According to Fact.most MR’s recent report, the market for battery management systems is expected to rise from an anticipated USD 5.4 billion in 2022 to USD 32.2 billion in 2032, with a CAGR of 19.6 percent.
The electrification of the automotive sector, which heavily relies on batteries, the development of high-power batteries, and rising consumer demand for better battery management systems, are the key industry drivers. OEMs have made sizable investments in the creation of effective and dependable battery management systems.
demand for the automobile battery management system as a means of boosting market value Japan is well known for having many significant electric car producers, including Nissan Motor Corporation Ltd., Honda Motor Co., Ltd., Mitsubishi Motors Corporation, and Toyota Motor Corporation, in the Asia Pacific region. The need for batteries and battery management systems will rise in the near future as a result of increasing government support for electric car sales and tough emission standards.
The automotive application is anticipated to be valued at USD 2.3 billion in 2022 and to expand 7.7X between 2022 and 2032.
Main Points
• The North American battery management system market is anticipated to increase at a CAGR of 21.6 percent from 2018 to 2032, with a revenue share of 35 percent in 2022.
• Due to a high rate of technological adoption, it is predicted that the battery management system market in Europe would achieve a market value of about USD 1.7 billion by the end of 2022.
• A growth rate of 20.2 percent is predicted for the centralised as topology, which is expected to reach a value of USD 15.9 billion by 2032.
By the end of 2032, battery management units will have a maximum market share of 64% by component type.
• In terms of application type, the automotive segment is anticipated to account for 43 percent of market share in 2022 and be valued at USD 17.9 billion by the end of the forecast period.
• Over the years 2022-2032, the topology segment’s modular subsegment is anticipated to expand at a CAGR of 20.7 percent.
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