DUBLIN, Jun 14, 2021--(BUSINESS WIRE)--The "Battery Management System Market Research Report: By Battery Type, Connectivity, Topology, Vertical - Global Industry Analysis and Forecast to 2030 - Global Industry Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Global battery management system market value is projected to grow from $5,661.0 million in 2020 to $22,279.6 million by 2030, at a 15.0% CAGR between 2021 and 2030
New Zealand joined the Electric Vehicles (EV) Initiative in 2019, aiming to become a carbon-free economy by 2050. With other countries around the world too taking such initiative to check the rate of environmental degradation, the demand for EVs is booming.
This is because the key component of EVs is the battery, which provides them with the propulsive power. The battery management system is needed to control and track the charging and discharging process, monitor the health of the battery, and provide information on the amount of charge remaining. Thus, the declining prices of automotive batteries, especially lithium-ion (Li-ion) batteries, are driving the battery management system market, by propelling the sales of EVs and, in turn, the demand for batteries.
During the COVID-19 pandemic, the battery management system market was negatively affected, both on the demand and supply sides. Due to the closure of automotive and consumer electronics facilities as a result of the lockdown measures taken around the world, the requirement for such systems reduced. Similarly, as the factories producing battery management systems were also shut down, the supply of such products suffered. Additionally, on account of the widespread financial distress, people did not spend much on automobiles and consumer electronics.
In the coming years, the Li-ion category will continue to generate the highest revenue in the battery management system market, based on battery type. A longer life, lower maintenance requirements, higher energy density, eco-friendliness, and better resilience make these batteries preferred among end users.
The wireless bifurcation, on the basis of connectivity, is expected to witness the higher CAGR in the battery management system market in the near future, of 54.8%. With the rising demand for reducing the wiring and the increasing adoption of the internet of things (IoT), wireless battery management systems are gaining rapid popularity.
Asia-Pacific (APAC) is the largest battery management system market, and it will also witness the fastest revenue growth in the years to come. According to the International Energy Agency's (IEA) Global EV Outlook 2020 report, almost 47% of the 7.2 million electric cars operational around the world in 2019 were in China.
Moreover, China accounts for the largest fleet of electric two- and three-wheelers and buses in the world. Similarly, under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme, the Indian government is investing INR 10,000 crore in the EV sector.
Some of the most-prominent players in the global battery management system market are
Lithium Balance A/S
Eberspaecher Vecture Inc.
Storage Battery Systems LLC
Renesas Electronics Corporation
Navitas Systems LLC
LION Smart GmbH
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Battery Type
4.1.2 By Connectivity
18.104.22.168.1 Wireless BMS Trends
4.1.3 By Topology
4.1.4 By Vertical
22.214.171.124 Consumer electronics
126.96.36.199 Aerospace & defense
4.2 Value Chain Analysis
4.3 Market Dynamics
188.8.131.52 Cloud-connected BMS
184.108.40.206 Increasing demand for EVs
220.127.116.11 Increasing use of rechargeable batteries in consumer electronics
18.104.22.168 Impact analysis of drivers on market forecast
22.214.171.124 Lack of adequate charging infrastructure
126.96.36.199 Impact analysis of restraints on market forecast
188.8.131.52 Growing demand for renewable energy
4.4 Impact of COVID -19
4.5 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Battery Type
5.2 By Connectivity
5.3 By Topology
5.4 By Vertical
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Players and Their Offerings
11.2 Analysis of Key Players in the Market
11.3 Competitive Benchmarking of Key Players
11.4 Recent Activities of Players
11.5 Global Strategic Developments
11.5.1 Mergers and Acquisitions
11.5.2 Product Launches
11.5.4 Client Wins
Chapter 12. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/qwoq3w
View source version on businesswire.com: https://www.businesswire.com/news/home/20210614005328/en/
Laura Wood, Senior Press Manager
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