Download Sample, Increase in the Use of E-Bikes, Electric Cars & Hybrid Electric Vehicles Accelerated the Adoption of Battery Management System
Batteries are in high demand in UPS and other renewable energy systems due to their ability to withstand high temperatures and pressures. Providing critical protection to prevent battery damage is one of the primary functions of battery management systems (BMS) leading to market growth. Growing demand for e-bikes and rising concerns about renewable resources are expected to drive the market for battery management systems in the near future. Battery management systems are used in a wide variety of industries, including automotive, consumer handheld, energy, and telecommunications. Owing to its use in portable devices, UPS, electric cars, and smart grids; batteries with high energy density such as nickel-metal hydride batteries are expected to remain in steady demand during the forecast period. The battery management system market is expanding as a result of factors such as the increase in the use of electric cars (EVs) and hybrid electric vehicles (HEVs), as well as the rise in industry preference for lithium-ion batteries. The market is growing as an increase in the use of rechargeable batteries across a variety of end-use sectors.
Increased Focus on Improving Environment by Using Battery Powered / Electric Vehicles will Boost the Battery Management System Market
To minimize Greenhouse Gas (GHG) emissions, governments around the world have implemented strict regulations and policies, such as the Kyoto Protocol. Increased awareness of the negative environmental effects of petrol and diesel-powered automobiles has resulted in automotive industry advancements such as electric and hybrid vehicles. Manufacturers have started integrating battery management systems in vehicles in order to improve the utilization of battery storage capacity in electric vehicles and to eliminate risks caused by overheating of batteries in electric and hybrid electric vehicles.
Furthermore, rising fuel costs, along with strict government rules governing carbon dioxide emissions, are driving the adoption of electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles in developed regions such as North America, Europe, and Japan. For instance, the American Recovery and Reinvestment Act of 2009 provides funds to private and public institutions to develop hybrid electric vehicles. These funds are aimed at promoting domestic production of advanced lithium-ion batteries as well as hybrid electric systems and components. As a result, increased adoption of electric vehicles and hybrid electric vehicles is expected to drive the battery management system market.
Furthermore, rising fuel costs, along with strict government rules governing carbon dioxide emissions, are driving the adoption of electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles in developed regions such as North America, Europe, and Japan. For instance, the American Recovery and Reinvestment Act of 2009 provides funds to private and public institutions to develop hybrid electric vehicles. These funds are aimed at promoting domestic production of advanced lithium-ion batteries as well as hybrid electric systems and components. As a result, increased adoption of electric vehicles and hybrid electric vehicles is expected to drive the battery management system market.
Recent Trends in the Battery Management System Industry
- Adoption of lithium-ion batteries due to their high energy density, long life cycle, and low cost.
- Smart battery management system by integrating advanced algorithms.
- BMS with enhanced safety features to prevent overheating and improve battery safety.
- Use of sustainable and recyclable materials in battery production.
Explore Our Breakthrough Market Segmentation and Personalize it to Meet Your Business Needs…!
High Installation Costs, Import Duties & Taxes Presents a Long-term Threat to Market Participants
The cost of import regulations for systems and components is hampering the growth of the market. Therefore, the automotive battery management system market is anticipated to be restricted by the high cost of production of battery management systems as a result of constraints including port obligations, import duties, and taxes. However, the increase in the overall price of the products along with the addition of a battery management system hampers the market growth. The different parts that comprise an electric vehicle's battery management system include battery packs, safety devices, main and aux chargers, SOC displays, motor controllers, cooling and heating elements, and BMS main control units. As a result, market expansion is hampered by battery management systems that are unable to handle complex battery structures. Furthermore, the technically deficient battery management systems cannot be combined with the complex battery structure, so all these aspects severely restrict the market expansion.
New Product Launches & Incorporation of Advanced Technologies are Driving the Expansion of Battery Management System Market
Continuous technological improvements in energy storage systems are gaining traction from an industrial end-use perspective. Most power tools and specialized battery systems use lithium-ion batteries as a cost-effective power source. Battery manufacturers are currently focusing on high and low-voltage battery management systems to increase revenue and expand the market over the forecast period. AVL Holding Gmbh established a new research center in Graz, Europe, in 2021. This will result in the development of novel high-voltage batteries for electric vehicles, with an emphasis on product introduction, execution, and authorization of new efficient manufacturing processes.
Texas Instruments Incorporated introduced a wireless battery management system for EVs in 2021. The company's innovative battery management system (BMS) enables wireless control, conserving weight, and eliminates the need for cumbersome wiring. At the Battery Show Europe 2022 in Stuttgart, Germany, Xing Mobility, a battery solution leader, introduced the next-generation immersion-cooled battery system IMMERSIOTM XM25. Marelli Holdings Co., Ltd. launched a new Wireless Distributed Battery Management System (BMS) to its portfolio of battery management systems for electric vehicles in May 2022. This technology eliminates the connected physical connections that are generally required in other battery management system architectures, allowing for better flexibility, enhanced efficiency, improved dependability, and lower costs, all of which are important factors in electric vehicles. Major market players are constantly introducing new product designs to deal with engine environment and component placement difficulties.
Texas Instruments Incorporated introduced a wireless battery management system for EVs in 2021. The company's innovative battery management system (BMS) enables wireless control, conserving weight, and eliminates the need for cumbersome wiring. At the Battery Show Europe 2022 in Stuttgart, Germany, Xing Mobility, a battery solution leader, introduced the next-generation immersion-cooled battery system IMMERSIOTM XM25. Marelli Holdings Co., Ltd. launched a new Wireless Distributed Battery Management System (BMS) to its portfolio of battery management systems for electric vehicles in May 2022. This technology eliminates the connected physical connections that are generally required in other battery management system architectures, allowing for better flexibility, enhanced efficiency, improved dependability, and lower costs, all of which are important factors in electric vehicles. Major market players are constantly introducing new product designs to deal with engine environment and component placement difficulties.
Searching for a Country or Region Specific Report?
Unlock industry complexities with reports crafted for selected countries and regions at Reduced Cost
Battery Management System Market is Showcasing Rapid Growth with Rising Demand from End Use Industries
The rapid rise of electric vehicles in the Asia Pacific Region has increased the demand for batteries, which is expected to attract the attention of battery management system manufacturers as a high-potential market. China is the most desirable market in terms of battery management system output, owing to increased battery-electric bus sales and high demand for battery-powered passenger cars and logistic vehicles. The growing demand for electric vehicles in China is driving the growth of battery management systems in the automotive industry. In addition, increasing demand for lithium-ion battery-powered four-wheelers has boosted the market.
Many major electric car manufacturers are headquartered in Japan, including Nissan Motor Corporation Ltd., Honda Motor Co., Ltd., Mitsubishi Motors Corporation, and Toyota Motor Corporation. Increasing government assistance, combined with strict emission standards, is boosting sales of electric vehicles, which will raise demand for batteries and battery management systems in the near future. The U.S. is also a desirable market for the battery management system owing to its market share, presence of key market players, abundance of raw materials, consumer demand, and recent expansion. Furthermore, battery management systems are widely used in the electric vehicle industry (passenger cars, commercial vehicles, golf carts, and e-bikes) in countries such as China, South Korea, and India, thereby driving the growth of the battery management system market.
Many major electric car manufacturers are headquartered in Japan, including Nissan Motor Corporation Ltd., Honda Motor Co., Ltd., Mitsubishi Motors Corporation, and Toyota Motor Corporation. Increasing government assistance, combined with strict emission standards, is boosting sales of electric vehicles, which will raise demand for batteries and battery management systems in the near future. The U.S. is also a desirable market for the battery management system owing to its market share, presence of key market players, abundance of raw materials, consumer demand, and recent expansion. Furthermore, battery management systems are widely used in the electric vehicle industry (passenger cars, commercial vehicles, golf carts, and e-bikes) in countries such as China, South Korea, and India, thereby driving the growth of the battery management system market.
The report provides a detailed overview of the battery management system market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the battery management system market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the battery management system market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the battery management system market. Some key countries and regions included in the battery management system market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
Battery Management System Market Research Report Covers In-depth Analysis on:
- Battery management system market detailed segments and segment-wise market breakdown
- Battery management system market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in battery management system industry)
- Current, historical, and forthcoming 10 years market valuation in terms of battery management system market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Battery management system market demand analysis
- Battery management system market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the battery management system market
- Regulatory landscape by key regions and key countries
- Battery management system market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on the battery management system market forecast by countries
- Mergers and acquisitions in the battery management system market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the growth of the battery management system market?
The demand for electric vehicles, renewable energy storage, and efficient energy consumption is driving the growth of the battery management system market, as they optimize battery performance and lifespan.
What are the key challenges faced in the adoption of battery management systems?
The main challenges include high initial costs, complexity in design and integration, and the need for continuous development to handle diverse battery chemistries and power requirements in different applications.
Which regions are expected to lead in the battery management system market?
Regions with high adoption of electric vehicles and renewable energy, such as North America, Europe, and parts of Asia-Pacific, are expected to dominate the battery management system market due to rising demand and technological developments.
