Battery Management System Market Key Manufacturers, Development Trends and Competitive Analysis

As per Our World in Data, the transportation industry produced 16.2% of the total greenhouse emissions across the world in 2018. As electric vehicles assist in mitigating the emission of toxic gases, their increasing deployment is helping governments and environmental organizations reverse climate change and improve public health. Since battery management systems are integral components of electric vehicles, the soaring production of electric vehicles is positively impacting their worldwide sales.

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Apart from the surging deployment of electric vehicles, the increasing usage of rechargeable batteries in consumer electronic devices is also fueling the growth of the battery management system market. Battery management systems are extensively used in consumer electronic devices for controlling battery operations. Additionally, they also monitor the state of rechargeable batteries, collect and report data, and monitor the health of batteries.

This is why the ballooning use of consumer electronic devices such as laptops, wearable devices, and mobile phones is predicted to propel the revenue of the battery management system market from $5,661.0 million in 2020 to $22,279.6 million by 2030. Furthermore, the market will advance at a CAGR of 15.0% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence.

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Battery management systems are used for managing lead-acid, lithium-ion, and nickel batteries. Out of these, the usage of these systems is expected to rise sharply for managing lithium-ion batteries in the coming years. This is credited to the fact that the use of lithium-ion batteries has surged massively over the last few years, on account of the soaring adoption of consumer electronic devices such as digital cameras, wearable devices, and mobile phones.

Hence, it is safe to say that the sales of battery management systems will soar all over the world in the coming years, primarily because of the growing deployment of electric vehicles and the surging use of consumer electronic products such as laptops and mobile phones, in which, lithium-ion batteries are used extensively.

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This release was published on openPR.