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Battery Management System Market To Generate Revenue Worth $22,279.6 Million by 2030

  • Published: March 2021

The growing demand for electric vehicles and the increasing usage of rechargeable batteries in consumer electronics are the key factors positively impacting the demand for battery management systems (BMS) across the world. On account of these factors, the global BMS market is projected to reach $22,279.6 million in 2030, advancing with a CAGR of 15.0% during the forecast period (2021–2030).

The COVID-19 pandemic has caused disruptions in industries across the world, with the manufacturing sector bearing the brunt on account of measures such as lockdowns, reduced workforce, and social distancing. With several governments restricting imports and exports in the initial months of the pandemic, manufacturers and suppliers were unable to ship the electronic components required for production of the system. This further led to decreased production, eventually impacting sales, globally.

Li-Ion Category to Witness the Fastest Growth in the Forecast Period

The battery management market is categorized into Li-ion, lead–acid, nickel, and other batteries, on the basis of battery type. Among these, the Li-ion category is projected to grow the fastest during the forecast period. This can be attributed to the fact that the usage of Li-ion batteries has increased exponentially in recent years. Products such as mobile phones, laptops, digital cameras, and wearable devices use Li-ion batteries and also require such sensor and control systems for proper battery management.

Geographically, Asia-Pacific (APAC) was the largest market for battery management system and accounted for 44.5% share in terms of revenue contribution in 2020. Furthermore, the market in the region is expected to witness the fastest growth, exhibiting a CAGR of 17.3% during the forecast period. This can be majorly ascribed to the fact that China is emerging as a major hub for electric vehicles, with more and more foreign companies, including Renault SA, Ford Motor Company, and Bayerische Motoren Werke AG, entering into joint ventures with Chinese companies, such as Jiangling Motors Corporation Group, Zotye Auto, and Great Wall Motor, to enter the electric vehicle market.

Mergers & Acquisitions and Product Launches Are the Most-Adopted Strategic Measures by Market Players

Players in the battery management system market are actively focusing on mergers & acquisitions and product launches to gain a competitive edge. For instance, in January 2021, Sensata Technologies BV acquired a 75% stake in Denmark-based Lithium Balance A/S, which provides fully modular, cloud connected energy storage systems (ESS) for industrial and residential applications. The acquisition is expected to help Sensata expand its portfolio of solutions. Moreover, in February 2020, Nuvation Energy released the first ever configurable system for battery management that received UL 1973 and UL 9540 recognition for use with various battery chemistries and battery systems with different safety profiles.

Major players operating in the global market include Leclanché SA, Lithium Balance A/S, Nuvation Energy, Eberspaecher Vecture Inc., Storage Battery Systems LLC, Renesas Electronics Corporation Elithion Inc., Cummins Inc., Navitas Systems LLC, LION Smart GmbH, Ewert Energy Systems Inc., Texas Instruments Inc., Analog Devices Inc., NXP Semiconductors N.V. Lithium Werks B.V., and Epec LLC.