The research study involved four major steps in estimating the size of the automotive battery management system market. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings and assumptions and size them with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. After this, the market breakdown and data triangulation approaches have been adopted to estimate the market sizes of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources were referred to identify and collect information required for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, and articles from recognized authors. Secondary research has been mainly done to obtain key information about the market's value chain, the pool of key market players, market segmentation according to industry trends, regional outlook, and developments from market and technology perspectives.
In the automotive battery management system market report, the global market size has been estimated using the top-down and bottom-up approaches, along with several other dependent submarkets. The major players in the market were identified using extensive secondary research, and their presence in the market was determined using secondary and primary research. All the percentage splits and breakdowns have been determined using secondary sources and verified through primary sources.
Primary Research
Extensive primary research has been conducted after understanding the automotive battery management system market scenario through secondary research. Several primary interviews have been conducted with key opinion leaders from demand- and supply-side vendors across four major regions—North America, Europe, Asia Pacific, and RoW. Approximately 25% of the primary interviews have been conducted with the demand-side vendors and 75% with the supply-side vendors. Primary data has been collected mainly through telephonic interviews, which consist of 80% of the total primary interviews; questionnaires and emails have also been used to collect the data.
After successful interaction with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings of our primary research. This, along with the in-house subject matter experts' opinions, has led us to the findings as described in the report. The breakdown of primary respondents is as follows:
Note: Others include sales, marketing, and product managers.
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Market Size Estimation
In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods have been used to estimate and forecast the market size for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analyses have been performed on the complete market engineering process to list the key information/insights throughout the report. The following table explains the process flow of the market size estimation.
The key players in the automotive battery management system market were identified through secondary research, and their rankings in the respective regions were determined through primary and secondary research. This entire procedure involved the study of the annual and financial reports of top players and interviews with industry experts, such as chief executive officers, vice presidents, directors, and marketing executives, for quantitative and qualitative key insights. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, supplemented with detailed inputs and analysis from MarketsandMarkets, and presented in this report.
Bottom-Up Approach
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MarketsandMarkets focuses on the top-line expenditures and investments made throughout the automotive BMS ecosystem to manufacture new systems and retrofit the existing ones.
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Information related to revenues generated by key manufacturers of automotive BMS has been studied and analyzed.
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Multiple on-field discussions have been carried out with key opinion leaders of leading companies involved in manufacturing automotive BMS.
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The geographical split has been estimated using secondary sources based on various factors, such as the number of players in a specific country or region and the automotive BMS provided by these players.
Top-Down Approach
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Tracking leading companies and system integrators operating across various industries
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Deriving the size of the automotive battery management system through the data sanity method, analyzing revenues of more than 20 key providers through their annual reports and press releases, secondary databases, and summing them up to estimate the overall market size
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Conducting multiple discussions with key opinion leaders to understand the demand for automotive BMS and analyzing the breakup of the scope of work carried out by each major company
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Carrying out the market trend analysis to obtain the CAGR of the automotive battery management system by understanding the product penetration rate in each application and analyzing the demand and supply of automotive BMS in different applications
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Assigning a percentage to the overall revenue or, in a few cases, to segmental revenues of each company to derive their revenues from the sales of automotive BMS; this percentage for each company has been assigned based on their product portfolios
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Verifying and crosschecking estimates at every level through discussions with key opinion leaders, including CXOs, directors, and operation managers, and with domain experts at MarketsandMarkets
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Studying various paid and unpaid information sources, such as annual reports, press releases, white papers, and databases
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Tracking ongoing and identifying upcoming automotive BMS projects by companies and forecasting the market size based on these developments and other critical parameters
Automotive Battery Management System (BMS) Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall size of the automotive battery management system from the market size estimation processes explained above, the total market has been split into several segments and subsegments. Where applicable, the market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends. Additionally, the market size has been validated using top-down and bottom-up approaches.
Market Definition
A battery management system (BMS) is an electronic device that monitors and controls the operation and functioning of a rechargeable battery. It is called the battery brain, as it enhances safety, performance, charging rates, and longevity by managing current, voltage, temperature, and battery capacity. Its primary functions include preventing overcharging, ensuring safe operation, cell balancing, voltage and temperature control, and determining the state of charge (SoC) and state of health (SoH) of the battery.
A battery management system typically comprises hardware and software customized according to applications and battery specifications.
An automotive BMS is a crucial component of electric vehicles (EVs) that accurately monitors, protects, and optimizes the performance of the battery of electric vehicles. The BMS is responsible for ensuring the battery's safety, preventing it from operating outside its safe area. The main functions of an automotive BMS include monitoring, protection, optimization, integration, scalability, safety, and compliance.
Key Stakeholders
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BMS Providers
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Government Bodies and Policymakers
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Industry-standard Organizations, Forums, Alliances, and Associations
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Market Research and Consulting Firms
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Raw Material Suppliers and Distributors
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Research Institutes and Organizations
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Battery Cell and Battery Pack Manufacturers
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Testing, Inspection, and Certification Providers
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Distributors and Resellers
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End Users
Report Objectives
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To define, describe, and forecast the automotive battery management system market, by battery type, topology, and application, in terms of value
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To provide information about the components and system types of automotive BMS
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To describe and forecast the automotive battery management system size across four regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), in terms of value
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To provide detailed information on drivers, restraints, opportunities, and challenges influencing the market growth
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To provide information related to the ecosystem, case study, patent, technology, pricing, and Porter's five forces analysis, key stakeholders and buying criteria, key conferences and events, and regulatory bodies, government agencies, and regulations pertaining to the market under study
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To strategically analyze micromarkets concerning individual growth trends, prospects, and contributions to the overall market size
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To study the complete value chain of the automotive battery management system
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To strategically profile the key players and comprehensively analyze their market positions in terms of their ranking and core competencies, along with a detailed market competitive landscape
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To analyze competitive developments, such as product launches, acquisitions, and partnerships, in the market
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To provide an analysis of the recession impact on the growth of the market and its segments
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
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Detailed analysis and profiling of additional market players based on various blocks of the supply chain
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Growth opportunities and latent adjacency in Automotive Battery Management System (BMS) Market