Europe Electric Vehicle Battery Management System Market Report and Forecast 2024-2032

Europe Electric Vehicle Battery Management System Market Outlook

The Europe electric vehicle battery management system market size reached approximately USD 3.88 billion in 2023. The market is estimated to grow at a CAGR of 23.0% in the forecast period of 2024-2032, reaching a value of around USD 26.57 billion by 2032.

Key Trends in the Market

A battery management system (BMS) is an electronic system which ensures the proper management of rechargeable batteries in EVs (electric vehicles) and HEVs (hybrid electric vehicles). Its primary function includes regulating current, temperature, and voltage, hence minimising safety risks and optimising the battery.

• The growing focus on enhancing the energy density of lithium-ion batteries in EVs is one of the key Europe electric vehicle battery management system market trends. BMS extends the range of EVs by optimising battery performance and ensuring the balanced charging and discharging of cells.

• Thermal management is another crucial aspect of the battery management system that regulates the operating temperature of the battery, reduces the risk of overheating, and ensures the longevity of the battery.

• Increased integration of AI and machine learning in BMS to collect real-time data, enable data analysis, and facilitate predictive maintenance to gather valuable insight for improving the battery reliability and performance also provides impetus to the Europe electric vehicle battery management system market growth.

• Stringent government initiatives to improve the domestic supply chain of EVs are expected to positively influence the market in the forecast period. For example, in Nov 2023, the UK government unveiled an EV battery strategy that aims to improve sustainable battery development as well as support the production of zero-emission vehicles.

Market Analysis

Based on vehicle type, the market is classified into hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and battery electric vehicle (BEV). On the basis of battery type, the market is divided into lithium-ion battery and lead-acid battery, among others.

The Europe electric vehicle battery management system market segmentation, based on application type, includes passenger cars and commercial vehicle. The major countries of EV battery management system in Europe include Germany, the United Kingdom, France, and Italy, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Europe electric vehicle battery management system market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Denso Corp 

• Robert Bosch GmbH 

• Continental AG

• Panasonic Corp.

• Mitsubishi Electric Corp.

• LG Corp.

• Hitachi Ltd.

• Preh GmbH

• Sensata Technologies, Inc. (Lithium Balance)

• Marelli Holdings Co., Ltd.

• Others

Market Share by Vehicle Type

Battery electric vehicles (BEVs) occupy a significant portion of the Europe electric vehicle battery management system market share, due to rising efforts by several governments in the EU to deploy BEVs as a primary means of transportation.

Furthermore, growing number of environmentally conscious consumers fuels the demand for battery electric vehicles. As BMS plays a critical role in monitoring the battery performance and ensuring its safe operations, the segment’s growth is likely to rise in the coming years.

Market Share by Battery Type

As per the Europe electric vehicle battery management system market analysis, lead-acid batteries account for a substantial share of the market, due to their high affordability and reliability. Their high power-to-weight ratio also makes them an attractive option for lightweight electric cars.

Europe has an established infrastructure for recycling lead-acid batteries, which makes them a preferable choice for EVs compared to lithium-ion batteries. Meanwhile, lithium-ion batteries are anticipated to foresee sizeable growth in the coming years, owing to their high energy density.

Competitive Landscape

Denso Corp, founded in 1949, is an automotive company, with its headquarters in Aichi, Japan. It offers a wide range of products and services such as air conditioning systems, power-train systems, safety and cockpit systems, and other automotive parts. The company is well known for providing automotive parts to brands such as Ford, Honda, Toyota, and Volvo, among others.

Panasonic Corp. is a global electronics company, established in 1918 and based in Osaka, Japan. Throughout the years, the company has evolved as a consumer electronics provider with a growing focus on carbon neutrality. Some of its primary products include air conditioners, refrigerators, washing machines, and other electronic components.

Mitsubishi Electric Corp., incorporated in 1921 and headquartered in Tokyo, Japan, is an electronics and electrical equipment company. The company is renowned for its automotive equipment, building systems, energy systems, transportation systems, and visual information systems. Its mobility solutions comprise communication technology, imaging technology, control, and power electronics, among others.

Other Europe electric vehicle battery management system market players include Robert Bosch GmbH, Continental AG, LG Corp., Hitachi Ltd., Preh GmbH, Sensata Technologies, Inc. (Lithium Balance), and Marelli Holdings Co., Ltd., among others.

Key Highlights of the Report