Battery Management System Market
A battery management system (BMS) is an electronic system that maintains the optimal health of the battery. This is done by monitoring the battery state, controlling the load environment, and balancing and charging accordingly. Moreover, the battery management system has several benefits such as prolonged battery life, prevention of battery damage due to voltage fluctuation and overcharging, supervising the optimal state of charging for the battery, and interfacing with the host application to deliver real-time information regarding battery health.
Market Dynamics
Increasing demand for electric vehicles in Asia Pacific region
Increasing demand for electric vehicles in emerging economies of Asia Pacific region such as China and India is expected to drive the growth of the global battery management system market over the forecast period. The battery management system offers various advantages including prolonged battery life, and prevention of battery damage due to voltage fluctuation and overcharging, As per the Electric Vehicle World Sales Database, China sold around 1.3 million plug-in electric vehicles and plug-in hybrids electric vehicles in 2020 which was 62% higher than in 2019. As EVs are continuously improving and becoming more affordable, EVs are expected to account for a significant market share in China by 2025. This high growth in the number of electric vehicles will create better growth opportunities for the global battery management system market in China. For instance, on August 01, 2022, LHP is dedicated to encouraging electric car technology through guidance, the purchase of tools, and training for new skills. The most recent step in ensuring that the sector has the skills and knowledge required to market electric vehicles and energy storage systems is the introduction of a new BMS course by LHP.
However, the lack of regulated policies for developing battery management systems is expected to restrain the growth of the global battery management system (BMS) market over the forecast period.
Market Taxonomy
This report segments the global battery management system market based on topologies, components, and verticals. On the basis of topologies, the global battery management system market is segmented into distributed, modular, and centralized. On the basis of components, the market is segmented into battery management unit, and communication unit. On the basis of verticals, the market is segmented into 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).
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Detailed Segmentation:
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