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“Growing trend of electric vehicles propelling growth of battery management system market”
The global battery management system market is expected to grow at a CAGR of 19.5% from 2019 to 2024, reaching USD 12.6 billion by 2024 from USD 5.2 billion in 2019. In the current automotive market, there has been an increase in the number of electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHVs) that require recharging. This is mainly due to increasing fuel prices. The battery-operated vehicles consist of series-connected battery packs that require extensive monitoring for the effective running of a vehicle. Therefore, management and control of the battery is the biggest challenge faced by the manufacturers of these vehicles as it can mainly influence the performance of the vehicles. Thus, battery management systems are among the vital components of these vehicles.
“Battery management system market to be driven by lithium-ion battery during forecast period”
The lithium-ion battery segment is expected to hold a significant share of the battery management system market during the forecast period. Lithium-ion batteries are widely used in various industrial applications, such as automotive, medical devices, and UPS owing to their high energy and power density, light weight, and low standby losses. Lithium-ion batteries with high energy density require battery management systems to ensure their efficient operation in electric vehicles, portable devices, renewable energy systems, and so on. Moreover, the reduced cost of lithium-ion batteries and the high adoption of these batteries in applications such as electric vehicles, UPS, and renewable energy systems are expected to drive the market growth in the coming years.
“Stationary battery segment to grow at significant CAGR during forecast period”
Battery management systems have a significant market for stationary applications such as energy storage, UPS, telecommunications, military, and medical devices. Stationary batteries act as a source of standby power or emergency power, depending on the nature of the critical loads. The battery management system constantly captures and securely transfers battery performance data as a failure in backup power sources may result in major productive loss.
“Battery management system market in APAC to witness highest growth rate in coming years”
The battery management system market in APAC is expected to grow at the highest CAGR from 2019 to 2024. APAC witnesses a huge demand for battery management systems from automotive applications for electric vehicles, e-bikes, and automated guided vehicles. Lithium-ion batteries with high energy density are used in these applications in which dozens of cells are stacked in a series. These cells need to be managed and controlled to avoid battery failure in vehicles, thus making the battery management system a key element in the electric vehicle architecture. A battery management system determines the usage, state of safety, and performance of the battery. It also prolongs the battery life and extends the possible range of the vehicle.
To determine and verify the market size of several segments and subsegments, extensive primary interviews have been conducted with key personalities in the battery management system market. Following is the breakup of the primary participants:
- By Company Type: Tier 1 = 45 %, Tier 2 = 35%, and Tier 3 = 20%
- By Designation: C-Level Executives = 40%, Directors = 45%, and Others = 15%
- By Region: APAC = 35%, North America = 30%, Europe = 20%, and RoW = 15%
The report profiles the key players in the battery management system market and analyzes their market rankings. A few prominent players profiled in this report include Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK).
- This research report categorizes the battery management system market by battery type, topology, type, application, and region.
- The report describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain and market ranking analysis.
Reasons To Buy the Report:
The report would help leaders/new entrants in the battery management system market in the following ways:
- The report segments the battery management system market comprehensively and provides the market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- The report would help stakeholders understand their competitors better and gain insights to improve their position in the battery management system market. The competitive landscape section describes the competitor ecosystem.