by A battery management system (BMS) monitors and controls battery packs in applications such as electric vehicles, medical equipment, industrial equipment and grid energy storage. It monitors important battery parameters such as voltage, current and temperature of battery pack and controls important functions such as charging, discharging and protection from over-current and over-temperature conditions. Lithium-ion battery cells in electric vehicles require a BMS to help maximize battery life, ensure safety, and manage the optimum power and extend driving range.
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 Dynamics:
One of the key driver fuelling the growth of the battery management system market is the rising demand of electric vehicles across the globe. According to International Energy Agency (IEA), the global stock of electric passenger cars passed 10 million in 2021 and there were around 5.6 million new electric car registrations. This rapid adoption of electric vehicles is creating significant demand for battery management systems as BMS plays a critical role in ensuring safety, maximizing battery life and extending driving range of electric vehicles. Furthermore, stringent government regulations regarding vehicle emission levels are also encouraging automakers to shift towards electric vehicles, thus positively impacting the battery management system market.
Advanced battery management systems with capability to monitor battery health and accurately predict state of charge and power output are also expected to gain traction in electric vehicles. Some of the battery management system manufacturers are focusing on developing AI and IoT integrated solutions for electric vehicles which can enable predictive maintenance of battery packs and fleet management of electric vehicles. This rising demand for advanced BMS integrated with latest technologies will further propel the market growth during the forecast period.
Segment Analysis
The battery management system market can be segmented based on topology into centralized, distributed and modular. The modular segment accounts for the largest share and is expected to witness the highest growth over the forecast period. In modular battery management systems, individual battery modules are managed independently, allowing for greater flexibility and scalability. Each module has its own integrated battery management unit which optimizes operational efficiency.
PEST Analysis
Political: Government initiatives towards promoting green technologies such as electric vehicles will positively impact demand. Stringent emission norms are encouraging auto manufacturers to adopt more advanced battery solutions.
Economic: Rising disposable incomes and cost reductions in lithium-ion batteries are driving sales of consumer electronics and electric vehicles. This is boosting uptake of battery management systems across various end-use industries.
Social: Increasing public awareness about environmental protection is propelling demand for emission-free transportation solutions and sustainable energy storage technologies.
Technological: Advancements in battery chemistries, real-time battery monitoring capabilities and cloud-based diagnostic tools are augmenting the functionality of battery management systems.
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: Asia Pacific currently dominates the global market and is expected to maintain its lead through 2030. Rising electric vehicle production and sales in China, government initiatives in India and growing consumer electronics demand are fueling market expansion in the region.
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. Croda International and Ashland Global Holdings are recognized as technology leaders in the field of battery management solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
