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Electric Two-Wheeler Lithium-Ion Battery Management System Market to Reach $2.76 Billion by 2030: Cognitive Market Research
Electric Two-Wheeler Lithium-Ion Battery Management System: by Vehicle Type (Pedelecs, Motorcycles, and Scooters); by Topology (Centralized, Distributed, and Modular); by Region ( North America , Europe , Asia Pacific , Latin America , and Middle East , and Africa ) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030
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Market Attractiveness
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Market Drivers
Market Restraints
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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.
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
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.
https://www.cognitivemarketresearch.com/electric-two-wheeler-lithium-ion-battery-management-system-market-report
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.
The global automotive retrofit electric vehicle powertrain market is expected to reach growing at a 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.
The global electric vehicle market is expected to reach growing at a %. 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.
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