The battery management system market is expected to develop at a 17.8% CAGR through 2031, according to FMI. The development and application of new technologies, such as electric car batteries, are expected to move the sector forward.
“For the development of new technologies and solutions, manufacturers are forming strategic partnerships with other technology vendors and integrators, automobile OEMs, and other stakeholders,” adds the FMI analyst.
Battery management system Market – Important Highlights
- The automobile sector now accounts for the majority of battery management device sales.
- Over the projection period, the advanced lead-acid sub-segment is expected to grow at a faster rate.
- The modular topologies category, among these topologies types, is expected to grow at a 22.7 percent CAGR during the projection period.
- With growing manufacturing and sales of electric cars, the United States has emerged as a highly successful sector.
Impact of COVID-19 on the Battery Management System Market
The market has been affected by the outbreak of the pandemic. As a result of the damage to the supply chain during the Covid-19 epidemic, major battery manufacturers throughout the world halted production, resulting in a delay in the implementation of the battery management system. However, when economies begin to stabilize, the market is projected to quickly come back.
To gain a competitive edge, companies in the business have been focused on the introduction of innovative technologies. In July 2019, Bosch, for example, launched cloud-based battery management to extend the life of electric vehicle batteries. Vecture Inc., Toshiba Corporation, L&T Technology Services, Navitas System, LLC, Merlin Equipment Ltd., Ashwoods Energy Limited, Lithium Balance Corporation, Nuvation Engineering, and The Ventec Company are some of the major players in the worldwide industry.
About the Research
The report provides readers with a thorough analysis of the battery management system industry. This FMI research examines the newest trends impacting the industry at the global, regional, and country levels. The research examines battery types (Lithium-Ion, Advanced Lead-Acid, Others), topologies (Centralized, Modular, Distributed), applications (automotive, military, consumer, telecom, energy), and major locations (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).