Battery management systems monitor and control batteries by collecting real-time information about voltage, current and temperature of batteries. They ensure batteries operate within safe limits by balancing the charge throughout the pack. Batteries play a critical role in wide range of devices from consumer electronics to automobiles. The demand for lithium-ion batteries is accelerating due to increasing adoption in applications like electric vehicles, portables devices and energy storage systems.
The global Battery Management System Market is estimated to be valued at US$ 106.16 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of lithium-ion batteries is one of the key trends in the battery management system market. Lithium-ion batteries are widely preferred over lead-acid and nickel-cadmium batteries due to their higher energy density, longer life cycles and lack of memory effect. These batteries are increasingly being used in various applications which is driving the demand for battery management systems. According to the report, lithium-ion batteries accounted for over 90% share of the global rechargeable battery market in 2020. Growing application of lithium-ion batteries in electric vehicles, consumer electronics and energy storage will subsequently drive the growth of battery management system market over the forecast period.
Segment Analysis
The global battery management system market is dominated by the lithium-ion battery segment as it is widely used in battery-powered vehicles and consumer electronics. Lithium-ion batteries have a high energy density, low self-discharge, and a relatively flat voltage discharge curve, making them suitable for a wide range of portable electronics and electric vehicles. Hence, the lithium-ion battery segment accounted for the largest market share in 2023.
Key Takeaways
The global battery management system market analysis is expected to witness high growth over the forecast period. Rapid adoption of EVs and increasing demand for consumer electronics are fueling the market growth. The global Battery Management System Market is estimated to be valued at US$ 106.16 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis:
The Asia Pacific region dominated the global battery management system market in 2023 and is expected to maintain its leading position during the forecast period. Rapid industrialization, growing electronic industry, rising electrified public transport and private vehicles are driving the demand for battery management systems in Asia Pacific countries, especially in China and India.
Key players:
Key players operating in the battery management system market are Croda International, Ashland Global Holdings, Givaudan, BASF SE, Symrise AG, International Flavors & Fragrances Inc., Biolandes SAS, Lipotec SAU, Rahn AG, and Carrubba Incorporated.
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