) April 28, 2022 -- According to the Fact.MR’s Latest Report, the global demand for battery management systems is estimated at USD 5.4 Billion in 2022 and is forecasted to reach USD 32.2 Billion by 2032, growing at an exciting CAGR of 19.6% during 2022-2032.
Key Drivers of battery management system Industry
· Electrification of the automotive industry that heavily relies on batteries
· Development of high power batteries and increasing demand for improved battery management system
· Significant investments by OEMs to develop efficient and reliable battery management systems
Demand for the battery management system for automotive as an application to increase the market valuation In Asia Pacific
Japan is well-known for the presence of many big electric vehicle manufacturers, such as Nissan Motor Corporation Ltd., Honda Motor Co., Ltd., Mitsubishi Motors Corporation, and Toyota Motor Corporation. Growing support from the government combined with strict emission norms is spurring the sales of electric vehicles, which, in turn, will increase the demand for batteries and battery management systems in near future.
The automotive as application is expected to have a valuation of USD 2.3 Billion in 2022 and is expected to grow 7.7X over the period of 2022-2032.
· North American battery management system market is expected to have a revenue share of 35% in 2022 and is likely to reach a valuation of USD 9.3 Billion by 2032 with a growth rate of 21.6%.
· The battery management system market in Europe is presumed to surpass a market value of around USD 1.7 Billion by the end of 2022 owing to the high technology adoption rate.
· The centralized as topology is forecast to be valued at USD 15.9 Billion by 2032 with a growth rate of 20.2%.
· By component type, the battery management unit holds a maximum market share of 64% by the end of 2032.
· Under application type, the automotive segment is expected to hold a market share of 43% in 2022 and is likely to reach a valuation of USD 17.9 Billion by the end of the forecast period.
· The modular segment in the topology segment is projected to grow at a CAGR of 20.7% over the period of 2022-2032.
Key Segments Covered
· By Topology
· By Components
- Battery Management Unit
- Communication Unit
Fact.MR profiled the following key battery management system manufacturers in its report are Eberspaecher Vecture Inc, AVL LIST GmbH, Lithium Balance A/S, Johnson Matthey Plc., Texas Instruments, NXP Semiconductors N.V, Nuvation Engineering, Merlin Equipment, Renesas Electronics Corporation, Elithion, Inc. Key manufacturers are constantly innovating product designs to meet the modern-day challenges pertaining to components placement in the engine environment.
· AVL LIST GmbH in 2021, has opened up its new research center in Graz, Europe. This will lead to the development of new high-voltage batteries for electric vehicles, the focus is on product launching, executing, and authorizing new efficient production processes.
· Texas Instruments in 2021, had launched a battery management system wireless in nature for EVs. The company’s new battery management system (BMS) allows controlling wirelessly, saving weight, and eliminating troublesome cabling.
After reading the Battery Management System Market report, readers get insight into:
· Major drivers and restraining factors, opportunities and challenges, and the competitive landscape
· New, promising avenues in key regions
· New revenue streams for all players in emerging markets
· Focus and changing role of various regulatory agencies in bolstering new opportunities in various regions
· Demand and uptake patterns in key industries of the Battery Management System Market
· New research and development projects in new technologies in key regional markets
· Changing revenue share and size of key product segments during the forecast period