In a recent report by Fact.MR, the global Battery Management System market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 19.6% between 2022 and 2032, with the market expected to reach US$ 32.2 billion by the end of 2032. The forecast suggests that the demand for Battery Management Systems will surge during this period, projecting a market size of US$ 5.4 billion by the close of 2022.

Batteries are witnessing heightened demand, particularly for applications in Uninterruptible Power Supply (UPS) and renewable energy systems, given their resilience against extreme temperatures and pressure. High-energy-density batteries, such as nickel-metal hydride batteries (N-Mh), remain in consistent demand, owing to their utility in portable devices, UPS, electric vehicles, and smart grids.

The automotive industry’s increasing reliance on electronic components, driven by the pursuit of lightweight and fuel-efficient vehicles, has elevated the need for battery management systems. The emergence of electric vehicles and continuous innovations aimed at enhancing battery performance are expected to further fuel the demand for such systems in the future.

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According to Fact.MR, the automotive industry accounted for over two-fifths of volume sales in 2018, making it a significant contributor to the demand for battery management systems. Energy-related applications are projected to register the second-highest demand for these systems.

The rising demand for electric vehicles, particularly e-bikes in China and other Asia-Pacific, Eastern Europe, and Japan (APEJ) countries, is a significant driver for the battery management system market. China’s high demand for lithium-ion battery-powered four-wheeler vehicles has created lucrative opportunities. Additionally, in India, the increasing adoption of electric vehicles is expected to support the sales of battery management systems, particularly in the APEJ region.

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

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Competitive Landscape:

In 2021, AVL LIST GmbH opened a new research center in Graz, Europe, focusing on developing high-voltage batteries for electric vehicles. Texas Instruments launched a wireless battery management system for electric vehicles in the same year, enabling wireless control and eliminating cumbersome cabling.

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

Regional Insights:

North America is expected to maintain its leading position in the battery management system market, with nearly 4 million units in volume sales projected for 2019. Europe is estimated to follow North America, experiencing a faster growth rate. Developing countries in APEJ and MEA, such as China and GCC countries, are anticipated to witness significant growth, with both regions expected to register over 23% growth in 2019.

As battery management systems enhance battery lifespan and overall performance, manufacturers of battery-based devices prefer reliable and certified products distributed through original equipment manufacturers (OEMs). This preference explains the dominance of Tier 1 players in the battery management system market.

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