Battery Management Integrated Circuits (ICs) Market Insights, Demand, Analysis, Share, Forecast 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Battery Management Integrated Circuits (ICs) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The battery management integrated circuits (ICs) market size has grown strongly in recent years. It will grow from $4.87 billion in 2023 to $5.20 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to rise in demand for portable electronics, growth of the electric vehicle industry, rise in the need for efficient battery utilization, surge in the miniaturization of electronic devices, and increase in regulatory mandates for energy efficiency.

The battery management integrated circuits (ICs) market size is expected to see strong growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rising adoption of electric vehicles, growing demand for portable consumer electronics, increasing emphasis on renewable energy storage, expanding IoT applications, increasing stringent safety regulations, and increasing need for efficient power management solutions. Major trends in the forecast period include integration of AI and machine learning, development of more efficient and compact ICs, advancements in ultra-fast charging capabilities, adoption of advanced thermal management techniques, and advancements in wireless battery management solutions.

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Market Drivers and Trends:

The rising demand for electric vehicles is expected to propel the growth of the battery management integrated circuit (IC) market going forward. Electric vehicles (EVs) are automobiles powered entirely or primarily by electric motors, which use electrical energy stored in batteries or other energy storage devices. The rising demand for electric vehicles is attributed to technological advancements, environmental concerns, economic benefits, government incentives, safety improvements, consumer demand, and infrastructure development. Battery management ICs help electric vehicles by optimizing battery performance, ensuring safe charging and discharging, balancing cell charge levels, and providing critical data on battery health and state of charge. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, the rising demand for electric vehicles drives the battery management integrated circuit (IC) market.

Major companies operating in the battery management integrated circuit (IC) market are developing innovative products such as integrated fuel gauges to enhance the accuracy and efficiency of battery monitoring systems, optimize energy usage, and extend the lifespan of batteries in various applications. An integrated fuel gauge in a management integrated circuit (IC) is a component that monitors and displays the charge level or remaining capacity of a battery. It provides real-time information about the battery's state, helping to manage its usage efficiently and prevent overcharging or deep discharging. For instance, in November 2021, Analog Devices Inc., a US-based semiconductor company, launched the MAX17330 battery management integrated circuit (IC). This battery management integrated circuit (IC) with an integrated fuel gauge and advanced battery protection is designed for one-cell lithium-ion/polymer batteries. This IC enhances battery runtime for consumer applications by providing superior management and protection compared to similar products. The MAX17330 is engineered to extend battery runtime and monitor internal cell self-discharge risks while reducing the size of solutions for single-cell battery-powered devices.

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Major Key Players of the Market:

Samsung Electronics Co. Ltd., Panasonic Holdings Corporation, Qualcomm Incorporated, Toshiba Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors NV, Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corporation, Microchip Technology Incorporated, Skyworks Solutions Inc., Qorvo Inc., ROHM Co. Ltd., ams OSRAM AG, Nisshinbo Micro Devices Inc., Diodes Incorporated, Monolithic Power Systems Inc., Semtech Corporation, Torex Semiconductor Ltd., Ablic Inc., Dialog Semiconductor Plc, Eutech Microelectronics Inc., Richtek Technology Corporation

Battery Management Integrated Circuits (ICs) Market 2024 Key Insights:

• The battery management integrated circuits (ICs) market size is expected to see strong growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Electric Vehicle Boom Fueling Growth in Battery Management IC Market
• Advancements in Battery Management Integrated Circuits
• Asia-Pacific was the largest region in the battery management integrated circuits (ICs) market in 2023

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