Battery Management System Market Size & Share, by Battery Type (Lithium-Ion, Lead-Acid, Nickel-Based); Application (Automotive, UPS, Telecommunications, Renewable Energy Systems) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3475
  • Published Date: Mar 24, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Battery Management System Market size is anticipated to cross USD 45 billion by the end of 2035, growing at a CAGR of 20% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of battery management system was over USD 6 billion. The growth of the market can be attributed to the demand for battery management systems in the smartphone industry since smartphones are electronic devices that have an escalated requirement of battery in each unit. Hence, the surge in the sales and production volume of smartphones is anticipated to propel the market growth during the forecast period. For instance, in 2022, it was estimated that nearly 6 billion people across the globe were observed to be using smartphones.

In addition to these, global battery management system markets trends such as the surge in the utilization of batteries in various products that are wireless electronics, toys, handheld power tools, and others are expected to influence the market growth positively over the forecast period. For instance, in 2022, around USD 30 billion were generated from the sales of electric toys in the United States alone. Furthermore, escalating demand for the management of lithium-ion batteries backed by the growing consumer electronic industry is also expected to enlarge the market size over the forecast period.


Battery Management System Market
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Battery Management System Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Utilization of Battery Management Systems in the Automotive Industry - Automobiles have a higher demand for battery management systems since each automobile requires the installment of a battery. The main purpose of a battery in the automobile is to create a spark for starting the engine. Hence, the battery is a major part of the starting system of a car. As of 2021, approximately 80 million motor vehicles were estimated to be manufactured across the globe.

  • Increasing Manufacturing of Electric Vehicles and Hybrid Electric Vehicles – battery management system is highly required in electric vehicles since each function in these vehicles is operated by electricity that is generated by using batteries. The main type of battery used in electric vehicles is lithium-ion batteries. For instance, in 2020, around 3 million hybrid electric vehicles were produced while the number is further estimated to reach around 6 million by 2025.

  • Growing Need for Battery Monitoring in Renewable Energy Systems – it was anticipated that in 2021, around 550 TWh of renewable energy were generated across the globe. Batteries are noticed to be used in this industry to power turbines. 

  • Growing Utilization of Batteries in Wireless Headphones there are separate batteries given in wireless headphones which require a battery management system. Therefore, the growing sales volume of wireless headphones is expected to boost the market growth over the forecast period. As of 2021, approximately 290 million units of wireless headphones were sold out across the globe.

Challenges

  • High Upfront Cost of Battery Management Systems - The battery management system is expensive since they need an enhanced mechanism to shift energy from one point to another. Hence, it requires most upgraded equipment to be included which also plays a significant role in increasing the price of the battery management system. Therefore, this factor is anticipated to hamper the market growth over the forecast period.
  • The Requirement for the Additional Space
  • Less Durable and Lower Reliability

Battery Management System Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~20%

Base Year Market Size (2022)

~ USD 6 Billion

Forecast Year Market Size (2035)

~ USD 45 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Battery Management System Segmentation

Battery Type (Lithium-Ion, Lead-Acid, Nickel-Based)

The global battery management system market is segmented and analyzed for demand and supply by battery type into lithium-ion, lead-acid, nickel-based, and others. Out of these battery types, the lithium-ion segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the rising utilization of lithium-ion (Li-ion) batteries in multiple applications such as electronics, handheld power tools, toys, wireless headphones, and others. For instance, as of 2021, the presence of lithium reserves across the globe was estimated to be around 15 million tons. Furthermore, the less possibility of battery failure is also expected to hike the segment growth over the forecast period. Lithium-ion batteries are used widely in multiple sectors, especially in electronic industries to power electronic devices. The failure rate of lithium-ion batteries is estimated to be around 1 battery in a million. Hence, such factors are anticipated to be some of the major factors to propel the segment growth over the forecast period.

Application (Automotive, UPS, Telecommunications, Renewable Energy Systems)

The global battery management system market is also segmented and analyzed for demand and supply by application into automotive, ups, telecommunications, and renewable energy systems. Amongst these segments, the automotive segment is expected to garner a significant share in the year 2035. The growth of the segment can be accounted to the higher demand and production volume of electric vehicles across the globe backed by the rising awareness of global pollution owing to CO2 emission. Electric vehicles use electric energy and lithium-ion batteries are a highly suitable medium to provide energy to these cars. The higher sales volume of electric vehicles was anticipated to hike the segment growth over the forecast period. For instance, it was anticipated that between 2012 to 2021, the number of electric vehicles sold out across the globe was estimated to be around 18 million units. Electric cars are considered to be beneficial for the environment since they do not require fuel that generates CO2. For instance, nearly 38 billion metric tons of carbon dioxide were emitted into the environment by fossil fuels in 2021. 

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

          By Battery Type

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

           By Application

  • Automotive
  • UPS
  • Telecommunications
  • Renewable Energy Systems

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Battery Management System Industry - Regional Synopsis

APAC Market Statistics

The Asia Pacific battery management system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the growing demand for consumer electronics, high volumes of production of electric vehicles in China, and increasing integration of battery management systems in several applications for safety purposes. For instance, 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. Asia Pacific is the region to have a highly developed automotive industry with higher demand for batteries.

Europe Market Forecast

The European battery management system market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the owing to the rise in manufacturing capacities of prominent automobile manufacturers and the surge in demand for renewables for energy generation in the region. Apart from these, the strong presence of major market players is also projected to drive the region’s market growth in the future. For instance, as of 2021, nearly 2500 TWh of electricity was anticipated to be generated in Europe.

North American Market Forecast

The North American battery management system market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market in the region can be ascribed to the higher demand for electricity owing to its escalated consumption in household facilities and in multiple industries. Furthermore, the rise in the utilization of smartphones triggering the demand for batteries is also expected to enlarge the market size over the forecast.

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Battery Management System Market Size
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Companies Dominating the Battery Management System Landscape

top-features-companies
    • Texas Instruments Incorporated
      • 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.
    • Startec Energy Group
    • Exponential Power, Inc.
    • Toshiba Corporation
    • Robert Bosch GmbH
    • East Penn Manufacturing Company
    • Panasonic Corporation

In-the-news

In The News

  • Texas Instruments, Inc launched a scalable Arm Cortex-MO+ microcontroller (MCU) portfolio that includes a variety of pinout, computing, and integrated analog options. This new portfolio is affordable and suitable for all sorts of applications.

  • Johnson Matthey Plc stepped into a strategic partnership with Plug Power to accelerate the green hydrogen economy. Johnson Matthey Plc is required to become the supplier of MEA components

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3475
  • Published Date: Mar 24, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing utilization of battery management systems in the automotive industry and the growing utilization of batteries in wireless headphones are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 20% over the forecast period, i.e., 2023-2035.

The requirement for additional space and durability and lower reliability is estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Johnson Matthey Plc, Eberspaecher Venture Inc., Sensata Technologies, Inc., Startec Energy Group, Exponential Power, Inc., Toshiba Corporation, Robert Bosch GmbH, East Penn Manufacturing Company, Panasonic Corporation, 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 lithium-ion segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Battery Management System Market Report Scope
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