porter's Five Forces Analysis Market Attractiveness Every Segment Analysis Market Drivers Market Restraints Market Opportunities |
What are the Growth, Drivers, and Opportunities for the Electric Two-Wheeler Lithium-Ion Battery Management System Market?
Drivers:
- Active participation of Government of various countries in the adoption of electric vehicles:
Electrification in transportation has been a revolution in the automotive sector. With the rise in the concern regarding pollution, carbon emission, and extinction of fuels, demand for alternative solutions started occupying places in the market. Governments across the globe have decided to adopt promising technology for the electrification of public and private transportation. Several governments have defined the goals and timelines for the phase-out of diesel and gasoline engines. For instance, the European government is also taking the initiative to promote electric vehicles.
Moreover, the problems associated with the vast consumption of fossil fuels are not only leading to environmental problems but also causing depredation of fossil fuels. It is estimated that if fossil fuels are burned at the current rate, they will be depleted by 2060. In such a scenario, the government and manufacturers are focusing on developing a more sustainable transport solution.
Hence, the active participation of the governments of various countries in adopting electric vehicles drives the growth of the electric two-wheeler lithium-ion battery management system market.
Restraint:
- Challenges associated with electric vehicles:
The adoption of electric two-wheelers is becoming extremely popular worldwide. However, the conversion or transition of ICEVs to battery EVs is associated with several problems, such as limited range and long recharge time. Moreover, many countries still need to develop adequate charging stations and infrastructure, which further hinders the growth of the market.
However, to overcome these challenges, many manufacturers are focusing on developing less expensive BMS along with improving the efficiency, reliability, and driving range of electric two-wheelers. For instance, Texas Instruments has introduced new automotive battery cell and pack monitors with the most accurate measurement capability available on the market, maximizing electric vehicle (EV) drive time and enabling safer operation
Opportunity:
- Artificial Intelligence in BMS:
Using AI tools in battery management systems provides benefits of cloud storage and computing resources. It also helps transfer algorithms to the cloud based on big data models. This makes it easy to balance, correct and control vehicles. Hence, the use of AI in BMS will stimulate the growth of the market significantly.
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How the COVID-19 Impacted Electric Two-Wheeler Lithium-Ion Battery Management System Market?
The prevalence of COVID-19 had a significant impact on several industries, including the automobile industry. The presence of limited personnel led to the delay in transportation and logistics of the raw materials used in the processing of BMS is impacting the overall growth of the market. Furthermore, the rise in the prevalence of COVID-19 led to a shift in investment in several sectors. It also resulted in the divesting of certain products, thereby affecting the processing and development of the electric two-wheeler lithium-ion BMS market.
Electric Two-Wheeler Lithium-Ion Battery Management System Market Report Scope
Electric Two-Wheeler Lithium-Ion Battery Management System Market – Vehicle Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Pedelecs
- Motorcycles
- Scooters
Electric Two-Wheeler Lithium-Ion Battery Management System Market - Topology Outlook (Revenue, USD Billion, 2018 – 2030)
- Centralized
- Distributed
- Modular
Electric Two-Wheeler Lithium-Ion Battery Management System Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
- Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
- Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)
List of Key Players in the Electric Two-Wheeler Lithium-Ion Battery Management System Market
- Nuvation Energy
- Xiamen Tmax Battery Equipments Limited
- NXP Semiconductors N.V.
- Dongguan A-Warrior Electronics Co., Ltd.
- Elithion Inc
- ION Energy Inc.
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Mahindra & Mahindra Ltd.
- Texas Instruments Incorporated
- Yamaha Motor Co., Ltd.
- Infineon Technologies AG
- Others
Related Reports on Electric Two-Wheeler Lithium-Ion Battery Management System Market:
- Global Automotive Retrofit Electric Vehicle Powertrain Market are projected to hit USD 3.21 Billion by 2030
The global automotive retrofit electric vehicle powertrain market is expected to reach USD 3.21 Billion by 2030 growing at a CAGR of 11.6%. Electric vehicle retrofitting is the process of converting existing petrol or diesel vehicles into electric vehicles. This procedure includes replacing the original engine and other associated components and the installation of a new alternative energy source within the current vehicle body. Climate change is one of the most concerning and debatable topics worldwide. This is increasing owing to the rise in carbon emission. Hence, increasing environmental concern is driving the growth of the automotive retrofit electric vehicle powertrain market.
- Global Electric Vehicle Market is expected to reach USD 852.31 Billion by 2030
The global electric vehicle market is expected to reach USD 852.31 Billion by 2030 growing at a CAGR of 17.3%. Electric vehicles have an electric motor instead of an internal combustion engine that uses batteries to power the electric motor. As these vehicles run on electricity, they do not emit exhaust from a tailpipe and doesn't have the typical liquid fuel components. High fuel extinction and environmental danger have increased awareness regarding the use of alternative solutions for transport. This rising awareness is driving the global market for electric vehicles.
Other Related Reports:
- Global Lithium-Ion Battery Market to reach $129.63 Billion by 2030, growing at an impressive CAGR of 12.3%
- Global Electric Car Market to hit $394.15 Billion by 2030, growing at an impressive CAGR of 21.6%
- Global Electric Bike Market to be worth at $80.87 Billion by 2030, growing at an impressive CAGR of 10.8%
Explore Other Cognitive Market Research's Automotive Industry Report
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