SEPTEMBER, 20249BATTERY MANAGEMENT IC MARKET UNFORESEEN BENEFICIARY OF EV UPRISINGVOLVO PIONEERS LONG RANGE SUSTAINABLE TRANSPORTATION WITH UPCOMING ELECTRIC TRUCKSThe battery management integrated circuits (ICs) market has experienced significant growth in recent years. In 2023, the market size was valued at $4.87 billion, with expectations to rise to $5.20 billion in 2024. This growth can be attributed to several factors, including increased demand for portable electronics, the expansion of the electric vehicle industry, and a growing need for efficient battery utilization. Additionally, the surge in miniaturization of electronic devices and the rise in regulatory mandates for energy efficiency have contributed to the market's expansion.Looking ahead, the battery management IC market is projected to grow to $6.83 billion by 2028. This forecasted growth is driven by several key factors. The rising adoption of electric vehicles (EVs) is a major contributor, as these vehicles rely heavily on battery management ICs to optimize battery performance, ensure safe charging and discharging, and balance cell charge levels. Additionally, the growing demand for portable consumer electronics and the increasing emphasis on renewable energy storage are expected to drive market growth. Expanding Internet of Things (IoT) applications, stringent safety regulations, and the need for efficient power management solutions further support this growth.Significant trends shaping the market in the forecast period include the integration of artificial intelligence (AI) and machine learning to enhance battery management capabilities, the development of more efficient and compact ICs, and advancements in ultra-fast charging technologies. The adoption of advanced thermal management techniques and innovations in wireless battery management solutions are also expected to play a crucial role in the market's evolution. Volvo will introduce a new long-range version of its FH Electric truck, set to revolutionize long-distance and interregional transport. The upcoming FH Electric will feature an impressive range of up to 600 kilometers on a single charge, enabling transport companies to complete full working days without the need for recharging. This new model is expected to be available for sale in the latter half of 2025.Roger Alm, President of Volvo Trucks, emphasized the significance of this new electric flagship, noting that it will complement Volvo's extensive range of electric trucks and support zero-exhaust emission transport for longer distances. This advancement is particularly beneficial for transport companies with high annual mileage and a strong commitment to reducing CO2 emissions.The extended range of the new FH Electric is made possible by Volvo's innovative driveline technology, known as the e-axle. This technology allows for a substantial increase in onboard battery capacity. In addition to the e-axle, improvements in battery efficiency, battery management systems, and overall powertrain efficiency further contribute to the truck's extended range.Volvo Trucks stands out as a global leader in medium- and heavy-duty electric trucks, boasting a portfolio of eight battery-electric models. These models cater to various applications, including city and regional distribution, construction, waste management, and soon, long-distance transport. To date, Volvo has delivered over 3,800 electric trucks across 46 countries, underscoring its commitment to electrification.Alm highlighted the environmental impact of the transport sector, which contributes to seven percent of global carbon emissions. He stressed that battery-electric trucks are crucial in reducing the climate footprint. Beyond their environmental benefits, electric trucks also offer truck drivers a significantly improved working environment with reduced noise and vibrations. TOP STORIESSEPTEMBER, 20249
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