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The global battery management system market will reach USD 6263.2 million at a 20.5% CAGR by 2030, states the new Market Research Future report.
Growing Need for EVs to Bolster Market Growth
The growing need for EVs will bolster market growth over the forecast period. EVs have emerged as one of the finest alternatives for environmental sustainability. The growing emphasis on environmental protection is propelling the use of electric automobiles. Automotive manufacturers are making investments in research and development to increase the performance of electric vehicles. Recent developments in battery management systems indicate that wireless Electric Vehicle (EV) battery management systems are becoming more popular than conventional battery management systems due to their reduced complexity, improved flexibility, and cheaper cost.
Eminent market players profiled in the global battery management system market report include,
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Increasing Application of Lithium-ion Battery to offer Robust Opportunities
The increasing application of lithium-ion battery will offer robust opportunities for the market over the forecast period. Because of constant R&D initiatives to increase the performance of these batteries, the adoption of lithium-ion batteries is expanding significantly in a variety of industries. Lithium-ion batteries have a high power density and a low self-discharge rate. They are also relatively inexpensive. As a result, these batteries are perfect for use in automobiles and other applications.
Restraints and Challenges
High Price to act as Market Restraint
The high price of battery management systems and lack of capable labor may act as market restraints over the forecast period.
The global battery management system is bifurcated based on application, topology, component, and battery type.
By battery type, advanced lead acid batteries will lead the market over the forecast period.
By component, the battery management system market is segmented into software and hardware.
By topology, distributed will dominate the market over the forecast period.
By application, automotive will spearhead the market over the forecast period.
North America to Head Battery Management System Market
North America dominated the worldwide battery management system market in 2021, accounting for around 29.90% of the total. The existence of large companies, significant investment in R&D efforts to strengthen the capabilities of BMS, and an increase in financing for the development of hybrid electric vehicles (HEVs) and electric vehicles (EVs) may all be attributed to the region’s market growth. The growing use of electric vehicles, combined with favorable government legislation, has had a significant impact on the battery management system in North America. The government is implementing a variety of supporting and monetary measures to encourage the development of hybrid electric vehicles. The rise of the market has stemmed from an increase in car sales.
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For the forecast period of 2022 to 2029, the North America region dominates the battery management system market due to rising EV penetration coupled with favorable government policies and the implementation of several supportive government monetary policies for developing HEVs coupled with rising automotive sales in the region. North America is predicted to boom significantly during the projection period due to increased EV penetration and supportive government measures. The American Recovery and Reinvestment Act of the United States provide funds to corporate and public institutions to develop HEVs, which is projected to boost market growth in the near future.
Because of the presence of many industry rivals and strong R&D (Research and Development) efforts in power battery management systems, the North America market accounted for the greatest revenue share in 2021. BMS market revenue growth in North America is expected to be fueled further by increased EV use and favorable government initiatives. For example, the American Recovery & Reinvestment Act are funding the development of Hybrid Electric Vehicles (HEVs), which is expected to enhance sales of battery management systems in the United States.
APAC to Have Favorable Growth in Battery Management System Market
Due to a growth in the number of electronic car retailers, the Asia Pacific region will hold the second biggest market share during the projection period. The increase in investment from the region’s leading important businesses to produce electric scooters for shorter distances is expected to strengthen the market. The Asia Pacific area will also benefit from a broader market because of the presence of many car manufacturers in these areas. Due to rising sales of EVs in countries such as China and Japan, Asia-Pacific is likely to dominate the battery management system market. This increase is the result of governments’ considerable efforts to minimize greenhouse gas emissions. The Asia-Pacific region is expected to experience significant growth during the forecast period due to the presence of various auto manufacturers in the region, which will boost market growth within the region.
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1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 19
1.1.1 GLOBAL BATTERY MANAGEMENT SYSTEM (BMS) MARKET, BY BATTERY TYPE 20
1.1.2 GLOBAL BATTERY MANAGEMENT SYSTEM (BMS) MARKET, BY COMPONENT 21
1.1.3 GLOBAL BATTERY MANAGEMENT SYSTEM (BMS) MARKET, BY TOPOLOGY 22
1.1.4 GLOBAL BATTERY MANAGEMENT SYSTEM (BMS) MARKET, BY APPLICATION 23
1.1.5 GLOBAL BATTERY MANAGEMENT SYSTEM (BMS) MARKET, BY REGION 24
2 MARKET INTRODUCTION
2.1 DEFINITION 25
2.2 SCOPE OF THE STUDY 25
2.3 RESEARCH OBJECTIVE 25
2.4 MARKET STRUCTURE 26
2.5 KEY BUYING CRITERIA 26
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 27
3.2 PRIMARY RESEARCH 28
3.3 SECONDARY RESEARCH 29
3.4 MARKET SIZE ESTIMATION 29
3.5 FORECAST MODEL 31
3.6 LIST OF ASSUMPTIONS 32
4 MARKET INSIGHTS
5 MARKET DYNAMICS
5.1 INTRODUCTION 36
5.2 DRIVERS 36
5.2.1 GROWING ADOPTION OF BMSS IN EVS 36
5.2.2 GROWING NEED FOR BATTERY MANAGEMENT IN RENEWABLE ENERGY SYSTEMS 37
5.3 RESTRAINTS 37
5.3.1 HIGH COST OF BMS 37
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