The battery management system is the only answer to improve the power proposition of electric vehicles. Correct use of current and effective communication between power source and motor can be achieved through this system. This leads to greater adoption of these systems.
NEWARK, DE /ACCESSWIRE/September 13, 2022/ The Battery Management Systems Market is expected to grow at a CAGR of 17.8% and is expected to touch a valuation of USD 37,715.01 billion by 2032, while it holds a revenue of USD 7,329.28 million in 2022. High penetration of electric and hybrid vehicles is driving the demand for Battery Management System.
The proliferation of fuel prices along with the advent of high-performance hybrid and all-electric vehicles has increased the demand for battery management systems for better power transmission and delivery.
Growing adoption of electric and hybrid vehicles and development of wireless and connected device technology Growing adoption of electric and hybrid vehicles and development of wireless and connected device technology
The battery management system is the heart of any electric vehicle, transmitting the power and energy needed to operate the engine system. The battery management system is nothing but electronic control circuits that monitor and regulate the charging and discharging of batteries.
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This system allows users to monitor vital battery performance, including battery type, temperature, state of charge, power consumption, remaining run time, charge cycle and others. properties.
Key insights from market research
- The battery management system market is expected to grow with a 20-25% market share in North America.
- Germany is the largest market for the battery management system market in Europe.
- Based on product type category, lithium-ion battery type holds the largest market share of 41.5 in 2022. Factors driving the growth of this segment are its embedded applications in mobile electronic devices and electric vehicles due to their high efficiency and high energy density.
- Battery management systems market analysis explains that modular topologies segment is rising with a strong CAGR of 22.7% (2022-2032) among topologies category with an additional opportunity of more than 7.9 billion USD between 2022 and 2032
“Rising fuel prices due to the war between Ukraine and Russia resulted in high logistics and fluctuating customs duties. For this reason, people are turning to electric vehicles and have started adopting the latest technology supported electric vehicles. However, sales of battery management systems were limited during the previous forecast period (2017-2022) due to logistics bans and lack of research on electric vehicles. Shutdowns of electrical technology programs along with less capital generation by already existing programs led to the slowdown in the battery management systems market. The market is expected to recover through 2032 due to rising sales of hybrid and electric vehicles.” says an analyst from Future Market Insights.
The Battery Management System market is fragmented by several key vendors present in the market to increase the Battery Management System market share. These players are using various tactics to gain a larger market share in recent years.
The market is open to monopolization and can be influenced by major players. Although the latest experiments help expand the space.
Recent market development
- L&T showcased their custom-designed battery management system that keeps EVs in the safe zone that provides better temperature management with 90% efficiency and 20% cost savings. This is likely to fuel the demand for battery management system.
- Toshiba electronic device lyd launched its battery/power management system which develops new products by applying it to multiple formats. The brand guarantees the improvement of safety, high efficiency and miniaturization (small size packaging).
- Toshiba Company
- L&T Technology Services
- Navitas System, LLC
- Merlin Equipment Ltd.
- Ashwoods Energy Limited
- Lithium Balance Society
- Nuvation Engineering
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- Lithium Ion
- Advanced lead acid
- battery control unit
- Battery communication interfaces (CAN bus)
- Electric vehicles
- Electric bikes
- military drones
- Power tools
- Household appliances
- Wind/solar farms
- North America
- Latin America
- Asia Pacific
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Innovation / Development Trends
3.3. Key factors of success
4. Global Battery Management System Market – Price Analysis
4.1. Price analysis, by battery type
4.1.1. Manufacturer Level Pricing
4.1.2. Pricing at distributor level
4.2. Comparative analysis of world average prices
5. COVID-19 Impact Analysis
5.1. Impact of COVID-19 on Battery Management System Sales
5.2. Analysis of market growth before COVID-19
5.3. Post-COVID-19 Market Impact Analysis
5.4. Expected recovery scenario (short term/long term)
5.5. Key Action Points for Battery Management System Manufacturers
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR certified business consulting and market research firm, member of the Greater New York Chamber of Commerce and headquartered in Delaware, USA. Recipient of the 2022 Clutch Leaders Award for high customer score (4.9/5), we have partnered with global companies on their business transformation journey and helped them achieve their business ambitions. 80% of the Forbes 1000 largest companies are our clients. We serve global clients across all leading and niche market segments in all major industries.
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