MESSAGES FROM THE MANAGEMENT:
WHY MRFR?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 22
2 MARKET INTRODUCTION 25
2.1 DEFINITION 25
2.2 SCOPE OF THE STUDY 25
2.3 RESEARCH OBJECTIVE 25
2.4 MARKET STRUCTURE 26
3 RESEARCH METHODOLOGY 27
3.1 OVERVIEW 27
3.2 DATA FLOW 29
3.2.1 DATA MINING PROCESS 29
3.3 PURCHASED DATABASE: 30
3.4 SECONDARY SOURCES: 31
3.4.1 SECONDARY RESEARCH DATA FLOW: 33
3.5 PRIMARY RESEARCH: 34
3.5.1 PRIMARY RESEARCH DATA FLOW: 35
3.5.2 PRIMARY RESEARCH: NUMBER OF INTERVIEWS CONDUCTED 36
3.6 APPROACHES FOR MARKET SIZE ESTIMATION: 36
3.6.1 REVENUE ANALYSIS APPROACH 36
3.7 DATA FORECASTING 37
3.7.1 DATA FORECASTING TECHNIQUE 37
3.8 DATA MODELING 38
3.8.1 MICROECONOMIC FACTOR ANALYSIS: 38
3.8.2 DATA MODELING: 39
3.9 TEAMS AND ANALYST CONTRIBUTION 40
4 MARKET DYNAMICS 42
4.1 INTRODUCTION 42
4.2 DRIVERS 43
4.2.1 GROWING DEMAND FOR ELECTRIC VEHICLES (EVS) 43
4.2.2 INCREASING GOVERNMENT SUPPORT FOR EVS 43
4.2.3 EMERGING BATTERY CHEMISTRIES AND THEIR INFLUENCE ON BMS DEMAND 45
4.2.4 INTRODUCTION TO PREDICTIVE ALGORITHMS IN BMS 46
4.2.5 EFFORTS BY MARKET PLAYERS TO DRIVE THE MARKET GROWTH 47
4.3 RESTRAINTS 49
4.3.1 HIGH COST OF BMS 49
4.3.2 LACK OF STANDARDIZATION IN BMS 49
4.3.3 IMPACT OF SUPPLY CHAIN ON THE GROWTH OF BMS FOR EVS IN INDIA 49
4.4 OPPORTUNITY 51
4.4.1 DEVELOPMENT OF NEW BMS TECHNOLOGIES, SUCH AS CLOUD BASED BMS AND WIRELESS BMS 51
4.4.2 OPTIMIZATION THROUGH ADVANCED ALGORITHMS AND MACHINE LEARNING 51
4.4.3 SMART EMBEDDED SENSING TECHNOLOGY 52
4.5 CHALLENGES 52
4.5.1 COMPLEXITY OF BMS DESIGN AND INTEGRATION 52
4.5.2 GROWING SOLID-STATE BATTERIES GROWTH TO CHALLENGE BMS GROWTH 53
4.6 MARKET & TECHNOLOGY TRENDS 53
4.6.1 GROWING DEMAND FOR HIGH-VOLTAGE BMS 53
4.6.2 INNOVATIONS IN BMS AND DEMAND FOR WIRELESS BMS 54
4.6.3 INTEGRATION OF ONBOARD CHARGERS AND DC-DC CONVERTERS 55
4.6.4 ROLE OF IOT IN BATTERY MANAGEMENT SYSTEMS 55
4.6.5 FAVORABLE MARKET CONDITIONS FOR NEW ENTRANTS 55
4.7 COVID-19 IMPACT ANALYSIS 56
4.7.1 IMPACT ON THE OVERALL AUTOMOTIVE INDUSTRY 56
4.7.2 IMPACT ON THE OVERALL ELECTRIC VEHICLE INDUSTRY 57
4.7.3 IMPACT ON OVERALL BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES INDUSTRY 58
4.7.4 IMPACT ON SUPPLY CHAIN OF BATTERY MANAGEMENT SYSTEM FOR ELECTRIC VEHICLES 58
4.7.4.1 PRICE VARIATION OF KEY RAW MATERIAL 59
4.7.4.2 PRODUCTION SHUTDOWN 59
4.7.4.3 CASH FLOW CONSTRAINTS 60
4.7.4.4 IMPACT ON IMPORT/EXPORT 60
4.7.5 IMPACT ON MARKET DEMAND OF BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES 60
4.7.5.1 IMPACT DUE TO RESTRICTION/LOCKDOWN 61
4.7.5.2 CONSUMER SENTIMENTS 61
