|Study Period:||2018- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The global battery management system (BMS) market is expected to grow at a CAGR of over 10% during the forecast period. The outbreak of the COVID-19 led to the global economic slowdown, which, in turn, led to a slowdown in industrial and commercial activities, hampering the growth of the battery management system market. Factors such as increasing adoption of electric vehicles and focus on increasing the energy efficiency of batteries are expected to drive the demand for battery management systems. However, the high upfront cost of electric vehicles has hampered the growth of the battery management system market.
- The transportation sector is expected to lead the market growth owing to the increased sales of electric vehicles which contribute a large share to the battery management system market globally.
- The growing environmental concerns and reducing fossil fuels have led to the innovation and development of electric vehicles. BMS is required in every lithium-ion battery pack, especially when used in electric vehicles. Hence, BMS finds wide application in electric vehicles, owing to the safety concerns related to lithium-ion batteries.
- Asia-Pacific is the biggest market for battery management systems, owing to the increased sales of electric vehicles in countries such as China and Japan. This rise have been due to the extensive efforts of the governments to reduce greenhouse gases emissions.
Scope of the Report
The battery management system market report includes:
|Middle-East and Africa|
Key Market Trends
Increasing Demand from Transportation Sector
- With EV sales hitting 3 million units in 2020, the market for EVs is expected to grow rapidly in the forecasted period, owing to growing consumer demand for greener vehicles, and favorable government policies.
- Reduced taxes and high subsidies on electric vehicles in countries such as China, India, and Norway have led to a rapid increase in sales and have paved a growing path for battery management systems.
- In 2020, global EV fleet stock was around 10.2 million, an increase of around 43% compared to 2019.
- The increasing adoption and low operating cost of electric vehicles have helped the market for battery management systems grow in recent years and is expected to continue a similar trend in the coming years as well.
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Asia-Pacific to be a Significant Market
- Asia-Pacific is likely to be a major market for battery management systems during the forecast period. In Asia-Pacific, China is expected to witness strong growth, owing to the rapid growth in the EV market.
- The rising demand for consumer electronics is likely to further add to the demand for BMS, owing to the increasing integration of BMS in consumer electronics for safety purposes.
- China is the biggest market for EVs, globally. China’s EV cars stock market share increased from around 23% in 2015 to 44% in 2020, with around 4.5 million units deployed by end of 2020.
- Therefore, the above-stated factors can be considered the major driving factors for battery management systems in the region, where the market is expected to during the forecast period.
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The battery management systems market is moderately fragmented. Some of the major players operating in the market include Eberspaecher Vecture Inc., Elithion, Inc., Renesas Electronics Corporation, Johnson Matthey PLC, Lithium Balance, Navitas System, LLC Corporate., and others.
- In January 2021, Texas Instruments, Inc. launched Wireless Battery Management System for Electric Vehicles. The new battery management system (BMS) allows the control and monitoring of better cells to be established wirelessly, saving weight and eliminating cabling.
Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Assessment of the COVID-19 Impact on the Market
5. MARKET SEGMENTATION
5.2.1 North America
5.2.4 South America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Eberspaecher Vecture Inc.
6.3.2 Elithion, Inc.
6.3.3 Renesas Electronics Corporation
6.3.4 Johnson Matthey PLC
6.3.5 Lithium Balance
6.3.6 Navitas System, LLC Corporate
6.3.7 Nuvation Engineering
6.3.8 Texas Instruments, Inc.
6.3.9 Valence Technology, Inc.
6.3.10 BMS Powersafe
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Battery Management System Market market is studied from 2018 - 2026.
What is the growth rate of Battery Management System Market?
The Battery Management System Market is growing at a CAGR of >10% over the next 5 years.
Which region has highest growth rate in Battery Management System Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Battery Management System Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Battery Management System Market?
Eberspaecher Vecture Inc., Johnson Matthey PLC , Lithium Balance , BMS Powersafe, Texas Instruments, Inc. are the major companies operating in Battery Management System Market.