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IN THE NEWS· January 7, 2021- Texas Instruments released a significant advancement in electric vehicle battery management systems, which is a wireless BMS that features first ever independently assessed functional safety concept.
The global battery management system market is estimated to gather a large amount of revenue by growing at a CAGR of ~19% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing manufacturing of electric vehicles and hybrid electric vehicles, growing need for battery monitoring in renewable energy systems, and rise in adoption of rechargeable batteries among various end user industries. The total number of electric vehicles (EV) sold worldwide grew by approximately 2 million from 2018 to 2019. More than 7 million EVs were sold in 2019. Along with these, escalating emphasis on environmental concerns and surge in demand for the reduction of fossil fuel emissions are crucial factors expected to offer abundant growth opportunities to the market in the near future. Furthermore, rise in popularity of lithium batteries as a result of their cost effectiveness and higher power density, is also projected to boost the growth of the market in the forthcoming years.
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The market is segmented by application into automotive, UPS, telecommunications, and renewable energy systems, out of which, the automotive segment is anticipated to hold the largest share in the global battery management system market on account of the rising consumer demand for greener vehicles and favorable government policies regarding battery management. In addition, reduced taxes and high subsidies on electric vehicles in Norway, India and China is also assessed to drive growth of the market segment in the coming years. Moreover, on the basis of battery type, the lead-acid segment is predicted to acquire the largest share in view of the high number of applications of these batteries in automotive, telecommunication, and uninterrupted power supply industries.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global battery management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing demand for consumer electronics, high volumes of production of electric vehicles in China, and increasing integration of battery management system in several applications for safety purposes. For instance, the electric vehicle sales in China grew by more than 5o percent in 2021 since 2020. About 1.3 million EVs were sold in the country in 2020. Additionally, the market in Europe is anticipated to grab the largest share during the forecast period owing to the rise in manufacturing capacities of prominent automobile manufacturers and surge in demand for renewables for energy generation in the region. Apart from these, strong presence of major market players is also projected to drive the region’s market growth in the future.
The global battery management system market is further classified on the basis of region as follows:
Our in-depth analysis of the global battery management system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are increasing manufacturing of electric vehicles and hybrid electric vehicles and growing need for battery monitoring in renewable energy systems.
The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2022 – 2030.
High upfront cost of battery management systems is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing demand for consumer electronics and high volumes of production of electric vehicles in China.
The major players in the market are Texas Instruments, Inc., Johnson Matthey PLC, Eberspaecher Venture Inc., Sensata Technologies, Inc., BMS PowerSafe, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by battery type, application, and by region.
The lead acid segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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