Battery Management System (BMS) Market Is Thriving Continuously By Top Key Players

The global battery management system (BMS) market was valued at US$ 3,513.2 Mn in 2018 and is expected to grow at a CAGR of 19.9% during the forecasted period (2019-2027)

A battery management system (BMS) is an electronic system that governs a rechargeable battery such as battery pack or cell. This is done by supervising its state, preventing it from operating outside its safe operating area, reporting data, calculating secondary data, and controlling its environment.

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Increasing demand for electric vehicles worldwide is expected to drive growth of the global battery management system (BMS) market during the forecast period
In the recent past, demand for electric vehicles has increased significantly, especially from Europe, North America, and Japan. This is partly due to growing fuel costs and strict regulatory polices imposed by the governments to reduce CO2 emissions.

Key manufacturers in the industry are focused on investing in research and development activities, in order to enhance e-bikes technology. This is owing to increasing demand for e-scooters and e-bikes from developed countries such as Germany, France, Japan, Italy, and the U.S. Moreover, increasing disposable incomes in developed countries is expected to boost the demand for e-bikes and thereby drive the global battery management (BMS) market growth over the forecast period.

Growing competition in the market coupled with pricing wars has hindered the profit margins. Moreover, OEMs in the automotive industry and telecom hold tremendous bargaining power and price dictation of battery management system. This, in turn, reduces profit margins for vendors. Furthermore, cost-sensitive markets such as ASEAN and India with intense competition among BMS providers are expected to restrain the market growth over the forecast period.

Segment information:

In Global battery management system (BMS) market, by vertical segment automotive sub-segment dominated the global battery management system (BMS) market in 2018, accounting for 40.4% share in terms of value, followed by energy sub-segment and Consumer/Handheld sub-segment, respectively.

Competitive Section

Key companies operating in the global battery management system (BMS) market are AVL, Cummins, Inc., Johnson Matthey Battery Systems, L&T Technology Services, Lithium Balance Corporation, Merlin Equipment Ltd., Navitas System, LLC, Nuvation Engineering, The Ventec Company, Toshiba Corporation, TWS (Technology with Spirit), and Vecture Inc.

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This release was published on openPR.