Battery Management System Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Battery Management System Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

The rapid expansion of e-mobility, and renewables sector are collectively underpinning the strong growth outlook of battery management system market. With green energy spreading its roots faster, demand for battery management systems will see an incessant rise, says a new study of Fairfield Market Research. The study has estimated the global battery management system market size to reach US$28.4 Bn in 2029, up from the revenue of US$4.6 Bn recorded in the year 2019. While report has considered 2022 – 2029 as the period of assessment, it forecasts a stellar 19.8% CAGR for the battery management system market. While the report points to a continuous stream of revenue generation opportunities with the rocketing sales of electric and hybrid electric vehicles, the report also marks a growing trend of demand surge in chargeable batteries, which would provide a strong tailwind to battery management system sales.

Key Research Insights and Trends Across Battery Management System Market

Li-ion battery represents the key battery type segment with over 41% market value share

With market value share of around 30%, North America continues to be the leading pocket for investors in battery management systems

Key market players largely reply on UPSs, and generators that predominantly find application in power generation, especially in telecommunication industry

The top industry players include Analog Devices, Leclanché SA, Elithion Inc, Eberspächer, and Johnson Matthey

Li-ion Battery Top Demand Generator, Modular Topology Likely to Emerge Profitable in Battery Management System Market

The market analysis by battery type shows clear dominance of lithium-ion battery segment on the back of widespread adoption of Li-ion batteries across multiple industries. Automotive, and consumer electronics are expected to remain the key segments consuming Li-ion batteries that further generate unwavering demand for battery management systems. The lithium-ion battery segment accounts for more than 41% revenue share in the battery management system market, says the report.

Furthermore, based on application, automotive battery management systems retain the lead against the battery management systems employed by the other key segments, including consumer electronics, energy storage, military and defense, healthcare, renewable energy, and telecommunication. The report indicates attractive business opportunities arising in power generation, and communication industries, after automotive over the next few years. On the other hand, analysis of the battery management system market in terms of topology reveals the top position of distributed topology segment that currently captures over 50% market value share. Centralized topology segment follows, whereas the modular topology segment will most likely emerge lucrative in the near term as it gains traction across industries like electric cars, commercial drones, energy storage systems, and medical mobility vehicles.

Developed Western Markets Surge Ahead in Battery Management System Market, Asia Pacific Reflects Higher Growth Potential

North America’s pre-eminence in global battery management system market is likely to prevail throughout the period of projection. The report says the region benefits largely from the strong foothold of some of the top battery management system makers in the world, as well as the rapidly flourishing SME sector. North America currently accounts for nearly 30% revenue share in the market and will maintain the same through the end of forecast year. The region has been projected to display more than 19% growth during 2022 – 2029. The rocketing electric and hybrid electric vehicle sales will remain a major contributor toward the growth of North America’s battery management system market, says the report.

Europe also is poised to be a key market and currently accounts for a collective market share of more than 55% along with North America. The report spots ample opportunity in Asia Pacific as well, as the region currently accounts for over 25% share in the overall market valuation. The global hub for automotive, and consumer electronics manufacturing, Asia Pacific is all set to reflect high growth potential and demonstrate the fastest rate of growth during the projection period.

Key Market Players

The report covers some of the industry leaders under the competition analysis section. The key players in global battery management that are subject to detailed strategic profiling, and competitive analysis, include Panasonic Industry Co., Ltd, Marelli Holdings Co., Ltd, Elithion Inc, Analog Devices, Texas Instruments, Eberspächer, Johnson Matthey, Leclanché SA, Navitas System, LLC, Nuvation Energy, Nidec Motor Corporation, and Sedem.