Global Battery Management System Market Value Set To Rise Above $20,000.0 Million by 2030

The global battery management system market reached a revenue of $5,661.0 million in 2020, and it is predicted to advance at a CAGR of 15.0% between 2021 and 2030. Furthermore, as per the estimates of the market research company, P&S Intelligence, the market will attain a value of $22,279.6 million by 2030. The factors driving the expansion of the market are the surging deployment of electric vehicles (EV) and the soaring utilization of rechargeable batteries in consumer electronics.

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The presence of a large number of petrol- and diesel-engine-powered automobiles on roads has caused a sharp rise in carbon emissions all over the world. As per the Our World in Data, the transportation industry accounted for 16.2% of the total greenhouse gas emissions across the world in 2018. Thus, in order to mitigate the emission of these toxic gases into the atmosphere, the governments of several countries are implementing policies aimed at encouraging the adoption of EVs.

This is subsequently pushing up the requirement for battery management systems as these systems are integral components of EVs. Moreover, the soaring manufacturing of these vehicles is further augmenting the demand for battery management systems around the world. Apart from this factor, the growing usage of rechargeable batteries in consumer electronic devices is also fueling the demand for battery management systems. These systems are used in consumer electronics for controlling the battery operation.

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Additionally, they also monitor the condition and health of the battery and collect and report data. As the sales of consumer electronic products such as laptops, mobile phones, wearable devices, and digital cameras, are mushrooming all over the globe, the battery management system market is exhibiting rapid expansion. Depending on battery type, the market is classified into lead-acid, lithium-ion, and nickel. Out of these, the lithium-ion category is expected to exhibit the fastest growth in the forthcoming years.

Hence, it can be safely said that the market will grow rapidly in the coming years, primarily because of the surging deployment of electric vehicles and the soaring sales of consumer electronic products all over the world.

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This release was published on openPR.