The battery management system market is anticipated to observe growth at a CAGR of 17.8% and is likely to touch a valuation of USD 37715.01 bn by 2032, while it holds a revenue of USD 7329.28 Mn in 2022.
Proliferating fuel prices along with the advent of high-performance hybrid and fully electric vehicles have increased the demand for battery management system for better power transmission and delivery.
Rising adoption of electric and hybrid vehicles along with development in wireless and connected device technology Rising adoption of electric and hybrid vehicles along with development in wireless and connected device technology
The battery management system is the heart of any electric vehicle, transmitting the power and energy to run the motor system. The battery management system is nothing else but electronic control circuits that monitor and regulate the charging and discharge of batteries. This system allows users to monitor the performance vitals of the battery including battery type, temperature, state of charge, power consumption, remaining operating time, charging cycle, and other properties.
Key Takeaways from Market Study
- The battery management system market is expected to increase with a market share of 20-25% in North America.
- Germany is the biggest market for battery management system market in Europe.
- Based on product type category, lithium-ion battery type holds the biggest market share of 41.5 in 2022. The factors behind the growth of this segment are its incorporated applications in mobile electronic devices and electric vehicles due to their high efficiency and high energy density.
- Battery management system market analysis explains that modular topologies segment is rising with a strong CAGR of 22,7% (2022-2032) among topologies category with an incremental opportunity of above USD 7.9 Billion between 2022 and 2032
“The increased fuel prices due to the Ukraine-Russia war has led to high logistics and fluctuating duties on it. Due to this, people are shifting towards electric vehicles and have started adopting the latest technology-backed EVs. However, sales of battery management systems were restricted during the previous forecast period (2017-2022) due to the logistics bans and the lack of research on electric vehicles. The shutdowns of electric technology programs along with the lower capital generation through the already existing programs led to the slowdown of the battery management system market. The market is set to recover through 2032 due to the higher sales of hybrid and electric vehicles.” says a Future Market Insights analyst.
Competitive Landscape
The battery management system market is fragmented by the several key vendors present in the market to lift the market share of battery management system. These players are using various tactics to acquire bigger share in the market in recent years.
Market is open to monopolization and can be seen getting influenced from the major players. Though the latest experiments are helping the space to be wide.
Recent Market Development
- LT has introduced its custom-designed battery management system that keeps the electric vehicles in the safe zone that has better temperature management with 90% efficiency, 20% cost reduction. This is likely to fuel the demand for battery management system.
- Toshiba electronic device lyd has launched its battery/power management system that develops new products by applying it to multiple formats. Brand ensures the improvement of safety, high efficiency, and miniaturization (Small size package).
For More Information - https://www.futuremarketinsights.com/reports/battery-management-system-market
