Battery Management System Market is expected to grow at a strong CAGR of 17.8% from 2022 to 2032 with Rising Demand

In 2022, the global battery management system market is expected to be worth US$ 7329.28 million, with a market value of US$ 37.715 billion expected in 2032. Through 2032, the market is expected to grow at a strong CAGR of 17.8%. Previously, the market grew at a slower 7.2% CAGR. (2017-2021).

An electronic system that monitors the capacity of battery-powered batteries is known as a battery management system (BMS). The system controls the load environment, monitors battery state, and adjusts charging as needed to manage batteries.

It also has features such as cell balance, cell noticing, prosperity/affirmation, and charging control/checking. The market is developing due to the consistency of such characteristics. This is especially evident in the automobile industry. Electric vehicle bargains are developing, and serious constraints highlighted diminishing tainting are boosting the vehicle sector's advantage.

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According to FMI, the automobile industry will continue to account for the majority of transactions over the forecast period. The growing popularity of e-bikes and electric vehicles will ensure consistent market interest.

Key Takeaways of Battery management system (BMS) Market Study

Increasing demand for disruptive battery management systems will enable the battery management system market exhibit above 15% Y-o-Y growth in 2021

The U.S. will remain a lucrative market for sales accounting for over 84% of North America market despite dip in demand exhibited in 2020 amid COVID-19

The U.K. will exhibit a little below 10% Y-o-Y growth in 2021, after relatively slower growth recorded in 2020

Germany and France will continue exhibiting high demand for battery management systems

South Korea and Japan will lucrative markets for BMS in East Asia

Growing Uptake of Rechargeable Batteries to Boost Market

In the consumer electronics industry, the use of rechargeable batteries is increasing. Power tools and vacuum pumps, for example, employ rechargeable batteries. Given this, the market is being driven by a rise in demand for these items.

Increased popularity of electronic devices such as power tools, garden tools, portable medical equipment, portable battery packs, and other technology items will also boost market growth throughout the predicted period.

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More Valuable Insights on Battery management system (BMS) Market

A new market research report published by Future Market Insights (FMI) on the global battery management system (BMS) market includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. The report provides valuable insights on the basis of battery type (lithium ion, advanced lead-acid, and others), topologies (centralized, modular, and distributed), components (battery control unit and battery communications interfaces (CAN bus)), application (automotive (electric vehicles,E-Bikes, and others), military (military drones, submarines,and others), consumer/ handheld (power tools, home appliances, and others), healthcare, retail & CPG, others), telecom, energy (grids, wind/solar farms, and others) and others across six major regions.

Competitive Landscape

The battery management system market is fragmented by the several key vendors present in the market to lift the market share of battery management system. These players are using various tactics to acquire bigger share in the market in recent years.

Market is open to monopolization and can be seen getting influenced from the major players. Though the latest experiments are helping the space to be wide.

Recent Market Development

L&T has introduced its custom-designed battery management system that keeps the electric vehicles in the safe zone that has better temperature management with 90% efficiency, 20% cost reduction. This is likely to fuel the demand for battery management system.

Toshiba electronic device lyd has launched its battery/power management system that develops new products by applying it to multiple formats. Brand ensures the improvement of safety, high efficiency, and miniaturization (Small size package).

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Key Segments

Battery Type:

Lithium Ion
Advanced Lead-Acid
Others

Topologies:

Centralized
Modular
Distributed

Components:

Battery Control Unit
Battery Communications Interfaces (CAN bus )

Application:

Automotive
Military
Consumer/ Handheld
Telecom
Energy

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.