Battery Management System Market

Battery Management System Market Segmentation by Battery Type (Lithium-Ion, Lead-Acid, Nickel-Based, and Others); and by Application (Automotive, UPS, Telecommunications, and Renewable Energy Systems) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3475 | Published On: Feb 08, 2023

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


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. 


Global Battery Management System Market Highlights 2022 – 2030

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.

Battery Management System Market

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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. 


Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

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.


Global Battery Management System Market Regional Synopsis

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


Battery Management System Market
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Market Segmentation

Our in-depth analysis of the global battery management system market includes the following segments:

By Battery Type

  • Lithium-Ion
  • Lead-Acid
  • Nickel-Based
  • Others

By Application

  • Automotive
  • UPS
  • Telecommunications
  • Renewable Energy Systems

Growth Drivers

  • Increasing Manufacturing of Electric Vehicles and Hybrid Electric Vehicles
  • Growing Need for Battery Monitoring in Renewable Energy Systems

Challenges

  • High Upfront Cost of Battery Management Systems


Electricity Consumption
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Top Featured Companies Dominating the Market

    • Texas Instruments, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Johnson Matthey PLC
    • Eberspaecher Venture Inc.
    • Sensata Technologies, Inc.
    • BMS PowerSafe
    • Storage Battery Systems, LLC
    • Toshiba Corporation
    • Robert Bosch GmbH
    • East Penn Manufacturing Company
    • PANASONIC CORPORATION

Key Questions Answered in the Report

1) What are the major factors driving the growth of the battery management system market?

Ans: 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.

2) What would be the CAGR of battery management system market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the battery management system market growth?

Ans: High upfront cost of battery management systems is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of battery management system market in future?

Ans: 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.

5) Who are the major players dominating the battery management system market?

Ans: The major players in the market are Texas Instruments, Inc., Johnson Matthey PLC, Eberspaecher Venture Inc., Sensata Technologies, Inc., BMS PowerSafe, and others.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the battery management system market?

Ans: The market is segmented by battery type, application, and by region.

8) Which segment captures the largest market size in the battery type segment in the battery management system market?

Ans: 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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