Battery Management System Market - Forecast(2024 - 2030)

Report Code: ESR 0032 Report Format: PDF + Excel

Battery Management System Market Overview

The Battery Management System Market is estimated to grow from $23.4 billion by 2030 at a robust CAGR of 5.5% during the forecast period 2024-2030. Battery management system refers to an electronic system that helps in monitoring and maintaining the health of the batteries. Battery management systems manage and protect the cells in a battery pack ranging from advanced lead acid batteries to lithium-ion batteries, primarily nickel metal hydride based. These manage the rechargeable batteries by monitoring the state of the device and data thus ensuring long life battery pack and protecting the battery from damage. These comprise of functional blocks that include cell voltage monitor, real time clock, temperature monitors, microcontroller and others.  Advantages such as prevention of batteries from voltage fluctuations and over charging, optimizing and monitoring real time condition of battery thus enabling prolonged life of batteries will result for the market growth. The key drivers attributed to the growing demand for battery management systems market include increasing demand for electric vehicles, energy storage systems and growing consumption of rechargeable batteries in consumer electronics coupled with technological advancements. The transportation sector is also responsible for global warming to a greater extent. The emissions from the vehicle after the combustion of fuel is required to be controlled. The electric vehicles and battery-powered vehicles are now being developed as a substitute to the fuel engine vehicles that reduces the intensity of emission of toxic gases along with utilization of regenerative braking. In 2023 global car sales, electric cars constituted 16.4 of total sales rising from 2.6% of market share in 2019. In particular, China at 22% and Europe at 17.5% achieved new records in electric vehicle market share in 2023 after a slowdown due to Covid-19.  Increasing demand for electric vehicles has significantly elevated the growth of Battery Management System Market.

Market Snapshot:


Report Coverage:

The report: “Battery Management System Market – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Battery Management System Market Report.

By Topology – Centralized, Distributed, Modular

By Component – Hardware (Battery Control Unit, Power Management ICs, Communication Channel) and Software

By Application – Energy Harvesting and Nano Power Solutions, Electric Bicycle Solutions, Wireless Power Devices, Handheld Consumer Medical Equipment, Portable Industrial Solutions, Automotive Power Solutions and Others

By End Use Industry – Automotive, Telecom, Power Systems, Medical, Industrial, Consumer Electronics, Others

By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Australia and Others), South America (Brazil, Argentina and others) and RoW (Middle East and Africa).

Key Takeaways:

• Flow batteries' high capacity and ability to withstand extreme temperatures offer suitable for applications such as renewable energy systems and UPS.

• Nickel-metal batteries have high energy density although they are secondary batteries in which environmentally friendly metals are used. These batteries find applications in electric vehicles, portable devices, smart grids, UPS, and others.

• Solid-state batteries are better than conventional batteries as they are non-flammable, have a long shelf life, are safe, and release high energy.

Battery Management System Market Segment Analysis- By Industry

Battery Management market is projected to grow, with a CAGR of 8.6% during the forecast period 2024-2030. The initiative taken by the OEMs to develop electric versions of the passenger cars and other vehicles are being backed by government and research institutions and industrial programs. The Electronic Vehicle sector have witnessed huge investments by the government and industry programs. The investments on the EV sector are likely to accelerate the subsidy programs formulated for EVs dispersion across USA and European nations. The high adoption of advanced technology in these regions has triggered hefty spending by the government institutions to support EVs market as a part of national economic stimulus program. Today, a large portion of the European nations have introduced CO2 based car taxes, thus opening up new opportunity market for EVs. Therefore, increasing opportunities for electric vehicles has triggered the growth of Automotive Battery Management segment of the market during the forecast period. For electric vehicles or battery powered vehicles, batteries are developed such that failure of a cell among all the cells available does not lead to failure of the entire battery system. The battery sensors help to know the status of the batteries.

Battery Management System Market Segment Analysis- By Topology

Modular segment of Battery Management Market generated a revenue share of 37.1% in 2023. In the modular structure, several slave controllers are used to consolidate the data to a master controller. Over here, no printed circuits boards are necessary to connect the individual cells. Moreover, a modular BMS aims at improving the performance of BMS to provide a safe, reliable and cost-efficient solution for smart-grid and electric vehicles which in turn is set to propel its market growth. Besides, the major advantage of modular BMS is the improved manageability. The modules are placed close to the batteries, which avoids long cables. To improve, functional safety, the function of the BMS can be easily replicated on the individual modules. The scalability is also increased compared centralized BMS.

Battery Management System Market Segment Analysis- By Geography

The Battery Management market value is projected to grow with CAGR of 7.6% during 2024-2030. This growth is attributed to the increasing demand for automobiles and stringent emission standards. APAC will be the leading region for battery management market mainly due to growing automobile demand in APAC and the shift of auto manufacturers to APAC for production in order to capture the untapped potential. The presence of automotive companies such as Tesla, Hyundai, General Motors, Ford will positively impact the Battery Management demand in automotive sector. Apart from this, companies such as General Motors, Ford, Chrysler has incorporated Li-ion batteries in its electric vehicles models which in turn is driving its market growth. California is the largest plug-in car regional market in the U.S, with over 903,000 electric vehicles registered through November, 2022, representing 47.6% of all electric vehicles sold in the American market.

