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% during the forecast period. The base year used for this study is 2015 and the forecast period is between 2016 and 2022.

Market Dynamics
Drivers

Application of battery management systems in electric vehicles
Growing need for battery management in renewable energy systems
Integration of battery management systems in smartphones

Restraints

Lack of proper standards for development of battery management systems

Opportunities

Growing trend of battery-driven public transport
Huge demand from datacenters

Challenges

Ensuring high level of accuracy in real-time applications

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Application of battery management systems in electric vehicles to drive global demand by 2022

Recently, there has been an increase in the number of vehicles that require charging such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHVs). These vehicles consist of series-connected battery packs which require extensive monitoring. Therefore, management and control of the battery is the biggest challenge faced by the manufacturers of these vehicles as it can influence the performance of the vehicles. Hence, battery management systems are a crucial component of these vehicles. Battery management system is typically employed to supervise the temperature, voltage, state of charge (SoC), and state of health (SoH) of the battery; to prevent damages; and identify defects and errors. Its main purpose is to guarantee safe and reliable battery operations.

Moreover, the trend of electric vehicles (EVs) is rapidly increasing globally and is expected to witness major growth in the near future. Europe is the one of the largest consumers of electric vehicles. The supportive polices in leading countries such as the U.S., China, and Japan accelerate the adoption of electric vehicles. Moreover, the adoption of electric vehicles helps the U.S. reduce its dependence on imported oil and also reduces greenhouse gas emission for the transportation sector. Thus, the growing use of battery management systems in EVs acts as a driver for this market.

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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