FMI projects the battery management system market to grow with a CAGR of 17.8% through 2031. The industry is expected to be driven by the development and implementation of new technologies such as electric vehicle batteries.
“Manufacturers are entering into a strategic partnership with other technology vendors and integrators, automotive OEMs and others stakeholders for the development of new technologies and solutions. ” says the FMI analyst.
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Battery management system Market – Important Highlights
- Maximum battery management device sales are currently concentrated in the automotive market.
- . The advanced lead-acid sub-segment is projected to increase with a relatively higher CAGR over the forecast era.
- Amongst these topologies categories, the modular topologies segment is anticipated to exhibit a 22.7% CAGR during the forecast period.
- The U.S. has emerged as a highly profitable market, backed by increased production and sales of electric vehicles.
Battery management system Market – Drivers
- Increased sales of electric vehicles would fuel demand in the industry.
- The industry is expected to be influenced by Automotive and telecommunications manufacturers who are inclined to embrace environmentally friendly and sustainable energy sources.
- Benefits such as enhanced market efficiency, reduced complexity, and improved reliability are the key factors that result in increased demand for BMS.
Battery management system Market – Restraints
- An increase in product prices is anticipated to hinder the market growth
- The rising number of players on the market has resulted in a cut-throat rivalry.
COVID-19 Impact on Battery management system Market
The onset of the pandemic has hampered the market. Major battery manufacturers across the globe suspended their manufacturing activities as a result of the destruction of the supply chain during the Covid-19 pandemic, which culminated in the delay of the installation of the battery management system. However, the market is expected to make a swift turnaround as economies start stabilizing.
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Companies operating in the industry have been focusing on the introduction of new technology to achieve a competitive advantage. For example, in July 2019, Bosch introduced cloud-based battery management to prolong the life of EV batteries. A few of the key companies functioning in the global market include 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
About the Study
· The study offers readers a comprehensive assessment of the battery management system market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on battery type(Lithium-Ion, Advanced Lead-Acid, Others), topologies (Centralized, Modular, Distributed), application (automotive, military, consumer, telecom, energy) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
About Future Market Insights (FMI)
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.