As we transition from fossil-fuel-powered vehicles to zero-emission battery electric cars, the need for efficient electric-vehicle battery-management systems (EVBMs) will increase exponentially. Data from the latest issue of Reports and Data shows that the EVBMS market is poised to grow at a compound annual growth rate (CAGR) of 15.2% and reach a whopping $17.13 billion by 2030.
This growth will be supported by rising demand for alternative energy vehicles such as EVs. With several countries across the world pledging to phase out internal combustion engine vehicles (ICE) in favor of electric cars, we will see the number of electric vehicles on the road increase steadily over the next decade. Given how crucial EV battery-management systems are, the market for these essential components will grow as well.
The EV industry’s growth will be supported by a wide variety of subsidies and incentives to encourage electric vehicle adoption. As it stands, electric cars are too pricey for most drivers. Financial incentives from the government that reduce the high upfront costs associated with EVs have been instrumental in making them more affordable and increasing adoption in several territories.
Electric cars are software reliant, depending on a variety of systems to run the hardware and ensure the vehicle is running efficiently. EVBMs are especially crucial as they prevent the battery packs from consuming too much power during actions such as sudden braking and release. This efficiency reduces energy waste and maximizes an electric vehicle’s range.
Electric-vehicle battery manufacturers are also working to develop more personalized smart battery solutions that will allow EV drivers to track an extensive range of system diagnostics. This includes monitoring battery temperature, the state of charge and accurate cell voltage. Battery pack and original equipment manufacturers (OEMs) can leverage modern-day technologies such as data science, data analytics and smart hardware to monitor and improve battery performance.
In addition to high prices, range anxiety is a major hindrance to mass electric-vehicle adoption. While you rarely have to worry about running out of fuel and being stranded when you drive a fossil fuel car, EV owners have to plan out their routes extensively to ensure there’s a public charger in the vicinity. The country’s network of public EV chargers is lacking, and most of these chargers are installed in urban areas such as California and New York.
Efforts to maximize EV range and alleviate range anxiety will undoubtedly support the growth of the EVBMs market as well while boosting vehicle sales by startups such as Fisker Inc. (NYSE: FSR) that are operating in the EV space.
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