Intelligent energy management system has become a necessity in hybrid and electric vehicles in orner to manage the consumption of energy to perform different operations by different components of the vehicle. The system offers users the information they need to make informed decisions about energy consumption. The intelligent energy management system can reduce power consumption, thereby bring about more savings on energy usage.
The global intelligent energy management system market is likely to expand significantly during the forecast period due to rising preference for electric vehicles among society. Integration of intelligent energy management system in hybrid and electric vehicles is likely to boost the market. Most manufacturers are focused on the enhancement of the efficiency of vehicles among which, energy management is a key concern so that the expenditure of energy can be minimized. Consequently, the maximum amount of energy can be employed to propel the vehicle. Rising awareness in society about energy conservation is estimated to boost the intelligent energy management system market for automotive at a significant pace.
The global intelligent energy management system market for automotive can be segmented based on electrification type, vehicle type, and region. Based on electrification type, the hybrid electric vehicle segment is are likely to hold a notable share of the intelligent energy management system market, owing to the presence of a higher number of hybrid vehicles as compared to battery electric vehicles. Furthermore, switching the power source between battery and engine in hybrid vehicles, as per the required amount of energy, can be a critical task so that both power sources perform at their optimal level. Therefore, the intelligent energy management system is likely to play a significant role in energy management of hybrid electric vehicles.
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In terms of vehicle type, the passenger vehicle segment is projected to account for a significant share of the intelligent energy management system market, followed by the electric bus segment. Moreover, the electrification of passenger vehicles is rising significantly along with rising production of the electric cars, which in turn is projected to boost the intelligent energy management system market for automotive during the forecast period. On the other hand, most countries are emphasizing on the adoption of zero emission or low emission public transport for enhanced air quality control. Thus, the electric bus segment is likely to expand during the forecast period, which in turn is expected to propel the intelligent energy management system market for automotive.
In terms of region, Europe is likely to hold a prominent share of the global intelligent energy management system market, owing to the presence of a notable number of hybrid and electric vehicles in the region; however, the intelligent energy management system market for automotive in Asia Pacific is expected to expand at a rapid pace, owing to the rise in production of electric vehicles and increase in stringency of emission norms in the region. China is expected to lead the market for electric vehicles and hence, is expected to be a prominent intelligent energy management system market for automotive by the end of the forecast period.