According to this latest publication from Meticulous Research®, the battery management systems market is projected to reach $34.8 billion by 2030, at a CAGR of 20.5% during the forecast period.The growth of this market is driven by the growing government initiatives to encourage the adoption of electric mobility, growing consumption of rechargeable batteries in consumer electronics, and increasing demand for energy storage systems. However, the lack of infrastructure in emerging economies for the development of EVs and the lack of standardization in battery management solutions restrain the growth of this market.
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Furthermore, supportive government initiatives for electric vehicles and the increasing electrification of public transportation are expected to create market growth opportunities. However, the complex design & manufacturing process is a major challenge for the players operating in this market. Additionally, the rise in electricity generation from renewable energy sources and the government initiatives promoting the usage of hybrid electric vehicles are prominent trends in the battery management systems market.
The battery management systems market is segmented by component, topology, battery types, and application. The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on component, the battery management systems market is segmented into hardware and software. The hardware segment is further segmented into battery control units, communication systems, power management systems, and other hardware. In 2023, the hardware segment is expected to account for the larger share of the global battery management systems market. The large market share of this segment is attributed to the growing use of battery management systems in applications such as automotive, military & defense, and consumer electronics. This segment is also projected to register the highest CAGR during the forecast period.
Based on topology, the battery management systems market is segmented into centralized BMS, modular BMS, primary/subordinate BMS, and distributed BMS. In 2023, the centralized BMS segment is expected to account for the largest share of the global battery management systems market. The large market share of this segment is attributed to its wider usage in medium-power applications such as e-bikes, portable devices, portable medical equipment, and home appliances, among others. Centralized topology offers the best computational power and is the most economical topology. However, the modular BMS segment is projected to register the highest CAGR during the forecast period.
Based on battery types, the battery management systems market is segmented into Li-ion battery, lead-acid battery, nickel battery, and other batteries. In 2023, the Li-ion battery segment is expected to account for the largest share of the global battery management systems market. The large market share of this segment is attributed to the high adoption in various industries, high power density & low self-discharge. However, the nickel battery segment is projected to register the highest CAGR during the forecast period.
Based on application, the battery management systems market is segmented into automotive, industrial, renewable energy, telecommunication, military & defense, consumer electronics and other applications. The automotive segment is further segmented into passenger cars, trucks & buses, and utility vehicles. In 2023, the automotive segment is expected to account for the largest share of the global battery management systems market. The large market share of this segment is attributed to the rising number of vehicles requiring rechargeable batteries, including EVs, hybrid EVs, and plug-in hybrid vehicles. BMS also plays a major role in supervising and guaranteeing reliable and safe battery operations in these vehicles. However, the consumer electronics segment is projected to register the highest CAGR during the forecast period.
Based on geography, the global battery management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the battery management systems market, followed by North America, Europe, Latin America, and the Middle East & Africa. There’s a huge demand for battery management systems from automotive applications for electric vehicles, e-bikes, and automated guided vehicles in Asia-Pacific. The rising demand for consumer electronics is likely to add to the demand for BMS, owing to the increasing integration of BMS in consumer electronics for safety purposes.
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Key Players:
The key players operating in the battery management systems market include Eberspächer (Germany), Panasonic Holding Corporation (Japan), Renesas Electronics Corporation (Japan), Sensata Technologies, Inc. (U.S.), Texas Instruments Incorporated (U.S.), Analog Devices, Inc.(U.S.), Infenion Technologies AG (Germany), LG Energy Solutions, Ltd.( South Korea), NXP Semiconductors N.V.(Netherlands), STMicroelectronics International N.V. (Switzerland), Midtronics Inc.(U.S.), Elithion, Inc. (U.S.), AVL List GmbH (Austria), Ewert Energy Systems, Inc., (U.S.), Exponential Power, Inc., (U.S.), Ficosa International S.A., (Spain), Futavis GmbH(Germany), and Navitas Systems LLC(U.S.).
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