Battery Management System Market Size & Share to Surpass USD 45.70 billion by 2031 | Transparency Market Research, Inc.

Battery-operated public transit and the growing popularity of electric automobiles are driving the global market for battery management systems.

Wilmington, Delaware, United States, Nov. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global battery management system market was estimated at a value of US$ 6.22 billion in 2021. It is anticipated to register a 22.2% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 45.70 billion by 2031.

Lithium-ion battery use is rising dramatically across a range of sectors as a result of ongoing research and development efforts to enhance battery performance. Low self-discharge and high power density are features of Li-ion batteries. They can also be had for less money. These batteries are therefore perfect for use in automobiles and other applications.

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Li-ion battery output is predicted to rise from 450 GWh in 2020 to 1,450 GWh by 2025. Because the consumer electronics and automobile sectors have grown significantly in China and Europe, these two areas are important markets for Li-ion batteries.

Global Battery Management System Market: Key Players
A large number of both small and large-scale manufacturers in the extremely fragmented global battery management system industry controls the bulk of the market share. In order to provide environmentally friendly goods, major businesses are spending heavily in extensive research and development operations with an eye toward the future potential of battery management systems.

Key players have embraced mergers & acquisitions and product portfolio expansion as important initiatives. The following companies are well-known participants in the global battery management system market:

• Analog Devices
• Eberspächer
• Elithion Inc.
• Johnson Matthey
• Leclanché SA
• Marelli Holdings Co. Ltd.
• Navitas System LLC
• Nidec Motor Corporation
• Nuvation Energy
• Panasonic Industry Co. Ltd.
• Sedemac
• Texas Instruments
• Toshiba Electronic Devices & Storage Corporation

Key Findings of the Market Report

• The lithium-ion, lead-acid, nickel, and flow battery segments make up the global market for battery management systems.
• In 2021, the lithium-ion category accounted for a significant 37.2% of the worldwide market.
• Owing to its mobility and extended operating life, lead-acid battery management systems are widely employed in consumer electronics and transportation applications.
• The market is expanding as a result of rising consumer electronics demand.
• Li-ion battery usage in EVs and other electronic devices is growing quickly, which has led to disposal problems.

Market Trends for Battery Management System

• The global market for battery management systems has been divided into three segments based on topology: centralized, distributed, and modular. With a 53.60% market share in 2021, the distributed sector is anticipated to grow at a CAGR of 22.6% over the course of the forecast period.
• A recent battery management system analysis states that the modular market sector is expanding quickly as well. A modularized battery management system works better and provides an inexpensive, safe, and dependable solution for electric cars and smart grids.
• Effective single-cell monitoring as well as balancing for an extensive amount of battery cells with relatively small sizes and complexity are critical elements of the modularized battery management system.

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Global Market for Battery Management System: Regional Outlook

Various reasons are propelling the growth of the Battery Management System market throughout the region. These are:

• In 2021, North America held a 29.90% market share, leading the world market for battery management systems. The existence of key companies, a substantial investment in research and development to improve BMS capabilities, and an increase in financing for the development of hybrid electric vehicles (HEVs) and electric vehicles (EVs) are all factors contributing to the growth of the market in the area.
• Other important markets for battery management systems include Asia Pacific and Europe. In 2021, the value share of these areas was 25.29% and 28.77%, respectively. The market in each area is driven by the presence of well-known automakers in Europe and a quickly growing consumer electronics sector in Asia Pacific.

Some key developments by the players in this market are:

Global Battery Management System Market Segmentation 
Battery

• Lithium-ion
• Lead-acid
• Nickel
• Flow Battery

Topology

• Centralized
• Distributed
• Modular

Application

• Electric Vehicles
• Computing Devices
• Renewable Energy Systems
• UPS (Uninterrupted Power Supply)
• Industrial Systems
• Others (Personal Mobility Instruments, Robotic Boats & ROVs, etc.)

End Use Industry

• Automotive & Transportation
• Military & Defense
• Energy & Utility
• Healthcare
• Consumer Electronics
• Telecommunications
• Others (Industrial, Marine, etc.)

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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