North America Will Remain the Largest Market for The Battery Management System Due to The Presence of Several Leading Manufacturers. The Demand for Battery Management Systems is Attributable to The Presence of Some of The Leading Automotive Manufacturers Such as The Guangzhou Automobile Group, Geely, and Others in The Country
NEWARK, Del, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global battery management system market is expected to reach US$ 32, 241.3 Mn by 2031, scaling up from an evaluation of US$ 6,221.8 Mn in 2021. Battery management system (BMS) market is anticipated to grow at a stellar CAGR of 17.8% during the forecast period of 2021 to 2031. Enhancements in wireless and connected devices and technology have led to greater interest in the battery management system market.
All over the world, there’s been an upsurge in the adoption of electric and hybrid vehicles due to implementation of strict policies and regulations such as the Kyoto protocol for curbing greenhouse gas (GHG) emissions. This bodes well for the target market. In addition, a notable rise in the adoption of rechargeable batteries in multiple industry verticals, the increasing requirement for telecommunication backup systems, and the need for effective electric grid management systems are expected to positively influence the market.
The presence of various tax benefits in association with the adoption of environmental-friendly and renewable energy sources is prompting many automotive and telecom manufacturers to adopt battery management systems. Moreover, technologically advanced battery management systems optimize productivity, enhance reliability and reduce complexity. This fuels the demand for the target market which is further propelled by the integration of tools like the Internet of Things, machine learning, artificial intelligence, and others.
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Again, advancements made in the automotive sector also impact the battery management systems market. Battery management systems enhance safety, and reliability, extend the battery life and lessen the risk of damage. These benefits of using a battery management system induce original equipment manufacturers (OEMs) to invest more in the research and development of the target product. Besides, strict regulations against CO2 emissions and rising fuel costs further propel market growth for battery management system.
“Rising technological advancements coupled with the expanding automotive sector drive the market growth of battery management systems over the forecast period,” says an FMI analyst.
Technological advancements to boost market prospects over the forecast period.
Cut-throat competition could hinder the market growth.
BMS spending to exceed 12% in the U.S during the assessment period.
Adoption of hybrid and electric vehicles to drive the market in Germany.
By battery type, advanced lead-acid segment is expected to exhibit a high CAGR.
By topologies, the modular topologies segment is expected to account for an opportunity of US$ 8 Bn during the forecast period.
Vecture Inc., Toshiba Corporation, L&T Technology Services, Navitas System, LLC, Merlin Equipment Ltd., Ashwoods Energy Limited, Lithium Balance Corporation, Nuvation Engineering, The Ventec Company, and Johnson Matthey Battery Systems, among others are some of the major players in the battery management system market that are profiled in the full version of the report.
Major players are concentrating on introducing advanced technologies onto the market to gain a competitive advantage. These businesses are also employing tactics like strategic partnerships and collaborations with other technology vendors, automotive OEMs, and other stakeholders to develop new technologies and solutions.
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More Insights into the Battery Management System Market Report
In its latest report, FMI offers an unbiased analysis of the global battery management system market, providing historical data from 2016 to 2020 and forecast statistics for the period 2021 to 2031. To understand the global market potential, growth, and scope, the market is segmented based on battery type (lithium-ion, advanced lead-acid, others), topologies (centralized, modular, distributed), component (battery control unit, battery communication interfaces (CAN bus)), application (automotive (electric vehicles, e-bikes, others), military (military drones, submarines, others), consumer/ handheld (power tools, home appliances, others), telecom, energy (grids, wind/ solar farms, others), others), and region.
According to the latest FMI reports, based on region, the battery management system market in China is expected to exhibit considerable growth in sales. This growth is attributed to the rapidly expanding automobile and telecom sectors in the country. This growth is further supplemented by the presence of major automotive manufacturers like the Guangzhou Automobile Group, Geely, and others in the country.
North America will continue to maintain its lead as the largest BMS market primarily due to the US market. The rising adoption of battery management systems in the military, automotive, and consumer/ handheld sectors is expected to boost the regional market prospects over the assessment period.
Some of the other notable regions that are expected to present multiple attractive market opportunities are Germany, Japan, and India among others.
Based on segmentation, the advanced lead-acid battery segment is expected to rise at a relatively higher CAGR with the modular topologies segment recording a 22.7% CAGR over the forecast period. The automotive industry application segment is also expected to dominate the market.
2.2. Market Definition / Scope / Limitations
3.1. Key Trends Impacting the Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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