Battery Management System Industry - Regional Synopsis
APAC Market Statistics
The Asia Pacific battery management system market is set to account for majority share by the end of 2037. The market growth is led by 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 is anticipated to grow at significant growth during the forecast period. The market growth is 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 will drive the regional market size. For instance, as of 2021, nearly 2500 TWh of electricity was anticipated to be generated in Europe.
