June 13, 2024
Battery Management System Market
Ict

The Battery Management System Market is driven by growing requirements for higher battery performance

A battery management system (BMS) is an electronic control and monitoring system that manages rechargeable battery packs (lithium-ion batteries, lithium-ion polymer batteries, and lithium-ion phosphate batteries) used in portable electronic devices and electric vehicles. It monitors cells for over voltage, over current and temperature conditions. It balances the battery pack during charging to ensure all the cells are charged equally while preventing overcharging of the cells. The BMS maximizes battery capacity and extends the battery lifetime. The global battery management system market has witnessed significant growth due to the growing adoption of electric vehicles and increasing developments in lithium-ion battery technology. Factors such as rising electrification of vehicles, increasing demand for green energy, and growing investment in renewable energy are fueling the growth of the battery management system market.

The Global Battery Management System Market is estimated to be valued at US$ 122.3 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Battery Management System Market Size are Croda International, Ashland Global Holdings, Givaudan, BASF SE, Symrise AG, International Flavors & Fragrances Inc., Biolandes SAS, Lipotec SAU, Rahn AG, and Carrubba Incorporated. The growing adoption of electric vehicles across the globe is driving the demand for battery management systems. Manufacturers are focusing on developing integrated and modular battery management systems for electric vehicles to improve their performance. The key players in the market are focusing on expanding their presence globally to tap the rising demand for battery management systems, especially in the Asia Pacific region.

Market Key Trends
One of the key trends gaining traction in the battery management system market is the development of battery management systems with advanced technology. Manufacturers are integrating features such as cell monitoring, cell balancing, thermal runaway prevention into their systems. Advanced battery management systems provide improved safety and performance of the batteries. They maximize the utilization of battery capacity which helps extend the overall life of the batteries. This trend is expected to continue in the forthcoming years as manufacturers focus on developing more efficient and intelligent battery management systems.

Porter’s Analysis
Threat of new entrants: Battery management technology requires significant R&D investments making the entry difficult for new companies.

Bargaining power of buyers: Large automotive manufacturers have significant bargaining power over battery management system providers due to the oligopolistic market landscape.

Bargaining power of suppliers: The suppliers of battery management system components such as integrated circuits have some bargaining power due to differentiated components and technologies.

Threat of new substitutes: There exists a moderate threat of substitute products such as supercapacitors posing a potential threat to battery-based energy storage systems.

Competitive rivalry: The battery management system market is highly competitive with presence of few large players leading to intense competition.

Geographical Regions
North America accounts for the largest share of the global battery management system market in terms of value. This is attributed to high adoption of electric vehicles in countries like US and Canada.

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to increasing electric vehicle production and sales in major economies of China and Japan. Countries like India and South Korea are also anticipated to boost the regional market growth.

Geographical Regions
North America accounts for the largest share of the global battery management system market in terms of value. This is attributed to high adoption of electric vehicles in countries like US and Canada.

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to increasing electric vehicle production and sales in major economies of China and Japan. Countries like India and South Korea are also anticipated to boost the regional market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it