Market Trends of Europe Electric Vehicle Battery Management System Industry
The Passenger Cars Segment is Driving the Demand for Battery Management Systems
- The increasingly stringent emission targets set for both passenger cars and commercial vehicles have significantly driven investments into the electric mobility of the European region. Additionally, rising buyer awareness and environmental concerns have driven an exponential number of electric vehicle purchases in the region over the past few years.
- As a result of this rise in the need for electric mobility, the number of electric passenger cars to be sold is further anticipated to rise, leading to high demand for electric vehicle battery management systems, especially concerned with passenger cars operating across the European region.
- As a result of this, multiple technological investments and original equipment manufacturer (OEM) partnerships in developing and producing advanced battery management systems have been witnessed over the years. The ongoing rapid research and development programs are also viewed as noteworthy growth opportunities for different players and stakeholders operating currently in the electric vehicle battery management systems market. For instance,
- In May 2023, Webasto SE announced its various electromobility products at the Battery Show Europe. The presented products include a battery for hybrid vehicles produced at Webasto's plant in Jianxing - the first battery for fully electric passenger cars produced at its battery plant in Dangjin. Webasto also showcased its new battery management system along with thermal management solutions for electromobility.
- In March 2023, Audi AG announced that it is currently testing its production-oriented Q6 e-tron prototype under strict safety regulations. This futuristic model series is the first to be built on the new premium platform electric (PPE) technology platform. With its 800-volt electrical system, powerful and efficient electric motors, an innovative battery and charging management system, and a newly developed electronics architecture, the production-oriented Q6 e-tron prototype marks the next major step in the electrification and digitalization of Audi's model range.
- Similarly, in February 2023, NIRA Dynamics of Sweden announced their new software services for the battery safety of electric vehicles. Their new safety garage will focus on supporting electric vehicle manufacturers by supporting a comprehensive suite of services that are tailored to meet the needs of electric vehicle manufacturers, including battery regeneration, battery management, and sustainability.
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Norway is Anticipated to Lead the European Market During the Forecast Period
- Norway is a leader in the deployment of electric cars. The country's electric cars run almost exclusively off the country's copious hydropower resources. 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 only down to ecological benefits but a significant economic benefit. 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 a 25% value-added tax (VAT).
- Owing to the high number of growth opportunities across Norway, significant technological advancements and international partnerships are being witnessed across the country. These technological partnerships are poised to offer a better product fit for the market by investing jointly to develop the products, thereby catering to the demand for battery management systems in the country. For instance,
- In June 2022, Marquardt announced that it would present its innovations at the 35th International Electric Vehicle Symposium & Exhibition (EVS35). It will also present its diverse portfolio for electromobility ranging from high-performance power solutions such as onboard chargers, high-voltage (HV) sensors, and DC/DC converters to battery management systems and intelligent charging systems.
- Due to significant such partnerships and market developments, Norway is anticipated to lead the European region during the forecast period.
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