The battery management system market was valued at USD 1.98 Billion in 2015 and is expected to reach USD 7.25 Billion by 2022, at a CAGR of 20.5% between 2016 and 2022. The growth of this market is propelled by the rapidly growing need for battery management system given the increasing number of vehicles that require charging such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHV). These vehicles consist of series-connected battery packs which require extensive monitoring. Hence, battery management systems act as a crucial component in these vehicles for supervising and guaranteeing reliable and safe battery operations.

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The battery management system for lithium-ion–based battery leads the battery management system market since lithium-ion–based battery is popular in various application industries owing to its high energy and power density, light weight, and low standby losses. The high energy density lithium-ion battery requires battery management systems for its efficient operation and management in these applications. Moreover, the current price reduction of the li-ion battery and its growing adoption in applications such as electric vehicle, UPS, telecommunication, renewable energy system, and other applications is expected to drive the market in the near future.

The battery management system market for modular topology is expected to grow at a high CAGR during the forecast period. Most of the manufactures prefer modular topology as it offers a good computational power and is also safe as it does not require extensive wire harnesses. The modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicle, parts of electric vehicles, and drones among others. The increasing demand for modular topology from these applications is expected to drive the market at the highest rate during the forecast period.

North America held the largest market share in 2015

North America is expected to hold the largest market share and dominate the battery management system market owing to the high demand for battery-powered electric vehicles, e-bikes, and automated guided vehicles in the U.S. In addition to this, the increasing number of projects in North America related to energy storage through renewable energy storage systems is also expected to drive the market. Asia-Pacific offers potential growth opportunities owing to the increasing adoption of various applications that are driving the battery management system market.

Major players in this market include Johnson Matthey Plc. (U.K.), Lithium Balance A/S (Denmark), Nuvation Engineering (U.S.), Valence Technology, Inc. (U.S.), Intersil Corporation (U.S.), Linear Technology Corp (U.S.), NXP Semiconductors N.V. (Netherlands), Texas Instruments Inc. (U.S.), Elithion, Inc. (U.S.), Vecture Inc. (Canada), and Ventec SAS (France).

This research report categorizes the global battery management system market on the basis of battery types, components, topologies, applications, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the battery management system market. The Porter’s five forces analysis has also been included in the report with a description of each of its forces and its respective impact on the position sensor market.

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