Vancouver, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The global electric heavy commercial vehicle lithium ion battery management market size was USD 1,119.7 Million in 2022 and is expected to register a revenue CAGR of 26.2% during the forecast period, according to the latest analysis by Emergen Research.
Growing concerns for air pollution and environmental sustainability, increasing technological advancements for battery management along with the availability and accessibility of charging infrastructure are some of the major factors driving the market revenue growth. On 9 May 2023, Skeleton Technologies and Martinrea International Inc. partner to provide innovative SuperBattery tech and Effenco Hybrid Electric solutions for urban refuse vehicles.
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Governments across the globe are pledging to reduce their countries' carbon footprints. As a result, they advocate for legislation to encourage replacement of internal combustion engines with electric motors. Many countries advocate for legislation that provides tax breaks to businesses and individuals that use this sort of vehicle. One of the major factors for businesses to transition to electric vehicles is sustainability. Electric Vehicles (EVs) are ecologically beneficial since they use renewable energy.
Furthermore, reducing Carbon Dioxide (CO2) emissions will decrease the industry's reliance on fossil fuels. In terms of performance, torque, and energy efficiency, electric vehicles outperform conventional fuel-powered trucks. EVs convert more than 77% of the electrical energy from the grid to driving power, whereas conventional vehicles only convert 12% to 30% of the energy from gas. Furthermore, the lack of an exhaust system allows them to operate silently and smoothly. It not only minimizes air pollution but also noise pollution.
However, adoption of electric cars is low and confined to light commercial vehicles. While Original Equipment Manufacturers (OEMs) are gradually beginning to build electric freight vehicles, the cost, operational difficulties, and lack of environmental consciousness to replace conventional trucks are preventing a large-scale take-off. Such factors are expected to restrain revenue growth of the market.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 1,119.7 Million |
| CAGR (2023–2032) | 26.2% |
| Revenue forecast to 2032 | USD 11,487.5 Million |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Vehicle type, battery type, battery capacity, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Renesas Electronics Corporation, NXP Semiconductors, STMicroelectronics, Sensata Technologies, Inc., TE Connectivity, Infineon Technologies AG, BMS PowerSafe, Texas Instruments Incorporated, Vitesco Technologies GmbH, and Analog Devices, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global electric heavy commercial vehicle lithium ion battery management market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective electric heavy commercial vehicle lithium ion battery management products. Some major players included in the global electric heavy commercial vehicle lithium ion battery management market report are:
- Renesas Electronics Corporation
- NXP Semiconductors
- STMicroelectronics
- Sensata Technologies, Inc.
- TE Connectivity
- Infineon Technologies AG
- BMS PowerSafe
- Texas Instruments Incorporated
- Vitesco Technologies GmbH
- Analog Devices, Inc.
Strategic Development
- On 20 July 2023, Electrovaya Inc., a prominent lithium-ion battery technology firm, introduces Infinity-HV battery systems, expanding its Infinity product line. These systems cater to heavy-duty, high-voltage applications like buses, delivery trucks, construction trucks, hybrid-fuel cell/battery setups, and stationary energy storage. With top-notch safety and durability, Electrovaya's Infinity-HV systems aim to reduce liability costs and ownership expenses while providing excellent warranty coverage.
- On 3 August 2022, BorgWarner's AKASOL high-capacity battery technology has been chosen by a European company to provide the energy source for its initial lineup of heavy electric trucks. The manufacturing of these trucks, which includes a 4x2 rigid axle, 18-ton model and a 6x2 rigid 26-ton model, is set to commence in early 2024.
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Some Key Highlights From the Report
- The trucks segment is expected to register a significantly fast revenue growth rate over the forecast period. Electric trucks have benefit of operating in zero emission locations since they produce no emissions. In addition, they can be used in cities at night, when conventional heavy trucks are prohibited, owing to their quieter operation. As a result of less traffic, electric vehicles can transport goods more quickly and conveniently, increasing corporate efficiency. Their market share will increase to over 70% by 2035. The Total Cost Of Ownership (TCO) for Zero Emission Vehicles (ZEVs) is concurrently declining and regulatory requirements are becoming more stringent, which is increasing the transformation.
- Lithium Iron Phosphate (LFP) segment accounted for a significantly large revenue share in 2022. Lithium iron phosphate batteries offer several advantages over lead-acid batteries and other lithium batteries such as longer life term, incredibly safe, no requirement of maintenance, lightweight, and enhanced discharge and charge efficiency.
- The logistics and transportation segment is expected to register a significantly fast revenue growth rate over the forecast period. Growing cost of gasoline is a major factor driving increased transportation expenses. Usage of electric vehicles will dramatically lower operating and energy costs.
- The market in North America accounted for a significantly large revenue share in 2022 owing to rapid adoption of EVs, rising research & development projects by major companies in this region for efficient battery management and increasing governmental support. Several legislations are being implemented for the electrification of heavy-duty vehicles as well as provide assistance for establishment of EV charging stations.
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Emergen Research has segmented the global electric heavy commercial vehicle lithium ion battery management market on the basis of vehicle type, battery type, battery capacity, end-use, and region:
- Vehicle Type Outlook (Revenue, USD Million; 2019-2032)
- Trucks
- Buses
- Vans
- Others
- Battery Type Outlook (Revenue, USD Million; 2019-2032)
- Lithium Iron Phosphate (LFP)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Lithium Titanate Oxide (LTO)
- Others
- Battery Capacity Outlook (Revenue, USD Million; 2019-2032)
- Below 100 kWh
- 100-300 kWh
- Above 300 kWh
- End-Use Outlook (Revenue, USD Million; 2019-2032)
- Logistics and Transportation
- Public Transportation
- Waste Management
- Construction and Mining
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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