The global battery management system market is estimated at USD 5.4 Billion in 2022 and is forecast to reach USD 32.2 Billion by 2032, growing at an exciting CAGR of 19.6% during 2022-2032.
The study foresees that centralized topology in the battery management system market will continue to hold a larger market share. In 2019, volume sales of centralized topology are expected to account for over four-fifth share of battery management system market.
According to the Fact.MR study, battery management unit component is projected to account for over 73% volume sales in 2019. However, the communication unit component witnessed a significant y-o-y growth of 21% in 2018 against the backdrop of increasing demand for electric vehicles and consumer handheld appliancesthe status-quo is likely to continue in 2019.
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In a bid to meet the demand for lightweight and fuel efficient vehicles, automotive industry's reliance on electronic components has increased significantly. Additionally, emergence of electric vehicles and consistent innovations to introduce improved battery performance are likely to increase demand for battery management systems in the future.
Fact.MR estimates that automotive industry continues to register a significant demand for battery management system and accounted for over two-fifth volume sales in 2018. Demand for battery management system in the energy-related applications is projected to register the second highest demand for battery management systems.
Battery management system provides an efficient energy storage system loading control strategy with improved energy utilization efficiency and optimized energy load characteristics. Further, increased emphasis on the installation of renewable energy sources across the world and development of lithium batteries with enhanced performance and lifecycle have necessitated the installation of battery management system in the power-related applications.
The study finds that sales of battery management system in telecommunication and consumer handheld applications are also expected to rise in the coming years. Globally, consumer electronics, especially handheld devices such as smartphone and tablets find an extensive application. In the telecommunication industry, to maintain the services of network infrastructure up and running, batteries are plating vital role, in turn, generating demand for battery management system.
North America Continues Ascendancy in the Market, APEJ and MEA to Witness Higher Growth Rate
With volume sales of nearly 4 million units, North America is projected to reserve its pole position in the battery management system market in 2019. Europe is estimated to follow North America, albeit growing at a faster rate. These developed regions with their flourishing automotive industry and increasing power demand present the most lucrative market for battery management system.
Developing countries such as China and GCC countries in APEJ and MEA regions present growing demand for battery management system. Fact.MR study finds that APEJ and MEA will witness rapid growth in the coming years, wherein both the regions are expected to register over 23% growth in 2019.
As battery management system enhances battery lifespan and improves overall battery performance, battery-based device manufacturers prefer reliable and certified products distributed through original equipment manufacturers (OEM). These end-user sentiments explain the dominance of Tier 1 players in the battery management system market.
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Battery Management System Market Historical Overview (2017-2021) Vs. Forecast Outlook (2022-2032)
· North America battery management system market is expected to have a revenue share of 35% in 2022 and is likely to reach a valuation of USD 9.3 Billion by 2032 with a growth rate of 21.6%.
· The battery management system market in Europe is presumed to surpass market value of around USD 1.7 Billion by the end of 2022 owing to high technology adoption rate.
· The centralized as topology is forecast to be valued at USD 15.9 Billion by 2032 with a growth rate of 20.2%.
· By component type, battery management unit holds a maximum market share of 64% by the end of 2032.
· Under application type, automotive segment is expected to hold market share of 43% in 2022 and is likely to reach a valuation of USD 17.9 Billion by the end of forecast period.
· The modular segment in topology segment is projected to grow at a CAGR of 20.7% over the period of 2022-2032.
Key Segments Covered
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Fact.MR profiled the following key battery management system manufacturers in its report are Eberspaecher Vecture Inc, Toshiba Corporation, AVL LIST GmbH, Lithium Balance A/S, Johnson Matthey Plc., Texas Instruments, NXP Semiconductors N.V, Nuvation Engineering, Merlin Equipment, Renesas Electronics Corporation, Elithion, Inc. Key manufacturers are constantly innovating product designs to meet the modern day challenges pertaining to components placement in the engine environment.
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