In 2022, it was estimated that the market for battery management system was worth USD 7329.28 million. The market will probably be valued at USD 8,633.29 million by 2023. The demand for battery management system is projected to expand at a 17.82% CAGR from 2023 to 2033 and finally reach US$ 44,428.28 million by 2033.
The market for battery management system is anticipated to increase due to the rising demand for them from various end use industries. The market is projected to grow due to rising electric car adoption, the demand for a reliable charging infrastructure, and efforts to improve battery energy efficiency.
Growth possibilities are anticipated over the projected period as a result of technical developments in battery management system that offer benefits like decreased complexity, increased efficiency, and higher dependability.
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Key Takeaways from the Market Study
- The battery management system market expanded historically from 2018 to 2022 at a CAGR of 12.5%.
- The market for battery management systems in the United States is anticipated to grow at a CAGR of 18.5% during the projected period.
- From 2023 to 2033, the battery management system market in China is anticipated to grow at a CAGR of 18.3%.
- From 2023 to 2033, the France market for battery management systems is anticipated to expand at a CAGR of 17.1%.
- In Japan, the market for battery management systems is projected to develop faster than average with a CAGR of 17.3% over the forecast period.
- During the projected period, the battery management system market in the United Kingdom is anticipated to accelerate at a CAGR of 18%.
- The lithium ion battery category is predicted to grow throughout the forecast period with an 18.2% CAGR from 2023 to 2022.
- During the projected period, the modular topology sector is anticipated to flourish at a 22.7% CAGR.
Competitive Landscape
The existence of several significant vendors that compete for market share has led to the fragmentation of the battery management system industry. These businesses have recently used a range of tactics to expand their market share, including partnerships and mergers and acquisitions.
The market is prone to monopoly ownership, and it is evident that the major corporations have a significant impact on it. Nevertheless, the most recent trials are widening the playing field.
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Prominent players in the battery management system market are
- Toshiba Corporation
- L&T Technology Services
- Navitas System, LLC
- Merlin Equipment Ltd.
- Ashwoods Energy Limited
- Lithium Balance Corporation
- Nuvation Engineering
Key Developments
- In 2022, a major international automaker chose to use BorgWarner’s battery management system (BMS) for all of its B-segment, C-segment, as well as light commercial vehicle platforms. The performance, security, and longevity of battery packs are anticipated to be optimized beginning in mid-2023 by the new BorgWarner BMS technology.
- In 2023, Qorvo announced the launch of the first single-chip intelligent battery management system for 20-cell systems in the global market. These systems offer intelligent battery management solutions (BMS) for diverse industrial, backup batteries, and e-mobility applications by leveraging an intelligent motor control base.
- In 2022, for high-voltage applications, Sensata Technologies unveiled the Lithium Balance n3-BMS, a revolutionary battery management system. According to the manufacturer, Lithium Balance n3-BMS is perfect for applications requiring up to 1000 volts/2000 amps, including electric trucks, buses, and large commercial vehicles.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the battery management system market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the battery management system market, the market is segmented on the basis of battery type (lithium ion battery, advanced lead-acid battery, others), topologies (centralized system, modular system, distributed system), components (control unit, communications interfaces (can bus)), application (automotive, military, consumer/ handheld, telecom) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
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Segmentation Analysis of the Battery Management System Market
By Battery Type:
- Lithium Ion Battery
- Advanced Lead-Acid Battery
- Others
By Topologies:
- Centralized System
- Modular System
- Distributed System
By Components:
- Control Unit
- Communications Interfaces (CAN bus)
By Application:
- Automotive
- Electric Vehicles
- E-Bikes
- Others
- Military
- Military Drones
- Submarines
- Others
- Consumer/ Handheld
- Power Tools
- Home Appliances
- Others
- Telecom
- Battery Management System in Energy
- Grids
- Wind/Solar Farms
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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