Battery Management Module Market is anticipated to record a valuation of 14,513.5 Mn by 2027

Battery Management Module Market study by "The Insight Partners" provides details about the market dynamics affecting the market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favorable competitive landscape and trends prevailing over the years.

The mounting integration of portable batteries in consumer electronics, growing inclination toward electric vehicles, and energy storage solutions are the key factors boosting the demand for battery management modules. Currently, computers, smartphones, tablets, and other consumer electronic devices are powered by batteries, especially lithium-ion batteries. The demand for advanced energy storage technologies is playing a pivotal role in the decarbonization of modern economies. In the last few years, these advanced technologies have contributed to the evolution of energy & power, automotive, medical, and electronics industries. Regardless of the existence of technologies such as the application of battery technologies has offered the energy and power solutions to meet the technical demands of the energy storage in these sectors. The market players are investing significant amounts in adopting newer and robust technologies to further enhance their respective products.

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In the past few years, government initiatives to promote the adoption of cleaner transportation options have been growing at an impressive rate. European Union, China, Japan, Canada, India, and South Korea are some of the major geographies where governments are proactively taking steps to increase the adoption of electric vehicles especially buses and trucks. For instance, in the European Union there were some significant policy changes were made. These initiatives include improvements in fuel economy standards for trucks and 'Clean Vehicles Directive' that is focused on the procurement of electric buses by government.

Another directive called 'Energy Performance Buildings Directive' is also formed which sets minimum standards for setting up charging infrastructure in buildings. Japan is another example where fuel economy standards were revised for trucks and through Japan's automotive strategy, the country is expected to reduce 80% of its automotive greenhouse gas emissions by the year 2050. Such favorable initiatives are anticipated to boost the adoption of heavy duty electric vehicles such as trucks and thus drive the adoption of battery management modules during the forecast period of 2020 to 2027.

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The COVID-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day, which affects the world's technology supply chain too. The COVID-19 lead towards the emergence of uncertainty in the stock market, massive slowing of the supply chain, falling business confidence, as well as increasing panic among the population. The overall effect of the pandemic is impacting the production process of several industries, such as consumer electronics, automotive, aerospace and defense, energy, and many more. As the government of the different region has already announced total lockdown as well as temporarily shutdown of industries which is affecting the overall production process. Thus, hinder the overall Battery Management Module market globally.

In the automobile industry, various commercial vehicles and passenger cars are still developing, which demand enhanced energy storage systems. The availability of advanced battery technologies has encouraged automotive OEMs to adopt the battery management module. Several developing countries in APAC and South America, such as India, China, and Brazil, play a crucial role in the growth of the automotive and consumer electronics industry. APAC is home to several automotive players' factories. Moreover, various companies in APAC are proceeding with battery production projects in Europe. For instance, Northvolt (Sweden), LG Chem (Poland), Terra E Holding (Germany), and SK Innovation (Hungary) have announced their respective battery projects with battery cell production requiring battery management module for enhanced energy storage.

Companies Profiles

• NXP SEMICONDUCTORS N.V.
• Johnson Matthey
• Texas Instruments Incorporated
• Renesas Electronics Corporation
• Nuvation
• Analog Devices, Inc
• Elithion Inc
• L&T TECHNOLOGY SERVICES LIMITED
• Lithium Balance
• LECLANCHE

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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