New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Battery Management System Market Information By Battery Type, Topology, and Application, and Region - Forecast till 2030”, In 2021, the battery management system market was estimated to be worth USD 6.22 billion. The Battery Management System market is expected to increase from USD 11.02 billion in 2022 to USD 45.70 billion by 2030, at a compound annual growth rate (CAGR) of 22.2% over the assessment period (2022 - 2030).
Battery Management System Market Overview
A battery management system is a complete electrical system that helps protect a battery (a single cell) or battery packs (a group of cells) from harm by receiving and analyzing data from the battery to ensure optimal utilization and extended longevity. It is an electronic system that manages a rechargeable battery and provides the necessary electric management protection from operating beyond its safe operating zone by offering thermal management protection, closely monitoring its state, calculating secondary data, reporting that data, controlling its overall environment, and finally authenticating and balancing it.
The key battery management system market trends include the rise in the overall demand for electric and hybrid vehicles, as well as a growing requirement for better power grid management, which will be important contributors to the worldwide market growth. Furthermore, increased government activities to promote the use of electric vehicles will boost market value during the projection period. The initiatives to unify battery management standards are projected to boost market growth throughout the forecast period.
Market Competitive Landscape:
The important vendors in the battery management system market include
- Leclanche
- Nuvation
- Eberspächer
- Texas Instruments Inc
- Toshiba Corporation
- Robert Bosch GmbH
- Panasonic Corporation
- Midtronics Inc. (US)
- ST Microelectronics
- Deutz AG
- Among others.
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Major companies are investing heavily in R&D to expand their product lines, which will help the Battery Management System market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprints, such as new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies. To expand and survive in an increasingly competitive and rising market climate, competitors in the Battery Management System business must offer cost-effective products.
January 2023
Webasto is introducing an Electrical Battery Thermal Management system in addition to its in-house built battery technology (eBTM). The device aids in maintaining the optimal temperature range for traction batteries in vehicles such as trucks, vans, buses, and construction gear. By keeping the batteries within this temperature range, eBTM enables for maximum operating performance, longer battery life, and faster charging times.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 45.70 billion |
| CAGR during 2022-2030 | 22.2% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Battery Type, Topology, and Application, and Region |
| Key Market Opportunities | Increase in adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) |
| Key Market Dynamics | Growing adoption of rechargeable batteries across multiple end-use industries |
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Battery Management System Market USP Covered:
Market Drivers:
With individuals becoming more aware of global warming, there has been a significant increase in global sales of electric automobiles. According to the US Department of Energy, the number of vehicles sold in 2020 was around 308,000 and is expected to rise to around 608,000 units in 2021. Electric vehicles accounted for 11% of all new vehicle registrations in 2016, according to Eurostat. In India, EV sales have climbed by 20% in successive years, according to the SOCIETY OF MANUFACTURERS OF ELECTRIC VEHICLES (SMEV). According to the China Passenger Car Association, EV sales in 2021 will be 169% higher than in 2020. As a result, with global sales of electric vehicles increasing, there will be a need to further develop battery management systems.
The rise in overall expenditure from the region's leading manufacturers to produce electric scooters for traversing shorter distances is expected to create new chances for growth in the automotive battery management system market during the forecast period. According to the most recent US Department of Energy data, sales of electric vehicles climbed by 85% in 2021, while sales of plug-in electric vehicles increased by 138% compared to 2020. According to ACEA, the number of electric vehicles sold in the European Union in the first quarter of 2022 was 224,145, a 53.4% increase over the previous year. Battery management systems are necessary for all vehicles in the military and aviation sectors, including Jeeps, Heavy-Duty Trucks, Multi-copters, drones, and amphibious vehicles.
Companies are building R&D departments to make more efficient systems as technology advances. Infineon, for example, is creating a Wireless Battery Management System that will use radio signals to connect the cells, decreasing the vehicle's weight and the amount of electrical connections, making the system more efficient. ION Energy is an Amazon-funded firm that provides battery management technologies for mobile applications and the automotive industry. The investment intends to create solutions that will be applied in Amazon's transportation fleet to help the firm achieve its carbon neutrality ambitions.
Market Restraints:
One of the primary market barriers is the technological limitation on off-the-shelf battery management systems or standard battery management systems.
Nonetheless, technical advances in battery management systems with benefits such as reduced complexity, greater efficiency, and higher dependability, among others, are projected to present growth possibilities during the forecast period.
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COVID 19 Analysis
The COVID-19 outbreak had a significant impact on the power and automotive industries, leading to lower demand for cars and other vehicles. The power business has seen a global trend of declining demand and price reductions. Various regions, notably Europe, have been severely impacted, with all-time low electricity prices in the first quarter of FY'2020. Electricity prices in Europe are falling, as indicated by Nord Pool and HUPX, two important European power exchanges (Hungarian Power Exchange). Furthermore, as a result of the ongoing pandemic, numerous corporations around the world have suspended operations or reduced capital spending when necessary.
Battery Management System Market Segmentation
By Type
Different battery types in the Battery Management System market include Lithium-Ion Based Batteries, Advanced Lead-Acid Batteries, Nickel-Based Batteries, and Flow Batteries. Among other things, lithium-ion batteries dominate the battery management system industry.
By Topology
The Battery Management System market is divided into three segments depending on topology: centralized, modular, and distributed. The modular structure is set to expand at the fastest rate. The main benefit of utilizing the modular type is that they may be connected in series or parallel circuits to each other, boosting the power/voltage output while also lowering maintenance expenses.
By Application
The Battery Management System industry has been classified into various applications, including Military & Defense, Automotive, Portable devices, Medical, Renewable Energy Systems, Telecommunication, and Uninterrupted Power Supply. The automotive application accounts for the highest share, followed by consumer electronics.
Regional Insights
In recent years, the European Union has seen a substantial increase in the sales of electric vehicles. As a result, the region's automotive industry is predicted to increase significantly in the future years. The expansion of Europe's automotive industry is expected to promote the expansion of the region's battery management system market.
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Because of the increased concern over CO2 emissions, the Asia Pacific area is focusing on boosting the fleet of electric vehicles. The region's telecom industry has also been growing steadily in recent years. The battery management system market in the region is predicted to grow strongly due to the expansion of the electric car market and the telecom industry.
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