Government programmes to encourage the use of electric vehicles and increased R&D spending for the creation of cutting-edge battery technologies are two factors driving the market. Incentives are being offered by the government to encourage the market for electric vehicles to expand. Additionally, to create affordable solutions for improved-efficiency electric vehicles, automotive manufacturers are investing more money in research and development projects. During the projected period, this is anticipated to drive the market for battery management systems.
The demand for effective energy storage technologies has increased along with the adoption of electric vehicles. BMSs are crucial to the operation of these vehicles since they increase efficiency and safety. Additionally, the use of batteries in several applications, including consumer electronics and stationary applications, is driving up the demand for cost-effective battery management systems. This is also anticipated to fuel market expansion in the near future.
Battery management systems have a number of benefits, including increased efficiency and safety, longer battery life, higher performance, and lower total cost. Additionally, BMSs accurately track the temperature and voltage of the batteries and increase their longevity by preventing overcharging or undercharging. These technologies can also be utilised to enhance the functionality of many different applications, including electric automobiles and consumer electronics. During the projected period, this is anticipated to fuel the market for battery management systems.
A rechargeable battery's charging and discharging are monitored and managed by an electrical device known as a battery management system (BMS). It is utilised to safeguard the battery from overcharging or undercharging, which could eventually cause harm or even death. By keeping an eye on the temperature, voltage, and current of the batteries, the BMS also aids in maximising their performance. It has several uses, including in consumer electronics, fixed power storage systems, and electric cars. In the near future, new possibilities for market participants may arise as a result of the rising demand for smaller battery management systems due to their application in wearables and personal electronics.
At a CAGR of 15.0% between 2021 and 2031, the global market for battery management systems (BMS) is anticipated to increase from USD 4.58 billion in 2021 to USD 11.92 billion by 2031.
The market for battery management systems has expanded as a result of rising interest in electric vehicles and global awareness of energy saving.
However, over the projected time, the market's expansion may be hampered by a shortage of highly qualified personnel and technological issues with battery management systems. Additionally, worries about data security for linked applications is a significant impediment as it may lead to hackers gaining unauthorised access to critical data. The demand for battery management systems may also be constrained by these systems' high initial investment costs. However, in the near future, industry participants can expect to benefit from increased demand for smaller and more affordable systems. Thus, the global battery management system (BMS) market is anticipated to witness a considerable increase throughout the forecast period due to the growing usage of electric vehicles globally.
Texas Instruments Incorporated, Delphi Automotive PLC, Johnson Controls International plc, Robert Bosch GmbH, Continental AG, and Elithion are a few of the leading companies in the worldwide battery management system (BMS) industry. Other notable players are Vecture, Maxim Integrated, L&T Technology Services Limited, Linaro Power Management IC Group, and Linaro Power Management IC Group. To acquire a competitive advantage in the industry, these businesses are concentrating on introducing new products and technology.
Modular Style segment form a major portion of the market
During the projection period, the modular style of the battery management system is anticipated to have substantial expansion. This is due to its ability to manage many batteries in a single module, as well as its quick installation and simple maintenance requirements. Along with scalability and small packaging, the Modular BMS is perfect for a variety of uses, including consumer electronics and electric cars. During the projected period, the rising popularity of electric vehicles is anticipated to play a significant role in this segment's growth. Furthermore, it's expected that market participants will soon benefit from new prospects brought on by the downsizing of these systems for usage in wearables and personal electronics.
EV segment to be on top of the market
During the projected period, the battery management system (BMS) market for electric vehicles (EVs) is anticipated to develop at the highest CAGR. Due to advantages like zero emissions and cheap operating costs, electric vehicles are becoming more and more popular around the world. During the forecast period, this segment's expansion is also projected to be fueled by growing government initiatives to promote electric mobility across the globe.
North America to dominate the market
During the projected period, North America is anticipated to dominate the global market for battery management systems (BMS). This might be linked to escalating regional government activities and financial commitments in the development of electric vehicles. Additionally, the existence of significant automakers in North America, including Tesla Inc., Ford Motor Company, and General Motors (GM), is anticipated to fuel market expansion. In addition, Asia-Pacific is anticipated to have considerable growth during the forecast period as a result of rising demand for electric vehicles and expanding investments in the region's research and development of battery management systems.
Covid-19 Impact & Market Status
Due to supply chain disruptions and a decline in demand from the automobile industry, the COVID-19 pandemic has had a severe effect on the global battery management system (BMS) market. However, growing investments by OEMs in R&D for electric vehicle-related projects are assisting the market's recovery in some areas. Additionally, the market is anticipated to have favourable growth in the near future due to the rising demand for electric vehicles.
Latest Innovations in the Global Battery Management System Market: A Snapshot
Tesla Inc.'s Powerwall and Panasonic Corporation's Smart BMS are two of the most recent breakthroughs in the global battery management system (BMS) market. A home energy storage technology called the Powerwall seeks to give homeowners access to dependable, affordable power. It maintains backup power, optimises self-consumption, and tracks power flow.
The Smart BMS from Panasonic Corporation is a smart battery management system that provides increased safety and effective control of Li-ion cells. Assessing cell factors such as voltage, temperature, capacity, and others, aids in enhancing battery performance.
Battery Management System Market Scope
|Revenue forecast in 2031
|USD 11.92 billion
|CAGR of 15.0% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Texas Instruments Incorporated, Delphi Automotive PLC, Johnson Controls International plc, Robert Bosch GmbH, Continental AG, and Elithion
Key Segment of Global Battery Management System (BMS) Market
By Type Overview (USD Billion)
By Application Overview (USD Billion)
By End-User Overview (USD Billion)
• Automotive OEMS
• Third-Party Manufacturers
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa