According to the latest report by IMARC Group, titled “Battery Management System Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026,” the global battery management system market reached US$ 5.3 Billion in 2020. The battery management system (BMS) represents an electronic regulator that monitors the usage and performance of the battery. It ensures that the battery does not operate above maximum voltage and analyzes operational data from individual cells in the battery pack. A battery management system is widely utilized for protecting the battery pack from getting over-charged or discharged, calculating the amount of energy remaining in the battery, continuously checking for shorts or breakdowns in wire insulation, etc. As a result, it finds several applications across various industries, such as automotive, telecommunications, healthcare, consumer electronics, etc.
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Global Battery Management System Market Trends:
The escalating demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) across the globe due to increasing environmental consciousness is primarily driving the battery management system market. Besides this, the rising adoption of battery-operated vehicles in the public transport fleet is also augmenting the growth of the market. EVs, HEVs, and electric bikes use BMS to manage lithium-ion batteries for higher energy densities and longer operational life than traditional batteries. Additionally, the elevating demand for efficient BMS solutions for power flow measurement, controlled power production and distribution, monitoring information on electricity usage, etc., is further catalyzing the product demand. Moreover, the rising utilization of rechargeable batteries in consumer electronics and the development of innovative cloud-based battery management systems are expected to fuel the market growth over the forecasted period. Looking forward, the market is expected to reach US$ 15.4 Billion by 2026, growing at a CAGR of 19% during 2021-2026.
- Eberspaecher Vecture
- Elithion Inc.
- Johnson Matthey
- Lithium Balance
- Navitas Systems LLC (East Penn Manufacturing Company)
- Nuvation Engineering
- NXP Semiconductor N.V.
- Storage Battery Systems LLC
- Valence Technology Inc.
- Lithium Werks B.V.
Breakup by Battery Type:
- Lithium-Ion Based
- Lead-Acid Based
- Nickel Based
Breakup by Type:
- Motive Battery
- Stationary Battery
Breakup by Topology:
Breakup by Application:
- Electric Vehicles
- Golf Carts
- Military and Defense
- Consumer Electronics
- Renewable Energy Systems
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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