Market Research Report
Europe Electric Vehicle Battery Management System Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||823693|
|Published||Content info||95 Pages
Delivery time: 2-3 business days
|Europe Electric Vehicle Battery Management System Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 95 Pages||
The European electric vehicle battery management system market (henceforth, referred to as the market studied) was valued at USD 791.03 million in 2018, and it is anticipated to register a CAGR of about 21.27% during the forecast period (2019 - 2024).
The ongoing demand for incorporation of electric components in vehicles across the world, latest R&D investment in energy saving projects, growing demand for electric vehicles particularly in developing countries, and growing stringent emission regulation are expected to increase the demand in the market studied. The scope of the report includes propulsion type (hybrid and electric) and vehicle type.
The Passenger Cars Segment is Driving the Demand for Battery Management System
Europe is one of the largest market for electric vehicles across the world, where the demand for electric cars is growing rapidly in every country, which is fueling the demand for battery management system in the region.
In 2017, Europe noticed more than 279 thousand unit sales of plug-in hybrid and battery electric cars, with an increase of 40% from 2016.
The countries, like Germany, Norway, the United Kingdom, and France captured nearly 70% of the market share in European hybrid and electric car sales in 2017.
Owing to the growing sales of hybrid and electric passenger cars, automobile manufacturers plan to extend their battery management system production capacities over the forecast period.
Norway is Expected to Continue to Dominate the Europe Electric Vehicle Battery Management System Market
Norway is a leader in the deployment of electric cars. The country's electric cars run almost exclusively off the country's copious hydropower resource. Nearly a third of all new cars sold in the country in 2018 was expected to be a plug-in model either fully electric or a hybrid, and experts expect the share to rise to as much as 40% in 2019.
The Norwegian parliament has set a target that all new cars must have zero emissions by 2025. However, such enthusiastic embracing of electric vehicles by ordinary Norwegians is not all down to ecological benefits but something more simple, money. Meanwhile motorists are typically subject to punitive levels of taxation, those who buy a purely electric vehicle are rewarded with a string of incentives worth thousands of pounds. Buyers escape heavy import or purchase taxes and are also exempted from 25% VAT.
Apart from Norway, Germany is also witnessing increased demand for electric vehicles, which in turn, is expected to drive the growth of the market studied. The government launched a USD 350 million program in 2017, to install DC fast chargers around the country, and Tesla has begun rapidly building out its Supercharger network. The German government has funded for the development of a nationwide fast-charging network long ago, the results of the funding are now being used by thousands of new electric-car drivers each month.
The European electric vehicle battery management system market is highly consolidated, with major players, like Denso, Bosch, Continental, and Panasonic Corporation. Denso Corporation had dominated the market studied. The powertrain division of Denso in 2017 was worth JPY 1,260.6 million. The company is planning to capture nearly 30% of global electrification market share by 2025. In order to achieve the aforementioned market share, the company is eyeing on Europe electric vehicle business and is trying to expand the battery management system division. Other players in the market studied include Hitachi Automotive system, Calsonic Kansei Corporation, etc.