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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Battery management system market for lithium-ion–based battery is expected to grow at a high rate
Battery management systems are used in lithium-ion batteries as they are high-power and high-capacity batteries. BMS is used to protect and manage the lithium-ion battery pack and is also integrated with lithium-ion–based batteries such as lithium polymer and lithium iron-phosphate. These lithium-ion batteries are widely used in applications in portable devices, electric vehicles, and renewable energy systems among others. Moreover, the current price reduction of the li-ion battery and the growing adoption of lithium-ion batteries in various applications are expected to drive this market significantly.
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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