Increasing Demand for Intelligent Battery Management Systems

The battery's power load has been improved by features such as start/stop, electric power steering, and electronic braking systems. As a result, a major problem in a vehicle's electrical system has been prioritizing all of these electrical loads on a scale from comfort to safety. The demand for an intelligent battery management system (IBMS) is growing among automakers, and it is now being widely adopted across all regions. In a vehicle battery pack, IBMS is made up of advanced electronics like battery sensors that calculate the state of charge (SOC), state of health (SOH), and temperature across a cell and are linked in a series and parallel array. IBMS took all three measurements at the same time to ensure reliable results, even though the vehicle's conditions were rapidly changing. The use of IBMS assists in logically shutting down these electric vehicle systems and advising drivers about impending battery problems, effectively keeping them away from battery explosions. Continental AG, Hella, and Bosch are among the leading manufacturers of intelligent battery sensors. Technological advances have aided the automotive industry's rapid expansion. Automobiles are outfitted with sophisticated technologies, and automakers are constantly introducing new ones in the form of product enhancements and technical advancements. Electric cars are growing in popularity due to the need to reduce carbon emissions and provide energy-efficient batteries, which is propelling the growth of automotive batteries. The adoption of these powerful batteries has resulted from technological advancements that have overhauled the automotive product lifecycles.

Need for lower operational and administration expenditure

The lithium-ion battery recycling market is influenced by rising demand for electric as well as hybrid electric vehicles, where lithium-ion batteries are used extensively. The adoption of these vehicles results in a price hike of battery materials such as cobalt and lithium, thus making recycling of lithium-ion battery industries more profitable. The world's number of electric vehicles has seen a dramatic rise in recent years, pegging the world's current number of EVs at around 4 million. According to International Energy Agency, the number will increase up to 125 million by 2030 and more eclectic vehicles will come with Li-ion batteries. With such volumes of Li-ion batteries driving towards their end of useful life, there is a pressing need to ensure efficient lifecycle management of the batteries. Regulations in Europe and China hold the automaker responsible for battery recycling. Companies manufacturing electric vehicles such as BMW, Nissan, BYD, Renault and Rivian are exploring the use of recycled batteries. OEMs plan to buy back and repurpose used batteries for storage systems. The old batteries of Nissan Leaf are repurposed in Fukushima for use on other EVs and forklifts. Japan is another country where truck fuel efficiency requirements have been updated, and the country's automotive policy aims to cut 80 percent of its automotive greenhouse gas emissions by 2050.During the forecast period of 2024 to 2030, such favorable policies are expected to fuel the adoption of heavy-duty electric vehicles, such as trucks, and thus accelerate the adoption of battery management systems. As part of its Advanced Battery Storage Project, Renault collaborates with energy companies to build large scale storage units in Europe as well. These factors are supporting lithium-ion batteries recycling market.

Battery Management System Market Challenges

High Initial Cost of Integration

Battery Management producers have a range of costs to manage with a particular focus on raw material and production costs, i.e., labour and machinery. Other important costs include regulatory compliance costs, logistics costs, general overheads such as utilities and marketing. Costs of production continue to be a challenge for companies and a large proportion of Battery Management producers have outsourced their production totally or partially to subcontractors. Continuous fluctuations in the cost of raw materials namely lead and nickel over the past few years is one of the challenges to the increasing growth of automotive batteries ` A BMS can easily range from $300 to $10,000 depending on the nominal voltage of the battery stack and quantity of parallel stacks.

Battery Management System Market Landscape

Acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Battery Management System Market. Battery Management System top 10 companies include

  1. Johnson Matthey
  2. Leclanche
  3. Panasonic
  4. Analog Devices
  5. STMicroelectronics
  6. Texas Instruments
  7.  Eberspaecher Vecture
  8. Nuvation Engineering
  9.  Sensata
  10. NXP Semiconductor

Recent Developments:

• In May 2022, Endurance Technologies, one of India's largest automotive component makers, bought the battery management system unit of energy tech startup Ion Energy for $40 million in an all-cash deal.

• In February 2023, Marelli was awarded an important contract to supply its Battery Management System (BMS) – a core component of electric vehicles design, also regarded as the “brain” of the battery – for the future BEV (Battery Electric Vehicles) small-medium cars of a major global carmaker, Toyota from 2026.

• In November 2023, Ford Motor Company acquired Auto Motive Power (AMP), an energy management start-up based in Los Angeles. Auto Motive Power Inc (Auto Motive Power) is specialized in battery management services.

