Market survey of Battery Management System study sheds light on the important growth dynamics expected to prevail across the assessment period. (Insert forecast period). The study offers statistics of key segments across prominent geographies, along with a detailed mapping of the global competitive landscape.
The market report tracks the global sales of Battery Management System in 20+ high growth markets, along with analysing the impact of COVID-19 has had on information & communication technology (ICT) industry and Battery Management System sector in particular.
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Over 10 million battery management systems are likely to be sold in 2019, which will nearly 20% increase over 2018, according to Fact.MR’s latest study. The optimistic growth of the battery management system market can be attributed to,
- Electrification of the automotive industry that heavily relies on batteries
- Development of high power batteries and increasing demand for improved battery management system
- Significant investments by OEMs to develop efficient and reliable battery management systems
The study foresees that centralized topology in the battery management system market will continue to hold a larger market share. In 2019, volume sales of centralized topology are expected to account for over four-fifth share of battery management system market.
According to the Fact.MR study, battery management unit component is projected to account for over 73% volume sales in 2019. However, the communication unit component witnessed a significant y-o-y growth of 21% in 2018 against the backdrop of increasing demand for electric vehicles and consumer handheld appliances—the status-quo is likely to continue in 2019.
Fact.MR estimates that automotive industry continues to register a significant demand for battery management system and accounted for over two-fifth volume sales in 2018. Demand for battery management system in the energy-related applications is projected to register the second highest demand for battery management systems.
Battery management system provides an efficient energy storage system loading control strategy with improved energy utilization efficiency and optimized energy load characteristics. Further, increased emphasis on the installation of renewable energy sources across the world and development of lithium batteries with enhanced performance and lifecycle have necessitated the installation of battery management system in the power-related applications.
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North America Continues Ascendancy in the Market, APEJ and MEA to Witness Higher Growth Rate
With volume sales of nearly 4 million units, North America is projected to reserve its pole position in the battery management system market in 2019. Europe is estimated to follow North America, albeit growing at a faster rate. These developed regions with their flourishing automotive industry and increasing power demand present the most lucrative market for battery management system.
Developing countries such as China and GCC countries in APEJ and MEA regions present growing demand for battery management system. Fact.MR study finds that APEJ and MEA will witness rapid growth in the coming years, wherein both the regions are expected to register over 23% growth in 2019.
In the consolidated marketplace, top players are leveraging merger, acquisition and collaboration strategies to increase their revenue share in the market. These business developments are aimed at delivering efficient and high quality battery management system to stay ahead of end-user demand for accurate and reliable services.
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The Fact.MR report tracks the battery management system market for the period 2018-2027. According to the report, the demand analysis of Battery Management System is projected to grow at an impressive 21.2% CAGR through 2027.
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