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According to ESOMAR-certified Future Market Insights’ (FMI), The Automotive Battery Management System Market is anticipated to register a CAGR of 25.6%. It is predicted that the market for car battery management systems will grow from US$ 3.8 billion in 2023 to US$ 37.4 billion by 2033.

Key Takeaways of Automotive Battery Management System Market Study

Consumer demand across the globe is beginning to bend in favor of electric vehicles, and has strong disruption potential with governments providing purchasing incentives and subsidiaries.
With the dawn of electro-mobility and the resulting increase in EV production, automakers are offering tailored electric vehicles with modification in battery management systems.
APEJ is anticipated to remain the fastest-growing region in the automotive battery management system market during the forecast years, owing to several countries encouraging the usage of EVs. China leads the global fleet of electric vehicles.
Hybrid electric vehicles hold more than two-third of the global EV fleet. Increasing sales of HEVs are foreseen to fuel the demand for battery management systems in the future.
Electric vehicle fleet is significantly low as compared to ICE vehicles. As a result, the OEM sales channel is projected to retain its prominence throughout the forecast period.
Although centralized BMS account for a lion’s share in the global market, modular BMS are expected to witness high growth due to its superior functional benefits over its counterparts.
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In the near future, electric vehicles will dominate the clean vehicle market, and necessitate demand for revolutionary battery management systems. Steadily growing demand for battery management systems in e-bikes as well as electric cars will squarely surge market growth.

“In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.”

Automotive Battery Management System Market: Competition Overview

The global automotive battery management system market is moderately consolidated, with a number of global as well as regional players operating in it.

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Headwear Market Analysis By Future Demand, Top Players, Size, Share, Opportunities, Revenue and Growth Rate Through 2033

The global headwear market is projected to register significant growth, exhibiting a CAGR of 6.6% from 2023 to 2033. According to the research report published by FMI, the global market is expected to be worth US$ 53.51 billion by 2033. Whereas, the market is predicted to reach a valuation of US$ 28.24 billion in 2023.

The global fashion industry is constantly expanding with the consistently rising population and trends. The growing adoption of headwear as a style statement among the millennial and Gen Z demographics is expected to foster the market growth in coming years. Headwear is a blanket term for any piece of apparel that may be worn on the head. Younger generations are increasingly wearing headgear like headbands, beanies, and caps as a fashion statement. Prominent brands are launching headbands in modern patterns to grab the attention of consumers.

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The e-commerce industry is swiftly expanding. The enormous push to digitalization during the coronavirus pandemic has boosted e-commerce sales. The quick rise in smartphone users is aiding product sales. According to a survey, 86% of the world’s population are smartphone users in 2023. Therefore, a sizable increase in online distribution channels is anticipated during the forecast period.

Key Takeaways from Global Headwear Market Report:
In 2018, the global market size stood at nearly US$ 20.52 billion.
In 2022 the global headwear market size accounted for a worth of US$ 26.49 billion.
The hats & caps segment is predicted to attain substantial revenues in the coming years.
An increase in demand for the beanies segment is anticipated during the forecast period.
The online segment is expected to exhibit monumental growth during the forecast period.
Asia Pacific is likely to attain a huge share of more than 40.9% in 2023.

Key Players in the Global Headwear Market
Puma, SERALPH LAUREN MEDIA LLC, Nike Inc., Superdry PLC, LACOSTE, New Era cap, Guccio Gucci, S.p.A., Gianni Versace S.r.l.,Calvin Klein, Adidas AG

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Recent Developments Observed by FMI:
A renowned headgear company called New Era debuted a new line of headwear in January 2022. The new products include fitting silhouettes from the City Cluster, Count the Rings, and team Fire series. The outstanding element of these new headwear products is their embroidered and patched sports-inspired decorations, which emphasize exceptional craftsmanship.

A trio of limited-edition hat designs with the symbol of Hometown Heroes, a modern rendition of the brand's illustrious former hometown heroes, were unveiled in May 2022 by the renowned sportswear company PUMA.
In May 2022, Cap America purchased Wear-A-Knit, a Minnesota-based producer of knitwear that can be customized. Cap America aims to increase its market share in North America with this acquisition.