Battery management systems play a vital role in monitoring and balancing battery packs in electric vehicles. They help maximize the battery life by controlling charging cycles and protecting them from damage due to overcharging or deep discharge. Growing awareness about the environmental impact of emissions from gasoline vehicles has accelerated the adoption of electric vehicles globally. Stringent emission norms imposed by regulatory bodies are also encouraging automobile manufacturers to invest in electric mobility.
In 2023, the global battery management system market is estimated to be valued at US$ 106.16 million 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 demand for electric vehicles is one of the major trends fueling the growth of the battery management system market. Lithium-ion batteries are predominantly used in electric vehicles due to their high energy density and longer life span. A battery management system ensures optimal performance of these lithium-ion battery packs by regulating voltage, temperature, and charge levels. It prevents overcharge and over-discharge situations that can reduce battery health and life. As more automakers focus on electric vehicles to replace internal combustion engine cars, the adoption of battery management systems is expected to rise significantly over the coming years. Major automakers have announced massive investments in electric vehicles to strengthen their position in the growing EV industry.
Segment Analysis
The global battery management system market is segmented by type and application. By type, hardware segment dominates the market. This is due to hardware being the most critical component in a battery management system as it helps monitor individual cells andbalance charging requirements. By application, automotive segment dominates due to rising adoption of electric vehicles which heavily rely on efficient battery management for maximum performance.
Key Takeaways
The Global Battery Management System Market Size is expected to witness high growth over the forecast period. 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 shows that Asia Pacific region dominates the market currently and is expected to continue its dominance over the forecast period. This can be attributed to rising EV production and sales in countries like China and Japan. It is also one of the largest manufacturers of electric vehicles globally. Furthermore, government support in the form of subsidies is propelling electric vehicle adoption in the country.
Key players related content comprises
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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