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.
New York, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Battery Management Module Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type ; by Driveline Type ; and Geography" - https://www.reportlinker.com/p06010033/?utm_source=GNW
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. The application of batteries plays a crucial role in consumer electronics, medical, and automotive industries. Over the years, growing demand for batteries for electric vehicles has been dominating the battery management module market as these batteries are cost effective from the manufacturer’s point of view. The replacement of graphite with silicon would enable the OEMs to experience longer battery life, which, in turn, would create ample demand from the end users. This is expected to boost the growth of the battery management module market during the forecast period.
In the past few years, electric mobility has been growing at an unprecedented rate.The sales of electric vehicles are expanding at a fast pace owing to increasing concerns regarding environmental protection and favorable government policies to boost the adoption of electric vehicles worldwide.
As per Global EV Outlook 2019 of International Energy Agency (IEA), electric vehicles in freight transport especially light-commercial vehicles (LCVs) reached 2, 50,000 units in the year 2018.Medium electric truck sales also reached to around 1,000 to 2,000 units in the same year.
Presently, China is the leading market for electric vehicles followed by Europe and the US.Government polies plays a crucial role in the development and growth of electric vehicle market worldwide.
Countries that are leading in electric mobility have various measures in place for the promotion of electric mobility such as fuel economy standards and zero & low emission vehicle incentives. In addition to this, continuous technology advancements in battery chemistry and expanding production capacity of electric vehicle manufacturing plants are leading to cost cuts and hence driving the growth of electric vehicles. The encouraging support from private sector is another complementing factor that is driving the electrification of transport worldwide. Multiple vehicle manufacturers are making announcements about their intentions and plans to launch electric cars, buses, and trucks. Growing investments in charging infrastructure, expanding battery manufacturing, and favorable government policies are some of the major factors that are anticipated to drive the demand for battery management modules during the forecast period of 2020 to 2027.
Owing to the presence of prominent car manufacturers, such as Daimler AG, BMW, VW, Opel, and Audi, Germany is the largest contributor to the European automotive industry. As per the European Automobile Manufacturers Association, in 2019, approximately 15.8 million passenger cars were manufactured in the region. European car manufacturers are investing more in their EV production. Further, in October 2017, the European Commission announced the European Battery Alliance, an initiative to bring the battery factories built by European companies across the region. The European Commission finds huge potential in the battery management module, where new market entrants can also aim of swift progress. As a result, a few major battery manufacturers have planned to set up manufacturing plants in the region. The major companies that have planned to invest in the battery management module business in Europe include NXP Semiconductors N.V., Leclanché; and Lithium balance. For instance, in 2020, Varroc Engineering Limited, has entered into agreement to manufacture EV Battery Management System; in India for Lithium Balance A/S, a Danish BMS solutions provider.
Transportation is the major source of pollution all across the world and heavy-duty vehicles such as trucks and buses are the major contributors in this category.To address this issue, governments of major countries such as the US, the UK, Germany, Japan, and China are taking initiatives to boost the adoption of electric buses and trucks at a fast rate.
The high efficiency of electric trucks and buses over conventional diesel and natural gas vehicles is another factor that is expected to drive the growth of this segment in the coming years.With still in the initial growth stages, this segment is anticipated to see an impressive growth with increasing push for the electrification of transport sector worldwide.
China is one of the largest countries that is aggressively pushing the world’s largest electric bus market, followed by Europe and the US.As per Electric Vehicle Outlook 2019 of BloombergNEF, in the next 20 years, electric vehicles in the LCV category will reach around 56% which includes light trucks and vans and medium commercial electric vehicles will reach 31% in the US, China, and Europe.
The future production of these heavy electric vehicles depends on various factors such as improvements in fuel efficiency, energy costs, reducing emissions, declining costs of batteries and alternative fuels. With fast changing electric vehicle technology, improvement in batteries, and favorable regulatory environment, the demand for electric buses, trucks and other heavy duty electric vehicles is anticipated to grow at an impressive rate and it offers ample growth opportunities for the Battery Management Module system providers during the forecast period of 2019 to 2027.
The well–established market players operating in the Battery Management Module market include 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, and Leclanche.
The overall global Battery Management Module market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global Battery Management Module.
It also provides an overview and forecast for the Battery Management Module based on all the segmentation provided for the global region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, Battery Management Module intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Battery Management Module industry.
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