Adoption of Electric Vehicles to Boost Sales of Battery Management Systems by 19.6%

NEW YORK, Feb. 17, 2022 /PRNewswire/ -- The global battery management system market is projected to reach US$ 32.3 Bn by 2032 and exhibit growth at a CAGR of 19.6% between 2022 and 2032. Emergence of cloud-connected battery management systems owing to the rising convergence of industrial technology and operations is set to propel the growth in the market.

Ability of cloud-based analysis and monitoring framework for battery management systems to analyze and monitor the algorithms and data associated with batteries is anticipated to drive the sales. This framework provides vital information regarding State of Health (SOH) and State of Charge (SOC) estimates which is beneficial for end users.

Further, cloud-based solutions offer information related to long-term tracking of cell aging and enables the online identification of critical battery failures at numerous stages of its operations. Hence, growing popularity of similar high-tech features is estimated to incur transformational changes in business strategies for stakeholders in the market.

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Besides this, the increasing demand for environmentally friendly solutions is likely to bode well for the market. According to the International Energy Agency (IEA), in 2019, sales of electric vehicles (EVs) reached 2.1 million across the globe. Hence, rising sales and production of EVs across the globe are expected to drive the market in the near future.

"Rising expenditure in automation and EVs will boost the growth in battery management system market. Additionally, rising application of batteries in UPS owing to their ability to resist extreme pressure and temperature is set to spur the demand for battery management systems," says a Fact.MR analyst.  

Key Takeaways:

• The U.S. is expected to account for around 78% of the market share in 2022 owing to the higher adoption of EVs with rising air pollution caused by internal combustion engines.
• In 2022, sales in China are likely to grow by US$ 585 Mn backed by the surging sales of battery-electric buses and high demand for passenger cars.
• South Africa battery management system market is anticipated to procure 21.4% of the share in the assessment period stoked by the rising shift of people towards automation.
• North America is set to account for approximately 35% of the total market share in 2022.
• Higher adoption of advanced technology is projected to exceed the sales of battery management systems in Europe by US$ 1.7 Bn by 2022.
• By topology, the modular segment is estimated to surpass 20.7% in terms of CAGR as it does not require broad wire harnesses and has high computational power.
• In terms of application, the automotive segment is likely to grow 7.7x during the forecast period with rising sales of EVs across the globe.
• Based on component, the battery management unit segment is anticipated to hold around 64% of the share in 2032.

Growth Drivers:

• High demand for lithium-ion battery powered four wheeler vehicles is set to create new growth opportunities for manufacturers worldwide.
• Increasing need for sustainable vehicles, such as e-bikes, golf carts, and commercial vehicles in emerging economies is expected to bolster the market.
• Requirement of battery monitoring in cutting-edge renewable energy systems is projected to fuel the market in the upcoming years.

Restraints:

• Increasing import duties levied by government bodies on the battery management system industry, especially in developing countries, may hamper the demand.
• Stringent regulations pertaining to import duties on battery management systems and components is likely to hinder their adoption in the automotive industry.
• Battery management systems with technological deficiencies cannot be integrated with complex battery structures, which is likely to impede the growth in the market.

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Competitive Landscape

The global battery management system market is highly fragmented with the presence of several key players, such as NXP Semiconductors N.V, Toshiba Corporation, and Matthey Plc across the globe.

Some of these players are aiming to develop state-of-the-art solutions to meet the urgent need of customers. Meanwhile, a few other companies are striving to expand their manufacturing capacities to provide better service to various end-use industries globally.

For instance,

• January 2022: Bird Global, Inc., a micromobility company headquartered in California, shared details about its novel battery management system. It would help in powering millions of micro-electric vehicle trips across the globe. The company is aiming to raise the bar on micro electric vehicle battery technology and safety by implementing and developing IP68-rated lithium-ion battery cell packs in its new vehicles.
• January 2021: Texas Instruments, which is a semiconductor manufacturing company based in the U.S., introduced the industry's highest-performing solution for wireless battery management systems. The wireless solution would aid automakers in reducing the vehicle weight, improving reliability, and lowering the complexity of their designs to expand the driving range.

Key Players in the Battery Management System Market Include:

• Eberspaecher Vecture Inc.
• Toshiba Corporation
• AVL LIST GmbH
• Lithium Balance A/S
• Johnson Matthey Plc.
• L&T Technology Services
• Texas Instrument Inc.
• NXP Semiconductors NV
• Nuvation Engineering
• Merlin Equipment Ltd.

More Valuable Insights on Battery Management System Market

Fact.MR provides an unbiased analysis of the battery management system market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global battery management system market with a detailed segmentation on the basis of:

By Topology

• Centralized
• Modular
• Distributed

By Components

• Battery Management Unit
• Communication Unit

By Application

• Automotive
• Energy
• Telecommunication
• Consumer Handheld

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East and Africa (MEA)

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Key Questions Covered in Battery Management System Market Report

• The report offers insight into the battery management system market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for battery management system market between 2022 and 2032.
• Battery management system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Battery management system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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