by Battery management systems play an important role in optimizing battery performance, improving safety, and extending lifespan. They monitor critical parameters such as voltage, current and temperature of battery packs in devices.
The global Battery Management System Market is estimated to be valued at US$ 106.16 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for electric vehicles is one of the major trends driving the battery management system market. Governments around the world are implementing stringent emission norms which is compelling automobile manufacturers to increase focus on electric vehicles. According to the International Energy Agency, the global electric car stock passed 5 million in 2018 and needs to rise to over 250 million by 2030 to achieve climate change targets. Advanced battery management systems are crucial for electric vehicles as they optimize battery performance, enhance safety, and extend the driving range. Their development and adoption is expected to grow in line with the electric vehicle market over the forecast period.
SWOT Analysis
Strength: Battery Management Systems help optimize battery performance, improve safety, and extend battery life. They monitor cell voltages, temperatures, and currents.
Weakness: BMS require complex hardware and software design which increases development costs. There is also a risk of failure of individual BMS components.
Opportunity: Growing demand for EVs and energy storage systems will drive the need for more advanced BMS with features such as remote monitoring. Connected vehicles also enable over-the-air BMS software updates.
Threats: Software issues could damage batteries. Consumers may hesitant to purchase vehicles if batteries are not properly managed and fail prematurely. Stringent vehicle safety regulations also increase compliance costs.
Key Takeaways
The Global Battery Management System Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 106.16 Mn, growing at an estimated CAGR of 6.3% through 2030.
Regional analysis: Asia Pacific region currently dominates the BMS market and is expected to continue its leadership through 2030. This is attributed to rapid growth of the automotive industry, especially electric vehicles, in China, Japan, South Korea and India. Government incentives and regulations also promote battery technology development and adoption in the region.
Key players: Key players operating in the Battery Management System market are Croda International, Ashland Global Holdings, Givaudan, BASF SE, Symrise AG, International Flavors & Fragrances Inc., Biolandes SAS, Lipotec SAU, Rahn AG, and Carrubba Incorporated. These companies are focusing on developing advanced BMS with features such as cloud connectivity, thermal management, and self-diagnostics to strengthen their market position. OEMs also collaborate with BMS providers to integrate the best technology into their electric vehicles and energy storage products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