4.7.6 IMPACT ON PRICING OF BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES 61
4.8 IMPACT OF SEMICONDUCTOR SHORTAGE ON BMS MARKET 63
5 MARKET FACTOR ANALYSIS 64
5.1 VALUE CHAIN ANALYSIS 64
5.1.1 RAW MATERIAL 64
5.1.2 COMPONENT MANUFACTURING 64
5.1.3 BMS ASSEMBLY 65
5.1.4 OEMS 65
5.1.5 END-USERS 65
5.2 PORTER'S FIVE FORCES MODEL 66
5.2.1 THREAT OF NEW ENTRANTS 66
5.2.2 BARGAINING POWER OF SUPPLIERS 66
5.2.3 THREAT OF SUBSTITUTES 67
5.2.4 BARGAINING POWER OF BUYERS 67
5.2.5 INTENSITY OF RIVALRY 67
5.3 MARKET SWOT ANALYSIS 68
5.4 MARKET PESTEL ANALYSIS 68
5.4.1 POLITICAL 68
5.4.2 ECONOMIC 68
5.4.3 SOCIAL 69
5.4.4 TECHNOLOGICAL 69
5.4.5 ENVIRONMENTAL 69
5.4.6 LEGAL 69
5.5 REGULATORY/CERTIFICATIONS/LICENSES/STANDARDS OUTLOOK 69
5.6 PATENT OUTLOOK 72
5.7 PRICING TREND ANALYSIS, ($/UNIT) 80
5.8 FUTURE TECHNOLOGICAL ADVANCEMENTS 80
5.9 ESSENTIAL BMS FEATURES/REQUIREMENTS AND BUYING FACTOR FOR OEMS & BATTERY MANUFACTURERS 84
5.9.1 INTRODUCTION 84
5.9.2 SYSTEM REQUIREMENTS 84
5.9.2.1 APPLICATION-SPECIFIC REQUIREMENTS 84
5.9.2.1.1 PASSENGER CARS 84
5.9.2.1.2 COMMERCIAL VEHICLES 85
5.9.2.1.2.1 LIGHT COMMERCIAL VEHICLES (LCVS)- 85
5.9.2.1.2.2 TRUCKS- 85
5.9.2.1.2.3 BUSES- 85
5.9.2.1.3 TWO & THREE-WHEELERS 86
5.9.2.2 REGULATORY AND STANDARDS COMPLIANCE 86
5.9.3 BATTERY SPECIFICATIONS AND OPERATING CONDITIONS 87
5.9.3.1 BATTERY CHEMISTRY 87
5.9.3.2 OPERATING TEMPERATURE RANGE 89
5.9.3.3 CHARGE/DISCHARGE RATES 90
5.9.4 PERFORMANCE REQUIREMENTS 91
5.9.4.1 ACCURACY 91
5.9.4.2 RESPONSE TIME 92
5.9.4.3 ROBUSTNESS 92
5.9.5 BUYING FACTOR 92
5.9.5.1 COST-EFFECTIVENESS 92
5.9.5.2 TECHNICAL CAPABILITIES 92
5.9.5.3 TECHNICAL SUPPORT AND CUSTOMER SERVICE 93
5.9.5.4 OTHERS 93
5.10 UPCOMING REGULATORY DEVELOPMENTS OR POLICY CHANGES AND ITS POTENTIAL IMPACT ON THE ADOPTION OF BMS SOLUTIONS IN THE INDIAN MARKET 93
5.11 OPTIMAL BMS CONFIGURATIONS AND FEATURES FOR THE INDIAN EV MARKET 94
5.11.1 PASSENGER CAR 94
5.11.2 COMMERCIAL VEHICLE 94
5.11.2.1 LIGHT COMMERCIAL VEHICLES (LCVS) 94
5.11.2.2 TRUCKS 95
5.11.2.3 BUSES 95
5.11.3 TWO & THREE-WHEELERS 96
5.11.4 OTHERS 96
5.12 POTENTIAL AREAS FOR PRODUCT INNOVATION OR CUSTOMIZATION TO ADDRESS SPECIFIC MARKET NEEDS OR REGULATORY REQUIREMENTS 97
5.13 ASSESSMENT OF THE CURRENT REGULATORY LANDSCAPE GOVERNING BMS SOLUTIONS IN INDIA 97
5.13.1 STANDARDS 97
5.13.2 CERTIFICATIONS 98
5.13.3 GOVERNMENT INCENTIVES OR MANDATES 98
5.14 USAGE OF DATA COMING FROM BMS SYSTEMS 99
5.14.1 STORAGE SOLUTIONS FOR BMS SYSTEMS DATA 99
5.14.1.1 SD CARD 99
5.14.1.2 CLOUD SOLUTIONS 99
5.14.1.3 OTHER SOLUTIONS 99
5.14.2 BMS SYSTEMS DATA END USERS AND APPLICATIONS 99
