A battery management system (BMS) is an electrical device that effectively monitors and manages a rechargeable battery's general performance and further assures the best possible use of the battery's stored energy. According to estimates, the Battery Management Systems Market will be worth USD 5.2 billion in 2019 and USD 12.6 billion by 2024, growing at a CAGR of 19.5%.

The Battery Management Systems Market is expanding as a result of important factors such the rising popularity of electric vehicles and the necessity for efficient control of the electric grid.

During the anticipated period, the Battery Management Systems Market based on motive batteries is anticipated to expand significantly. Engine cranking and start-stop systems employ motive batteries.

To prevent overcharging and undercharging, it becomes necessary to monitor and regulate the battery voltage and current. Battery management systems (BMSs) are frequently used with lithium-ion batteries in electric vehicles because they can accomplish this.

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In 2018, the Battery Management Systems Market with a modular topology held the biggest market share.

Modular topology is used by the majority of manufacturers since it provides tremendous processing power and is safe because it doesn't call for elaborate wire harnesses. Numerous other applications, including energy storage systems, industrial UPS, medical mobility vehicles, components of electric vehicles, and drones, can benefit from modular topology.

In addition, it is anticipated that from 2019 to 2024, the market will grow at the fastest rate due to these applications' rising demand for modular topology.

From 2019 to 2024, the BMS market for other batteries is anticipated to develop at the greatest CAGR. Flow batteries are a good fit for systems like renewable energy generators and UPS because of their large capacity and resistance to harsh temperatures.

Despite being secondary batteries and using eco-friendly metals, nickel-metal batteries offer a high energy density. These batteries are used in electric cars, portable electronics, smart grids, UPS systems, and other things.

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Because they are non-flammable, have a long shelf life, are secure, and release significant amounts of energy, solid-state batteries are preferable to conventional batteries.

During the forecast period, the Battery Management Systems Market in APAC is anticipated to develop at the fastest rate. The three countries with the highest exports of electric vehicles worldwide are South Korea, China, and Japan.

JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan) are some of the major companies that support the development of the region. Additionally, recent infrastructural improvements and industrialisation initiatives in developing nations have given OEMs in the area new paths to pursue and business prospects, which has boosted the use of UPS as a backup energy source.

These elements support the Battery Management Systems Market in APAC's rapid expansion.

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