by A battery management system (BMS) oversees the operation of rechargeable batteries, protecting the batteries from operating outside specified voltage, current, and temperature limits. BMS has advantages like improving battery performance and extending battery life. The growing sales of electric vehicles globally has increased the demand for BMS.
The global Battery Management System Market is estimated to be valued at US$ 106.16 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for battery management systems has been propelled by its adoption in electric vehicles. With stringent emission norms and government support for electric vehicles adoption, the electric vehicles sales have grown rapidly worldwide in recent years. As battery is the core component of electric vehicles, battery management plays a critical role in optimizing battery performance and safety. Advanced BMS allows monitoring battery parameters in real-time and controls battery charging and discharging processes accordingly. The growing electric vehicle production has fueled the demand for reliable and efficient battery management systems, which is one of the key trends in the battery management system market over the forecast period.
SWOT Analysis
Strength: Battery management systems have the ability to efficiently manage charging and discharging cycles, extending battery life. They help maximize energy usage from batteries.
Weakness: The high initial costs associated with battery management systems make them inaccessible for small-scale applications. System integration challenges also exist.
Opportunity: Growing adoption of EVs and increasing demand for better power management in batteries of various devices present a massive market opportunity.
Threats: Technological advances may make existing battery management system designs obsolete quickly. Safety issues related to battery failures can impact demand.
Key Takeaways
The global Battery Management System market demand is expected to witness high growth. The global Battery Management System Market is estimated to be valued at US$ 106.16 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis related content comprises The Asia Pacific region currently dominates the battery management system market and is expected to grow at the fastest rate during the forecast period. This can be attributed to the growing adoption of EVs in China, Japan, and South Korea.
Key players related content comprises Key players operating in the Battery Management System market are Croda International, Ashland Global Holdings, Givaudan, BASF SE, Symrise AG, International Flavors & Fragrances Inc., Biolandes SAS, Lipotec SAU, Rahn AG, and Carrubba Incorporated. These companies are focusing on new product launches and partnerships to gain a competitive advantage in the market. For instance, in 2023, Croda International partnered with Ashland Global Holdings to develop sustainable and natural ingredient solutions for the personal care industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
