The automotive sector held the largest value share of the market during the historical period and is expected to continue maintain its position during the forecast period.
In 2019, the global battery management system market generated $5.1 billion and is expected to reach $22.3 billion in 2030, advancing at a 14.5% CAGR during the forecast period (2020–2030). An electronic system which controls and monitors the charging and discharging of rechargeable battery is called BMS.
The system is utilized for calculating the battery data, monitoring the state of the battery, and balancing the cells of the battery.
When battery type is taken into consideration, the battery management system market is divided into lead-acid, lithium-ion, nickel, and other (which include sodium-sulfur and flow). Out of these, the Li-ion battery type dominated the market during the historical period (2014–2019), both in terms of value and volume, and is expected to account for the major share of the market during the forecast period as well.
The reason for this is growing adoption of these batteries because of their advantages, including enhanced resiliency, longer life cycle, and higher density than lead-acid batteries.In terms of vertical, the battery management system market is categorized into telecommunications, automotive, aerospace & defense, industrial, consumer electronics, and others (which include infrastructure, marine, and medical).
Out of these, the automotive sector held the largest value share of the market during the historical pried and is expected to retain its position during the forecast period. This is because of the increasing demand for electric vehicles, primarily in Turkey, China, India, and Canada.
The sector is further projected to grow at the fastest pace during the forecast period.
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The rising demand for EVs, which is attributed to the increasing consumption of fuel in traditional vehicles and surging pollution levels, is a key driving factor of the battery management system market. The adoption of EVs thus is increasing to take care of the surging vehicular pollution in various countries.
For example, New Zealand joined the EV initiative in 2018 and is focusing on the transition to a net-zero emissions economy by 2050. BMSs are utilized in EVs to control the cells’ voltages and to optimize the performance of the battery.
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