BATTERY MANAGEMENT SYSTEM MARKET ANALYSIS

Battery Management System Market, By Topologies (Distributed, Modular, and Centralized), By Components (Battery Management Unit and Communication Unit), and By Verticals (Automotive (E-Vehicles (EVs, HEVs, PHEVs, BEV, Racing vehicles and Electric Heavy Vehicles), Golf Cart, Medical Mobility Vehicles, E-Recreational Vehicles and Segways), Telecom, Energy (Grid, solar, wind, portable battery packs, energy storage systems, UPS), Drones, Consumer/Handheld (Power tools, vacuum cleaners, portable medical equipment and others)), and By Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa)

Published In : Apr 2023
Code : CMI3153
Pages :110
Formats :
Excel and PDF
Industry : Energy

Battery Management System MarketSize and Trends

Global Battery Management System market was valued at US$ 7.47 Bn in 2022, exhibiting a CAGR of 21.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 35.4 Bn by 2030.

Figure 1. Global Battery Management System Market, By Vertical Segment, 2022

Market Trends

Increasing demand for BMS for E-bikes and E-vehicles

Increasing demand to reduce fuel costs and optimize vehicle efficiency has led to technological advancements for hybrid electric and electric vehicles. Key manufacturers in the market are incorporating battery management systems in e-bikes and e-vehicles, to increase the battery utilization capacity and prevent hazardous incidents.

Long-term contract with OEMs is a major emerging trend in the market

Since there is intense competition in the market due to a large pool of manufacturers, BMS suppliers and OEMs are entering into long-term contracts. This is done to increase their market share for an extended period.