Battery Management System Industry is Projected to Achieve a Global Market Size of USD 32.2 Bn by 2032, Reports Fact.MR

Battery Management System Market Analysis Report By Topology (Centralized, Modular, Distributed), By Components (Battery Management Unit, Communication Unit), By Application (Automotive, Energy, Telecommunication), By Region - Global Insights 2022-2032


ROCKVILLE, Md., March 08, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Battery Management System market is projected to grow at a compound annual rate (CAGR) of 19.6% between 2022 and 2032. The market is expected to reach US$ 32.2 Bn by the end of 2032.

The demand for Battery Management System is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 5.4 Bn by the end of 2022.

Batteries are under high demand for their applications in UPS and other renewable energy systems as they are highly suitable due to their ability of withstanding against extremes of temperature and pressure. High energy density batteries such as nickel-metal hydride batteries (N-Mh) have been in constant demand over past two decades due to their utilization in portable devices, UPS, electric vehicles, and smart grids.

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In a bid to meet the demand for lightweight and fuel efficient vehicles, automotive industry’s reliance on electronic components has increased significantly. Additionally, emergence of electric vehicles and consistent innovations to introduce improved battery performance are likely to increase demand for battery management systems in the future.

Fact.MR estimates that automotive industry continues to register a significant demand for battery management system and accounted for over two-fifth volume sales in 2018. Demand for battery management system in the energy-related applications is projected to register the second highest demand for battery management systems.

How rising demand for e-bikes, to fuel up the demand for battery management systems?

Escalating demand of electric vehicles in china and other APEJ countries is the driving force behind success of battery management system in automotive industry. Moreover, high demand for lithium-ion battery powered four wheeler vehicles increased the business opportunities for this market.

Similarly in India, the demand for electric vehicles is expected to increase during the forecast period, which in turn, will support the sales for battery management systems in the APEJ region. Moreover, battery management systems find huge applications in the growing electric vehicle industry (passenger cars, commercial vehicles, golf cart, e-bikes) in countries, such as China, South Korea and India, thereby fueling the growth of the automotive battery management system market over the forecast period.

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Key Segments Covered in the Battery Management System Industry Survey

By Topology

  • Centralized
  • Modular
  • Distributed
  • By Components
  • Battery Management Unit
  • Communication Unit

By Application

  • Automotive
  • Energy
  • Telecommunication
  • Consumer Handheld

Competitive Landscape

  • AVL LIST GmbH in 2021, has opened up its new research center in Graz, Europe. This will lead to development of new high-voltage batteries for electric vehicles, the focus is on product launching, executing and authorizing new efficient production processes.
  • Texas Instruments in 2021, had launched battery management system wireless in nature for EVs. The company’s new battery management system (BMS) allows to control wirelessly, saving weight and eliminating troublesome cabling.

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Key players in the Battery Management System Market

  • Eberspaecher Vecture Inc
  • Toshiba Corporation
  • AVL LIST GmbH
  • Lithium Balance A/S
  • Johnson Matthey Plc.
  • L&T Technology Services
  • Texas Instrument Inc

North America Continues Ascendancy in the Market, APEJ and MEA to Witness Higher Growth Rate
With volume sales of nearly 4 million units, North America is projected to reserve its pole position in the battery management system market in 2019. Europe is estimated to follow North America, albeit growing at a faster rate. These developed regions with their flourishing automotive industry and increasing power demand present the most lucrative market for battery management system.

Developing countries such as China and GCC countries in APEJ and MEA regions present growing demand for battery management system. Fact.MR study finds that APEJ and MEA will witness rapid growth in the coming years, wherein both the regions are expected to register over 23% growth in 2019.

As battery management system enhances battery lifespan and improves overall battery performance, battery-based device manufacturers prefer reliable and certified products distributed through original equipment manufacturers (OEM). These end-user sentiments explain the dominance of Tier 1 players in the battery management system market.

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