Electric Vehicle Boom Drives Rapid Growth for Automotive Battery Management Systems Market, Projected to Reach $11.7 Billion by 2028
• Global automotive battery management system (BMS) market expected to grow from $4.7 billion in 2023 to $11.7 billion in 2028 at a CAGR of 19.8% • Lithium-ion batteries gaining popularity for electric vehicles due to energy density and efficiency; BMS crucial for managing performance • Passenger vehicle segment expected to see high BMS adoption due to rising demand for electric vehicles • Key players include Eberspächer, Sensata Technologies, AVL, LG Energy Solution, Ficosa Internacional, and others • U.S. expected to hold significant market share due to investments in advanced battery manufacturing by automakers and government entities like Department of Energy