Battery Management System Market Share Overview
The Battery Management System Market Share is expected to be worth USD 32,241.3 Million by 2031, growing at a 6% CAGR.
In response to growing environmental concerns and the depletion of fossil resources, electric vehicles have been developed. A battery management system is required for every lithium-ion battery pack, notably those used in electric vehicles. Due to the safety issues with lithium-ion batteries, BMS is used in a variety of ways in electric vehicles. In the near future, it is projected that this component will provide the market with a wide range of possibilities.
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In addition, growing consumer demand for more fuel-efficient vehicles has led to ongoing technological advancements in electric and hybrid vehicles, which are also anticipated to boost market expansion in the near future.
The big corporations are experiencing a halt as a result of the COVID 19 pandemic because they are unable to start new initiatives and complete product development. Due to the lockout, a Chinese battery manufacturer named BYD was unable to finish the sequence of tests for new battery models.
Similar to Umicore, a Belgian firm, the production of cars decreased by 25% in the first quarter of FY'2020 as a result of large losses in the automotive sector. The governments of the affected regions must open up prospects for the renewable energy sector and electronic vehicle packages. The corporations are anticipated to benefit from this approach by reducing future losses and easing the effects of previous losses.
Market Segmentation
- By Battery Type
The other battery section, which is based on battery type, is anticipated to experience the fastest growth throughout the course of the forecast. Flow batteries are a good fit for systems like renewable energy generators and UPS because of their large capacity and resistance to harsh temperatures.
- By Component
The hardware and software segments of the worldwide battery management system (BMS) market are based on component.
- By Topology
The Battery Management System Market Share is likely to experience the fastest growth in the modular topology subsegment during the forecast period. Modular topology is used by the majority of manufacturers since it provides tremendous processing power and is safe because it doesn't call for elaborate wire harnesses.
- By Application
The automotive, military defense, medical, portable devices, telecommunication, renewable energy systems, uninterrupted power supply, and other segments make up the global battery management system (BMS) market. Due to the growing need for batteries in electronic vehicles, the automotive sector is anticipated to account for the greatest share of the market.
Regional Classification
In 2021, Europe dominated the global market for battery management systems, and this trend is anticipated to hold during the forecast period. In 2021, China ruled the Asia-Pacific region. This can be attributed to the increase in electric car sales in countries like China, India, and Japan as a result of regional worries over CO2 emissions.
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Industry News
Inverted Energy announced the release of the OJAS BMS, a novel battery management system, in December 2020. A dependable battery management system, precise cutoffs with very low error tolerances, and top-notch metal-oxide-semiconductor field effect transistors are all included in the new product.
In September 2020, Analog Devices, Inc. unveiled the first wireless battery management solution for the automobile industry, giving automakers more flexibility as they scale up the production of their electric vehicle fleets across a variety of vehicle classes.
Key Players:
Based on the data obtained from battery management system industry analysis, the prominent players of this market are Toshiba Corporation (Japan), Robert Bosch GmbH (Germany), Johnson Matthey (UK), Edition (US), EBERSPÄCHER (Germany), Lithium Balance (Denmark), Microchip Technology, Inc. (US), STARTED Development (France), NXP Semiconductors (Netherlands), Auto Motive Power, Inc. (united states of America), Analog Devices Inc. (US), Merlin Equipment (UK), Texas Instruments Incorporated (US), Panasonic Corporation (Japan), Ricardo (UK), MASTERVOLT (Netherlands), East Penn Manufacturing Company (US), Medtronic’s, Inc. (US), NUVATION (US), DEUTZ AG (Germany), Lithium WERKS (Netherlands), AVL (Austria), and EWERT Energy Systems, Inc. (unites states of America).