5.14.3 BMS SYSTEMS DATA POTENTIAL MONETIZATION MODELS 99
5.14.4 STRATEGY 100
5.14.5 PRODUCT INNOVATION 100
5.14.6 POV OF BATTERY MANUFACTURERS AND OEMS 100
5.15 HARDWARE OF BMS - COST STRUCTURE ($/UNIT) ANALYSIS 101
5.15.1 BATTERY MANAGEMENT SYSTEM (BMS) TOTAL HARDWARE COST 101
5.15.2 BATTERY MANAGEMENT SYSTEM (BMS) HARDWARE COST BREAKDOWN BY COMPONENTS/SUBCOMPONENTS 101
5.15.2.1 BATTERY MANAGEMENT UNIT (BMU) 101
5.15.2.2 BATTERY DISCONNECT UNIT (BDU) AND POWER ELECTRONICS 101
5.15.2.3 INTERFACES BETWEEN ELECTRONIC SYSTEM 102
5.15.2.4 MODULE ELECTRONICS 102
5.16 RAW MATERIAL - HISTORIC PRICE AND FUTURE EVOLUTION 102
5.17 NUMBER OF BMS SYSTEM REQUIREMENTS BY EV TYPE 103
5.18 SOFTWARE AND HARDWARE UPGRADABILITY OF EV BMS 103
5.18.1 SOFTWARE UPGRADABILITY 103
5.18.2 HARDWARE UPGRADABILITY 104
5.18.3 BMS UPGRADABILITY BY APPLICATION 104
5.18.4 COST AND COMPLEXITY ASSOCIATED WITH BMS UPGRADABILITY 105
5.18.5 MARKET SIZING OUTLOOK (USD MILLION) & (UNITS) (2018-2032) 106
5.19 STANDARD BMS SYSTEMS AND NEEDS OF CURRENT COMPANIES 106
5.19.1 OFF-THE-SHELF BMS SYSTEMS 106
5.19.2 BMS CUSTOMIZATION NEEDS OF CURRENT COMPANIES 107
5.19.3 QUALITY AND PRICE REQUIREMENTS 107
5.19.4 SMART VS NON-SMART BMS 108
5.19.5 VOLTAGE SYSTEM NEEDS 109
5.19.6 BATTERY CHEMISTRY AND VARIATIONS 109
5.19.7 NUMBER OF CELLS 109
5.19.8 COMMUNICATION PROTOCOLS 110
5.19.9 OTHER FACTORS 110
5.20 MARKET READINESS FOR THE PRODUCT (BMS SYSTEMS) 110
5.20.1 EV PRODUCTION AND BMS REQUIREMENTS 110
5.20.2 STANDARDIZATION AND REGULATIONS 111
5.20.3 COST SENSITIVITY 111
5.20.4 TECHNICAL EXPERTISE AND REQUIREMENTS 111
5.20.5 OEMS AND BATTERY MANUFACTURERS POV 111
5.20.6 OTHER FACTORS 112
5.21 TYPES OF BATTERY MANAGEMENT SYSTEMS 112
5.22 EXISTING EV PRODUCTION LOCATIONS IN INDIA 113
5.23 IMPORTANCE OF BMS IN ELECTRIC VEHICLES 114
5.24 PRIMARY CHALLENGES OEMS FACE WITH EXISTING BATTERY MANAGEMENT SYSTEMS 114
5.25 IMPORTANCE OF BATTERY PERFORMANCE OPTIMIZATION 115
5.26 INTEGRATION OF IOT IN BMS AND ITS DEMAND 115
5.27 BATTERY MANAGEMENT SYSTEM THAT WITH PREDICTIVE MAINTENANCE CAPABILITIES 116
5.28 GOVERNMENT REGULATIONS AND POLICIES FOR BMS 116
5.29 PREDOMINATING BATTERY CHEMISTRIES 117
5.30 BATTERY CAPACITIES RANGE BASED ON APPLICATIONS 118
5.31 ARRANGEMENT OF CELLS IN BMS 118
5.32 BMS POWER SWITCHING SOLUTIONS 119
5.33 POTENTIAL FOR SWAPPABLE BATTERIES IN INDIA 120
5.34 POTENTIAL FOR HOT SWAP TECHNOLOGY 121
5.35 BMS WITH A COMMON PORT FOR BOTH CHARGING AND DISCHARGING 121
5.36 SWITCHING SUPPLIERS FOR BATTERY MANAGEMENT SYSTEMS 122
6 INDIA BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES MARKET, BY TYPE 124
