Battery Management System Market Trends and Review 2024


The Battery Management System Market Size is estimated to grow from USD 5.2 billion in 2019 to reach USD 12.6 billion by 2024, at a CAGR of 19.5%. The Battery Management System Market is likely to exhibit lucrative growth potential during the forecast period. The growth of this market is expected to be driven by the growing trend of electric vehicles, increasing requirement of battery monitoring in renewable energy systems, and need for effective electric grid management. The market also has several opportunities that can be explored by existing and entry-level companies to expand businesses.

Lithium-ion Battery type segment held largest share of Battery Management System Market in 2018

The Battery Management System Market, based on Battery Type, is led by the Lithium-ion Battery Segment (in terms of size). Lithium-ion batteries are widely used in various industrial applications, such as automotive, medical devices, and UPS owing to their high energy and power density, lightweight, and low standby losses. Lithium-ion batteries with high energy density require battery management systems to ensure their efficient operation in electric vehicles, portable devices, renewable energy systems, and so on.  Moreover, the reduced cost of lithium-ion batteries and the high adoption of these batteries in applications such as electric vehicles, UPS, and renewable energy systems are expected to drive the market growth in the coming years.

Get PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=234498189

The market for automotive application held largest market share in 2018

Battery Management System for application in the automotive space accounted for the largest share of the market in 2018. Battery management systems are mainly used for electric vehicles, e-bikes, and automated guided vehicles. Batteries that are integrated in these vehicles are usually of medium or high-power density, requiring the assistance of a battery management system for optimal utilization. With rapid innovations in the automotive space, the usefulness and significance of BMS are also expected to increase—in turn, further driving the market for BMS in the near future.

APAC to exhibit the largest market size during forecast period

The Battery Management System Market in APAC is expected to grow at the highest rate during the forecast period. South Korea, China, and Japan are among the largest exporters of electric vehicles globally. Leading players contributing to the growth of the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan), among others. In addition, recent infrastructure developments and industrialization activities in emerging countries have opened new avenues and opportunities for OEMs in the region, which increases the adoption for UPS to be used as a back-up energy source. These factors contribute to the high growth of the Battery Management System Market in APAC.

Key Players

Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK), among others, are the major players operating in the Battery Management System Market.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/battery-management-bms-market-234498189.html

Comments

Post a Comment

Popular posts from this blog

Trends Shaping the Environmental Test Chambers Market

The   Environmental Test Chambers Market Size  is expected to rise steadily; estimates show that it will reach USD 938 million by 2024 from USD 842 million in 2019, a compound annual growth rate (CAGR) of 2.18%. The most recent market research report outlines this growth trajectory and highlights the several variables that are driving this expansion. A variety of industrial verticals, including aerospace and defence, automotive, telecommunications, and electronics, are served by the market's segmentation based on type, which includes temperature and humidity chambers, customised chambers, and thermal shock chambers. Over the course of the forecast period, factors like strict regulatory requirements, rising need for dependable testing solutions, and technical developments in environmental testing equipment are anticipated to drive market expansion. Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107895228 The environmental test chambers mar...
Read more

Microwave Revolution: Unraveling the Monolithic Microwave IC Market

Image
The   Monolithic Microwave IC Market  showed strong growth, reaching a worth of USD 9.7 billion in 2022 and expected to reach USD 17.0 billion by 2027. It is anticipated that the market would expand at a notable compound annual growth rate (CAGR) of 11.9% from 2022 to 2027. This growth trend shows how Monolithic Microwave Integrated Circuits (MMICs) are becoming more and more popular in a variety of industries. MMICs are essential parts of applications like consumer electronics, aircraft, defence, and telecommunications because of their small size and excellent performance at microwave frequencies. Technological developments, the growing need for high-frequency communication systems, and the extensive use of MMICs in developing technologies are the main factors propelling the market's growth. The MMIC market is expanding significantly due to a number of important factors. The smartphone industry is a major trigger for the spike in demand for Monolithic Microwave Integrated Cir...
Read more

Empowering Connectivity: RF Gallium Nitride Market on Track for $2.8 Billion by 2028

With a projected value of USD 2.8 billion by 2028, the global   RF Gallium Nitride (GaN) Market   is expected to experience significant expansion from its estimated USD 1.5 billion valuation in 2023. Over the course of the forecast period, this projected growth translates into a strong compound annual growth rate (CAGR) of 12.9%. Technological developments, the growing need for high-frequency and high-power devices, and the broad use of GaN technology in a variety of industries, including the automotive, aerospace and defence, and telecommunications sectors, are all considered contributing factors to the market value increase. The market is anticipated to experience substantial growth in the upcoming years as GaN continues to establish itself as a favoured material for RF applications because of its excellent qualities, such as high electron mobility and thermal stability. Download PDF Brochure:   https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=183000597 There are...
Read more