Battery Management System Market is expected to grow with a CAGR 18.50% from 2022 to 2028
As stated in an extensive report; providing insights on Battery Type, Type, Topology, Application, and Region; the Global Battery Management System Market accounted for USD 6,182.50 Million in the year 2021.
Battery Management System is the electronic unit that controls and monitors the discharge and charging of the battery. The primary application of the Battery Management System is the protection of the battery. There are two major issues with the battery. Firstly, damage due to the overcharging, and secondly if the battery is discharged below the level, the battery might get damaged.
The major driving factor for the market is the increasing number of EV battery production, the need for effective electric grid management, and the increasing demand for battery recycling. In 2019, sales of electric vehicles and plug-in hybrid electric cars crossed 2 million marks for the first time with a 15% increase in sales as compared to 2018, which is considered to be a huge victory for the electric vehicle sector and Battery Management System sector. Notably, the sales growth was highest in Europe (+93%), significant in China (+17%) and other regions (+22%). With this success, it can be concluded that the electric vehicle sector is steadily moving into the spotlight and is also fetching the raw material industry towards a healthy growth rate. Changing consumer priorities and ever-changing consumer behavior, are the prime factors for increased demand for electric vehicles across the globe. Escalated consumer awareness in regards to pollution and climate change, whether that would be because of awareness campaigns or self-learning, is working toward, consumers increasingly adopting electric vehicles. The aforementioned factors are greatly expected to push the Global Battery Management System Market towards significant growth, while the global EV market is set to present major opportunities for this market in terms of volume sales. As per our analysis, the sales course of EVs for the next decade seems to be clear for exponential growth, which in turn is expected to boost the demand for Battery Management System. Moreover, technological advancements in batteries regarding materials and other components are expected to further support the global Battery Management System market growth.
On the other hand, fluctuation in raw material prices is the restraining factor for market growth. Raw material prices are one of the important factors for the Battery Management System manufacturers to make a profitable business. But owing to supply chain disruptions, taxes, international tariffs, and disruption in raw material production, prices of the raw materials fluctuate in the production of Battery Management System.
Europe holds the major share in the market owing to being one of the largest automobile manufacturing and consumption hubs across the globe is dominating the global automobile market with a subsequent rise in demand for EV batteries. Hence, offers a lucrative opportunity for the market. Hence, contributing the market growth.
Some of the key players in the Global Battery Management System Market include Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), Johnson Matthey (UK), and others.
Browse the full Report - Battery Management System Market Size, Share & Trends Analysis Report by Battery Type (Lithium Ion, Advanced Lead-Acid, Others), by Type (Motive Battery, Stationary Battery), by Topology (Centralized, Modular, Distributed), by Application (Automotive, Military, Telecommunications, Renewable Energy Systems), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)