Battery Management System Market to surpass US$ 44,428.28 million by 2033 at a CAGR of 17.82% | FMI

Explosive growth projected for Battery Management System market driven by EV demand, tech innovations, and global sustainability initiatives.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, December 1, 2023 /EINPresswire.com/ -- In 2022, it was estimated that the Battery Management System Market was worth US$ 7329.28 million. The market will probably be valued at US$ 8,633.29 million by 2023. The demand for battery management system is projected to expand at a 17.82% CAGR from 2023 to 2033 and finally reach US$ 44,428.28 million by 2033.

The market for battery management system is anticipated to increase due to the rising demand for them from various end use industries. The market is projected to grow due to rising electric car adoption, the demand for a reliable charging infrastructure, and efforts to improve battery energy efficiency.

Growth possibilities are anticipated over the projected period as a result of technical developments in battery management system that offer benefits like decreased complexity, increased efficiency, and higher dependability.

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Key Takeaways from the Market Study

The battery management system market expanded historically from 2018 to 2022 at a CAGR of 12.5%.

The market for battery management systems in the United States is anticipated to grow at a CAGR of 18.5% during the projected period.

From 2023 to 2033, the battery management system market in China is anticipated to grow at a CAGR of 18.3%.

From 2023 to 2033, the France market for battery management systems is anticipated to expand at a CAGR of 17.1%.

In Japan, the market for battery management systems is projected to develop faster than average with a CAGR of 17.3% over the forecast period.

During the projected period, the battery management system market in the United Kingdom is anticipated to accelerate at a CAGR of 18%.

The lithium ion battery category is predicted to grow throughout the forecast period with an 18.2% CAGR from 2023 to 2022.

During the projected period, the modular topology sector is anticipated to flourish at a 22.7% CAGR.

Next generation vehicles are using battery management systems as the need for battery management and the effective operation of EV batteries grows, remarks an FMI analyst.

Competitive Landscape

The existence of several significant vendors that compete for market share has led to the fragmentation of the battery management system industry. These businesses have recently used a range of tactics to expand their market share, including partnerships and mergers and acquisitions.

The market is prone to monopoly ownership, and it is evident that the major corporations have a significant impact on it. Nevertheless, the most recent trials are widening the playing field.

Prominent players in the battery management system market are

Toshiba Corporation
L&T Technology Services
Navitas System, LLC
Merlin Equipment Ltd.
Ashwoods Energy Limited
Lithium Balance Corporation
Nuvation Engineering

Key Developments

In 2022, a major international automaker chose to use BorgWarner's battery management system (BMS) for all of its B-segment, C-segment, as well as light commercial vehicle platforms. The performance, security, and longevity of battery packs are anticipated to be optimized beginning in mid-2023 by the new BorgWarner BMS technology.

In 2023, Qorvo announced the launch of the first single-chip intelligent battery management system for 20-cell systems in the global market. These systems offer intelligent battery management solutions (BMS) for diverse industrial, backup batteries, and e-mobility applications by leveraging an intelligent motor control base.

In 2022, for high-voltage applications, Sensata Technologies unveiled the Lithium Balance n3-BMS, a revolutionary battery management system. According to the manufacturer, Lithium Balance n3-BMS is perfect for applications requiring up to 1000 volts/2000 amps, including electric trucks, buses, and large commercial vehicles.

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Segmentation Analysis of the Battery Management System Market

By Battery Type:

Lithium Ion Battery
Advanced Lead-Acid Battery
Others

By Topologies:

Centralized System
Modular System
Distributed System

By Components:

Control Unit
Communications Interfaces (CAN bus)

By Application:

Automotive
Electric Vehicles
E-Bikes
Others
Military
Military Drones
Submarines
Others
Consumer/ Handheld
Power Tools
Home Appliances
Others
Telecom
Battery Management System in Energy
Grids
Wind/Solar Farms
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East & Africa

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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