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1. Battery Management System Market - Overview
1.1 Definitions and Scope
2. Battery Management System Market - Executive summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by type of Application
    2.3 Key Trends segmented by Geography
3. Battery Management System Market 
    3.1 Comparative analysis
        3.1.1 Product Benchmarking - Top 10 companies
        3.1.2 Top 5 Financials Analysis
        3.1.3 Market Value split by Top 10 companies
        3.1.4 Patent Analysis - Top 10 companies
        3.1.5 Pricing Analysis 
4. Battery Management System Market – Startup companies Scenario Premium
    4.1 Top 10 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Battery Management System Market – Industry Market Entry Scenario Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis – Top 10 companies
6. Battery Management System Market Forces
    6.1 Drivers
    6.2 Constraints
    6.3 Challenges
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. Battery Management System Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product life cycle
    7.4 Suppliers and distributors Market Share
8. Battery Management System Market – By Component (Market Size -$Million / $Billion)
    8.1 Market Size and Market Share Analysis 
    8.2 Application Revenue and Trend Research
    8.3 Product Segment Analysis
        8.3.1 Hardware
   Battery Control Unit
   Power Management ICs
   Communication Channel
        8.3.2 Software
9. Battery Management System Market – By Topology (Market Size -$Million / $Billion)
    9.1 Centralized
    9.2 Modular
    9.3 Distributed
10. Battery Management System Market – By Applications (Market Size -$Million / $Billion)
    10.1 Energy Harvesting and Nano Power Solutions
    10.2 Electric Bicycle Solutions
    10.3 Wireless Power Devices
    10.4 Handheld Consumer Medical Equipment
    10.5 Portable Industrial Solutions
    10.6 Automotive Power Solutions
    10.7 Others
11. Battery Management System – By End Use Industry(Market Size -$Million / $Billion)
    11.1 Segment type Size and Market Share Analysis 
    11.2 Application Revenue and Trends by type of Application
    11.3 Application Segment Analysis by Type
        11.3.1 Automotive
        11.3.2 Telecom
        11.3.3 Power Systems
        11.3.4 Medical
        11.3.5 Industrial
        11.3.6 Consumer Electronics
        11.3.7 Others
12. Battery Management System Market - By Geography (Market Size -$Million / $Billion)
    12.1. Battery Management System Market - North America Segment Research
    12.2. North America Market Research (Million / $Billion)
        12.2.1. Segment type Size and Market Size Analysis 
        12.2.2. Revenue and Trends
        12.2.3. Application Revenue and Trends by type of Application
        12.2.4. Company Revenue and Product Analysis
        12.2.5. North America Product type and Application Market Size
    12.3. Battery Management Systems - South America Segment Research
    12.4. South America Market Research (Market Size -$Million / $Billion)
        12.4.1. Segment type Size and Market Size Analysis 
        12.4.2. Revenue and Trends
        12.4.3. Application Revenue and Trends by type of Application
        12.4.4. Company Revenue and Product Analysis
        12.4.5. South America Product type and Application Market Size
   Costa Rica
   Rest of South America
    12.5. Battery Management Systems - Europe Segment Research
    12.6. Europe Market Research (Market Size -$Million / $Billion)
        12.6.1. Segment type Size and Market Size Analysis 
        12.6.2. Revenue and Trends
        12.6.3. Application Revenue and Trends by type of Application
        12.6.4. Company Revenue and Product Analysis
        12.6.5. Europe Segment Product type and Application Market Size
   Rest of Europe
    12.7. Battery Management Systems – APAC Segment Research
    12.8. APAC Market Research (Market Size -$Million / $Billion)
        12.8.1. Segment type Size and Market Size Analysis 
        12.8.2. Revenue and Trends
        12.8.3. Application Revenue and Trends by type of Application
        12.8.4. Company Revenue and Product Analysis
        12.8.5. APAC Segment – Product type and Application Market Size
   South Korea
    12.10. Battery Management Systems – RoW Segment Research
    12.10. RoW Market Research (Market Size -$Million / $Billion)
        12.10.1. Segment type Size and Market Size Analysis 
        12.10.2. Revenue and Trends
        12.10.3. Application Revenue and Trends by type of Application
        12.10.4. Company Revenue and Product Analysis
        12.10.5. RoW Segment – Product type and Application Market Size
   Middle East 
13. Battery Management System Market - Entropy
    13.1. New product launches
    13.2. M&A's, collaborations, JVs and partnerships
14. Battery Management System Market – Industry / Segment Competition landscape Premium
    14.1. Market Share Analysis
        14.1.1. Market Share by Country- Top companies
        14.1.2. Market Share by Region- Top 10 companies
        14.1.3. Market Share by type of Application – Top 10 companies
        14.1.4. Market Share by type of Product / Product category- Top 10 companies
        14.1.5. Market Share at global level- Top 10 companies
        14.1.6. Best Practises for companies
15. Battery Management System Market – Key Company List by Country Premium
16. Battery Management System Market Company Analysis
16.1. Johnson Matthey
16.2. Leclanche
16.3. Panasonic
16.4. Analog Devices
16.5. STMicroelectronics
16.6. Texas Instruments
16.7. Eberspaecher Vecture
16.8. Nuvation Engineering
16.9. Sensata
16.10. NXP Semiconductor
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