Battery Management System Market to expand at a CAGR of 19.9%, by 2025
Consumption of rechargeable batteries in the electronics sector is growing. Rechargeable batteries are used in products such as power tools and vacuum pumps, and growth in demand for these products is driving global battery management system market revenue. In the recent past, demand for power tools, garden tools, portable medical tools, portable battery packs and various other powered devices and tools has been increasing in markets in emerging economies, particularly in Asia.An increasing number of players in the market has resulted in intensified competition, is leading to price wars, reduced profit margins and is hampering growth of the global battery management system market. OEMs in industries such as automotive and telecom have significant bargaining power and dictate pricing of battery management systems. This leads to low profit margins for manufacturers. In cost-sensitive markets such as India and ASEAN, intense competition among battery management system providers is also resulting in price wars. Some battery management systems are incompatible with complex battery structures and this is expected to hamper growth of the market to a certain extent.
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The global battery management system market is segmented on the basis of verticals into automotive, energy, telecom and drones. Demand for BMS from the automotive vertical for e-Vehicle application is significantly high, and this sub-segment is estimated to account for 14.2% revenue share of the global battery management system market by the end of 2015. As per FMI estimates, e-Vehicle sub-segment is projected to expand at a CAGR of 21.1% during the forecast period. The automotive segment is estimated to dominate the global market with 39.5% share in terms of revenue by 2015 end, followed by energy and consumer/handheld segment with share of 26.3% and 17.4% respectively. Automotive segment dominated the global market in terms of revenue in 2014 and is expected to register a CAGR of 20.8% during 2015and 2025.
On the basis of topology, the global battery management system market is segmented into distributed, centralized and modular. The centralized segment in the global battery management system is estimated to account for 38.7% revenue share of the market by the end of 2015. According to FMI estimates, the centralized segment would expand at a CAGR of 19.6% between 2015 and 2025. The distributed segment is estimated to account for 34.4% share of the overall market by the end of 2015, and is forecast to expand at a CAGR of 19.5% over the forecast period.
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The global battery management system market is segmented on the basis of regions into North America, Eastern Europe, Middle East & Africa (MENA), Asia Pacific Excluding Japan (APEJ), Western Europe, Latin America and Japan. By the end of 2015, APEJ is estimated to be the dominant region, accounting for around 29.1% share of the global market, followed by the North America and Western Europe. APEJ battery management system market is estimated to be valued at US$ 557.2 Million by 2015 end and reach US$ 3,807.1 Million by 2025. By the end of 2015, North America and Western Europeare estimated to be the other major contributors to global market, accounting for 24.5% and 16.3% share respectively of the overall market revenue. The market in Japan is estimated to account for 10.5% share of the global market by 2015 end, and register a CAGR of 18.3% during the forecast period.
Key players across the supply chain of the global battery management system market include OEMs/suppliers of BMS, BMU integrators and electronic devices manufacturers that manufacture BMS. Companies analysed in the report include The Ventec Company, Nuvation Engineering, Ashwoods Energy Limited, TWS, Lithium Balance Corporation, Vecture Inc., Toshiba Corporation, L&T Technology Services, Merlin Equipment Ltd., AVL, Navitas System LLC and Johnson Matthey Battery Systems.Analysis reveals that battery management system companies should continue to invest in markets in APEJ and North America to increase market share and expand consumer base.
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