At a CAGR of 19.5%, it is predicted that the Battery Management System Market Size would increase from USD 5.2 billion in 2019 to USD 12.6 billion in 2024. During the anticipated period, the market for battery management systems is anticipated to have profitable growth potential. This market is predicted to develop as a result of the rising popularity of electric vehicles, rising demand for battery monitoring in renewable energy systems, and the requirement for efficient control of the electric grid. Existing enterprises as well as those just starting out might explore the market's numerous expansion potential.
Lithium-ion In 2018, the battery type sector had the biggest market share for battery management systems.
Based on battery type, the lithium-ion battery segment dominates the market for battery management systems (in terms of size). Due to its high energy and power density, small weight, and minimal standby losses, lithium-ion batteries are widely employed in many industrial applications, including automotive, medical equipment, and UPS. For lithium-ion batteries with high energy densities to function well in electric cars, portable electronics, renewable energy systems, and other applications, battery management systems are necessary. Additionally, the market is anticipated to increase in the upcoming years due to the low cost of lithium-ion batteries and their widespread use in applications including electric vehicles, UPS systems, and renewable energy systems.
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In 2018, the automotive application market had the biggest market share.
In 2018, battery management systems for use in the automobile industry held the biggest market share. Electric cars, electric bicycles, and robotically guided vehicles are the principal uses for battery management systems. These cars often use medium- or high-power density integrated batteries, which necessitate the use of a battery management system for optimum performance. The market for BMS is predicted to grow in the near future as a result of the quick advancements being made in the automotive industry as well as an increase in the utility and importance of BMS.
APAC will have the biggest market during the projection period.
During the forecast period, the Battery Management System Market in APAC is anticipated to expand at the fastest rate. The three countries with the highest exports of electric vehicles worldwide are South Korea, China, and Japan. JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan) are some of the major companies that support the development of the region. Additionally, recent infrastructural improvements and industrialisation initiatives in developing nations have given OEMs in the area new paths to pursue and business prospects, which has boosted the use of UPS as a backup energy source. These elements play a part in the Battery Management System Market's rapid expansion in APAC.
Key Players
The leading companies in the battery management system market include Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering, Eberspaecher Vecture, Storage Battery Systems, and Johnson Matthey, among others.
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