(MENAFN- Ameliorate Digital Consultancy)
The Global Battery Management System market is anticipated to experience robust growth. The market is estimated to reach a value of USD 32.2 billion by 2032, with an impressive compound annual growth rate (CAGR) of 19.6% during the period of 2022-2032. In 2022, the market is projected to be valued at USD 5.4 billion.
The demand for batteries remains high, particularly in applications such as uninterruptible power supply (UPS) systems and renewable energy systems. Batteries are favoured for these applications due to their resilience in withstanding extreme temperatures and pressures. Nickel-metal hydride (N-Mh) batteries, known for their high energy density, have consistently been in demand over the past two decades. These batteries find extensive use in portable devices, UPS systems, electric vehicles, and smart grids. Their versatile applications contribute to their continued popularity in various industries.
For More insights into the Market, Request a Sample of this Report:
Competitive Analysis:
The battery management system (BMS) market features key manufacturers, including Eberspaecher Vecture Inc, Toshiba Corporation, AVL LIST GmbH, Lithium Balance A/S, Johnson Matthey Plc., Texas Instruments, NXP Semiconductors N.V, Nuvation Engineering, Merlin Equipment, Renesas Electronics Corporation, and Elithion, Inc., as highlighted in Fact.MR's report. These manufacturers continually innovate their product designs to address modern challenges, particularly in terms of component placement in the engine environment.
For example, AVL LIST GmbH established a new research center in Graz, Europe in 2021. The center focuses on the development of new high-voltage batteries for electric vehicles, with an emphasis on launching innovative products and implementing efficient production processes.
Texas Instruments introduced a wireless battery management system for electric vehicles in 2021. This BMS enables wireless control, reducing weight and eliminating the need for troublesome cabling.
These examples demonstrate how key manufacturers in the BMS market are actively engaged in research, development, and innovation to meet the evolving demands of the industry and introduce advanced solutions.
Key Players:
Eberspaecher Vecture Inc Toshiba Corporation AVL LIST GmbH Lithium Balance A/S Johnson Matthey Plc. L&T Technology Services Texas Instrument Inc NXP Semiconductors NV Nuvation Engineering Merlin Equipment Ltd
The rising demand for e-bikes is expected to significantly boost the demand for battery management systems (BMS). The increased adoption of electric vehicles, particularly e-bikes, in China and other Asia-Pacific, Eastern Europe, and Japan (APEJ) countries is a driving force behind the success of BMS in the automotive industry. The growing demand for four-wheeler electric vehicles powered by lithium-ion batteries has further expanded the business opportunities for the BMS market.
India, in particular, is expected to witness a surge in demand for electric vehicles, including e-bikes, during the forecast period. This increase in demand will contribute to the sales growth of battery management systems in the APEJ region. Additionally, the growing electric vehicle industry in countries like China, South Korea, and India, encompassing passenger cars, commercial vehicles, golf carts, and e-bikes, creates significant applications for battery management systems. This trend is expected to fuel the growth of the automotive battery management system market in the region over the forecast period.
Get Customization on this Report Specific Research Solutions:
Regional Analysis:
North America continues to dominate the battery management system market, with an estimated volume sales of nearly 4 million units in 2019. The region's flourishing automotive industry and increasing power demand contribute to its strong market position. Europe follows closely behind, experiencing a faster growth rate compared to North America. These developed regions offer lucrative opportunities for the battery management system market.
In the Asia-Pacific, Eastern Europe, and Japan (APEJ) region, developing countries such as China and GCC countries are driving the demand for battery management systems. The APEJ and Middle East & Africa (MEA) regions are anticipated to witness rapid growth, with both regions expected to register over 23% growth in 2019, according to the Fact.MR study. These emerging markets present significant potential for the battery management system market due to increasing industrialization and a growing focus on electric vehicles and renewable energy sources.
Key Segments Covered
By Topology Centralized Modular Distributed
By Components Battery Management Unit Communication Unit
By Application Automotive Energy Telecommunication Consumer Handheld
More in-depth competitive analysis, Buy Now:
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email:
Comments
No comment