Battery management systems Market Size, Share, Trends, Growth and Forecast 2032

Global Battery management systems Market Size And Industry Analysis

The global battery management systems market size was worth around USD 10,283.1 million in 2021 and is estimated to grow to about USD 27478.6 million by 2028, with a compound annual growth rate (CAGR) of approximately 17.8 percent over the forecast period. The report analyzes the battery management systems market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the battery management systems market. 

Battery management systems Market: Overview

Battery management systems are used to manage the use of batteries in multiple applications especially these systems are deployed in automotive applications where effective management of batteries is necessary. The increasing use of electronic components in automotive applications is also projected to boost the adoption of battery management systems through 2028.

The increasing popularity of electric vehicles and shifting focus on multiple energy management sources is predicted to boost the use of battery management systems over the forecast period.

High costs of battery management systems are expected to have a restraining effect on the battery management systems market potential over the forecast period.

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COVID-19 Impact:

The COVID-19 pandemic had a significantly adverse impact on the battery management systems market. The shutdown of multiple automotive manufacturing facilities and the closure of multiple industrial activities led to a downfall of the battery management systems market growth in 2020. The drop in the use of automobiles also had an adverse impact on the battery management systems market.

Demand and supply chain gaps, drop in sales and production of automotive, and shortage of raw materials are some major restraints that led to a slowdown in battery management systems market growth.

As industrial activity resumes and automotive production gets back on track we are expecting the battery management systems market to make a stellar comeback in the post-pandemic era. The battery management systems market will experience good growth through 2028.

Battery management systems Market: Growth Drivers

Increasing demand for Electric Vehicles

Advancements in the automotive industry have led to a substantial rise in the use of electronic components in vehicles and the increasing demand to maintain sustainability has driven the demand for electric vehicles which subsequently drives the battery management systems market growth over the forecast period. The Use of battery management systems is crucial in maintaining better regulation of battery and enables efficient use of a battery as well. This is expected to boost the battery management systems demand through 2028.

Battery management systems Market: Restraints

High Cost of Battery management systems to Restrain Market Potential

Battery management systems deploy sensitive sensors and electronics to ensure efficient running and this is what makes the offering an expensive one these high costs are expected to have a restraining effect on the global battery management systems market potential. This factor slows down the adoption of battery management systems in low-income economies and this eventually slows down the global battery management systems market growth in the long run.  

Global Battery management systems Market: Segmentation

The global battery management systems market is segregated based on battery type, type, application, and region.

By Type, the market is divided into Centralized, Modular, and Distributed. The modular segment is expected to hold a dominant market share over the forecast period and this trend is anticipated to be mostly driven by the use of battery management systems in the automotive industry.  

By Application, the battery management systems market is segmented into Automotive, Military, Telecommunications, Renewable Energy Systems, UPS (Uninterrupted Power Supply), and Others. The increasing demand for battery management systems in the automotive industry is projected to lead the global battery management systems market growth over the forecast period. This trend is projected to make this segment a majorly dominant one over the forecast period.  

Recent Developments

• In July 2019 – Vertical Partners West LLC an electrical equipment manufacturer announced a collaboration with Teledyne Energy Systems that will be aimed at expansion of product portfolio.

Regional Landscape

Asia Pacific region will also see good growth in demand for battery management systems owing to rising sales of automobiles and increasing automotive production. China and India are projected to be the most lucrative markets for battery management systems in this region through 2028.

The market for battery management systems in Europe is expected to hold a major market share in the global battery management systems industry landscape and this is wowing to a rising focus on the use of sustainable energy generation in this region. Governments in this region are investing and providing subsidies to promote the use of batteries in multiple sectors. The presence of key automotive manufacturers and rising focus on electric vehicle infrastructure in this region will also be boosting the battery management systems market potential in this region.

Competitive Landscape

Some of the main competitors dominating the global battery management systems market include -  

• Leclanche (Switzerland)
• Lithium Balance (Denmark)
• Nuvation Engineering (US)
• Eberspaecher Vecture (Canada)
• Storage Battery Systems (US)
• Johnson Matthey (UK).

The global battery management systems market is segmented as follows:

By Battery Type

• Lithium Ion
• Advanced Lead-Acid
• Others

By Type

• Motive Battery
• Stationary Battery

By Topology

• Centralized
• Modular
• Distributed

By Application

• Automotive
• Military
• Telecommunications
• Renewable Energy Systems
• UPS (Uninterrupted Power Supply)
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa