Worldwide Battery Management System Market Overview, Application and Forecast 2024

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MarketsandMarkets Presents
The Battery Management System Market Size is
estimated to grow from USD 5.2 billion in 2019 to
reach USD 12.6 billion by 2024, at a CAGR of
19.5. The Battery Management System Market is
likely to exhibit lucrative growth potential
during the forecast period. The growth of this
market is expected to be driven by the growing
trend of electric vehicles, increasing
requirement of battery monitoring in renewable
energy systems, and need for effective electric
grid management. The market also has several
opportunities that can be explored by existing
and entry-level companies to expand businesses.
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MarketsandMarkets Presents
Lithium-ion Battery type segment held largest
share of Battery Management System Market in
2018 The Battery Management System Market, based
on Battery Type, is led by the Lithium-ion
Battery Segment (in terms of size). Lithium-ion
batteries are widely used in various industrial
applications, such as automotive, medical
devices, and UPS owing to their high energy and
power density, lightweight, and low standby
losses. Lithium-ion batteries with high energy
density require battery management systems to
ensure their efficient operation in electric
vehicles, portable devices, renewable energy
systems, and so on. Moreover, the reduced cost
of lithium-ion batteries and the high adoption of
these batteries in applications such as electric
vehicles, UPS.
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MarketsandMarkets Presents
The market for automotive application held
largest market share in 2018 Battery Management
System for application in the automotive space
accounted for the largest share of the market in
2018. Battery management systems are mainly used
for electric vehicles, e-bikes, and automated
guided vehicles. Batteries that are integrated in
these vehicles are usually of medium or
high-power density, requiring the assistance of a
battery management system for optimal
utilization. Get PDF Brochure _at_
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MarketsandMarkets Presents
APAC to exhibit the largest market size during
forecast period The Battery Management System
Market in APAC is expected to grow at the highest
rate during the forecast period. South Korea,
China, and Japan are among the largest exporters
of electric vehicles globally. Leading players
contributing to the growth of the region are 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), among others. In addition, recent
infrastructure developments and industrialization
activities in emerging countries have opened new
avenues and opportunities for OEMs in the region,
which increases the adoption for UPS to be used
as a back-up energy source.
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MarketsandMarkets Presents
Key Players Leclanche (Switzerland), Lithium
Balance (Denmark), Nuvation Engineering (US),
Eberspaecher Vecture (Canada), Storage Battery
Systems (US), and Johnson Matthey (UK), among
others, are the major players operating in the
Battery Management System Market. Browse For
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MarketsandMarkets Presents
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