Published Date : 01 Apr 2024
The global battery management system market size surpassed USD 9.78 billion in 2023 and is estimated to attain around USD 54.40 billion by 2032, growing at a CAGR of 21% from 2023 to 2032.
The battery management system market is divided into a modular, distributed, and centralized battery management system. The centralized battery management system includes a single controller connected to various batteries through the wires. The battery management system helps ensure optimum performance and monitors battery usage. The market trends for battery management systems are an increase in the overall requirements for hybrid and electric vehicles. These are the main factors that will drive the BTS market growth.
In addition, rising government initiatives to increase the usage of electric vehicles will further boost the market value for the forecast period. Moreover, the growth in the overall investment from the major players in the region to supply electric vehicles for covering distances is self-controlled to make new opportunities for developing the automotive battery management system market over the forecast period.
North America dominated the battery management system market in 2023. This is allocated to the surge in the requirement for battery management from automotive devices such as automated vehicles, e-bikes, and electric automobiles. In these devices, high energy capacity lithium-ion batteries with hundreds of cell quantities in series are worked. These cells must be balanced and controlled to avoid vehicle failure, making the system a crucial factor in the electric vehicle design. The system resonates with the battery's applications, performance, and safety. It also raises the battery life and vehicle range.
The Asia Pacific region is estimated to grow fastest in the forecast period. China drives the Asia Pacific region, as it is the massive center of automotive production. The regional market is being driven by an increase in the production of automobiles and batteries used in vehicles. China will aid millions of electric cars all over the world. It is answerable for over three-fifths of the global management of power batteries. India is also leading the battery management system growth.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 9.78 Billion |
| Projected Forecast Revenue by 2032 | USD 54.40 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 21% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Drivers
Increasing demand for electric vehicles
In our country, there are many diesel and petrol-engine-powered vehicles; due to this, global carbon discharge has increased significantly in the last few years. The transportation industry generates large amounts of greenhouse gases worldwide. Since electric vehicles can help decrease emissions, they will contribute to reversing climate change and boosting public health. So, since the battery management system is an essential part of EVs, the growth in EV manufacturing will positively impact the battery management system market over the next few years.
Growing demand for efficient battery monitoring in the renewable energy sector
In recent years, an archetype has shifted from fossil fuels towards renewable energy to decrease carbon discharge and save fossil fuels from destruction. The highly affected renewable forms of energy are photoelectric and wind energy. While these energies are incredibly accessible, they are not stable and continuous sources of time and output. Storage solutions must be adopted to relieve pressure at any point in time.
Battery energy storage systems reserve electricity and overcome the disproportion between the available energy supplied by the sources and the energy needed. They offer voltage and frequency management devices in case of sudden variations in supply. Through battery energy storage systems, grid managers can save and store electricity when there is excessive renewable energy. Electricity can be restored in batteries and allocated to towns, cities, factories, and homes when there is a high requirement. These factors may drive the battery management system market growth in the coming years.
Cloud connectivity is gaining popularity across industries
Cloud-connected systems have various benefits in the battery management system market. These include quick detection of potential major faults, evaluation of the exact state of charge, and state of health. They also help anticipate the remaining usable life of the battery cells, permitting battery state monitoring. Because of these benefits, businesses have started employing cloud-connected battery control systems, fueling the market's development in the coming years.
Restraint
Lack of regulations
The battery management system has various devices, including telecommunications, automotive, renewable energy, and military. These devices' battery management system configurations may also comprise customized systems according to the consumer's choice. In addition, the BMS is divided by various topologies used in multiple devices. One common standard can't aid all devices; hence, it is essential to develop standards for the different types of BMS, battery types, and topologies. Most of the products in the market are produced by many industries in terms of technical identification and functions such as type of approximation, measuring parameters, communication channels, and others. Thus, searching for common ground while differentiating the performance of two battery management systems is very puzzling.
Opportunity
Increasing government initiatives to develop electric vehicle infrastructure
One of the most critical opportunities for the battery management system market is from Electric vehicle charging stations. As the adoption of electric vehicles is increasing both for the consumer end and public transportation, fixing up many e-charging stations becomes necessary. Thus, the government is helping to increase the number of charging stations.
Segments Covered in the Report
By Battery Type
By Application
By Topology
By Type
By Components
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