6.1 OVERVIEW 124
6.2 WIRED BMS 125
6.3 WIRELESS BMS 125
7 INDIA BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES MARKET, BY CATEGORY 126
7.1 INTRODUCTION 126
7.2 HIGH VOLTAGE 128
7.2.1 CLASS 2 (≤ 600 VAC AND ≤ 900) 128
7.2.2 CLASS 3 (≤ 1000 VAC AND ≤ 1500 VDC) 129
7.3 LOW VOLTAGE CLASS 1 (≤ 30 VAC AND ≤ 60 VDC) 129
8 INDIA BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES MARKET, BY TOPOLOGY 131
8.1 INTRODUCTION 131
8.2 CENTRALIZED 133
8.3 DECENTRALIZED 133
8.3.1 MODULAR 133
8.3.2 MASTER-SLAVE 133
8.3.3 DISTRIBUTED 133
9 INDIA BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES MARKET, BY BATTERY CHEMISTRY 135
9.1 INTRODUCTION 135
9.2 LEAD-ACID BATTERY 136
9.3 LITHIUM-ION BATTERY 137
9.4 NICKEL METAL HYDRIDE 137
9.5 OTHERS 137
10 INDIA BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES MARKET, BY APPLICATION 138
10.1 INTRODUCTION 138
10.2 BATTERY ELECTRIC VEHICLES 139
10.3 HYBRID ELECTRIC VEHICLES 140
10.4 PLUG-IN HYBRID ELECTRIC VEHICLES 140
11 INDIA BATTERY MANAGEMENT SYSTEM (BMS) FOR ELECTRIC VEHICLES MARKET, BY VEHICLE TYPE 141
11.1 INTRODUCTION 141
11.2 PASSENGER CAR 143
11.3 COMMERCIAL VEHICLE 143
11.3.1 LIGHT COMMERCIAL VEHICLES (LCVS) 143
11.3.2 TRUCKS 144
11.3.3 BUSES 144
11.4 TWO & THREE-WHEELERS 144
11.5 OTHERS 144
12 COMPETITIVE LANDSCAPE (OEMS) 145
12.1 INTRODUCTION 145
12.2 KEY PLAYERS MARKET SHARE ANALYSIS, 2023 (%) BY VALUE (USD MILLION) & VOLUME (UNITS) 146
12.2.1 PASSENGER AND CV SEGMENT 146
12.2.2 TWO AND THREE-WHEELER SEGMENT 147
12.3 KEY PLAYERS YEARLY PRODUCTION CAPACITY AND PRODUCTION 148
12.3.1 KEY PLAYERS YEARLY PRODUCTION CAPACITY AND PRODUCTION 148
12.4 COMPETITOR DASHBOARD 150
12.5 KEY DEVELOPMENTS & GROWTH STRATEGIES 151
12.5.1 PRODUCT LAUNCH & ANNOUNCEMENTS 151
12.5.2 EXPANSION & INVESTMENT 152
13 COMPETITIVE LANDSCAPE (BMS MANUFACTURERS) 153
13.1 INTRODUCTION 153
13.2 COMPETITIVE ADVANTAGE BY KEY BMS PLAYERS 153
13.3 COMPETITOR DASHBOARD 154
13.4 KEY PLAYERS MARKET SHARE ANALYSIS, 2023 (%) BY VALUE (USD MILLION) & VOLUME (UNITS) 155
13.4.1 KEY PLAYERS MARKET SHARE ANALYSIS, 2023 (%) BY VALUE (USD MILLION) 155
13.5 DOMESTIC AND INTERNATIONAL BMS SYSTEMS COMPANIES SUPPLYING TO INDIAN EV MARKET 156
13.5.1 DOMESTIC AND INTERNATIONAL BMS SYSTEMS COMPANIES SUPPLYING TO INDIAN EV MARKET 156
13.6 KEY PLAYERS YEARLY PRODUCTION 157
13.6.1 KEY PLAYERS YEARLY PRODUCTION 157
13.7 KEY DEVELOPMENTS & GROWTH STRATEGIES 158
13.7.1 PARTNERSHIP 158
13.7.2 PRODUCT LAUNCH 158
14 COMPANY PROFILE 160
14.1 MAXWELL INC. 160
14.1.1 COMPANY OVERVIEW 160
14.1.2 FINANCIAL OVERVIEW 161
14.1.3 PRODUCTS OFFERED 161
14.1.4 IM
