The demand for battery management systems has gained tremendous popularity as a result of developments in wireless and wired electronic devices and technology.
DUBAI, UAE / ACCESSWIRE / March 4, 2021 / Future Market Insights: FMI projects the battery management system market to grow with a CAGR of 17.8% through 2031. The industry is expected to be driven by the development and implementation of new technologies such as electric vehicle batteries.
"Manufacturers are entering into a strategic partnership with other technology vendors and integrators, automotive OEMs and others stakeholders for the development of new technologies and solutions. " says the FMI analyst.
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Battery management system Market - Important Highlights
- Maximum battery management device sales are currently concentrated in the automotive market.
- . The advanced lead-acid sub-segment is projected to increase with a relatively higher CAGR over the forecast era.
- Amongst these topologies categories, the modular topologies segment is anticipated to exhibit a 22.7% CAGR during the forecast period.
- The U.S. has emerged as a highly profitable market, backed by increased production and sales of electric vehicles.
Battery management system Market - Drivers
- Increased sales of electric vehicles would fuel demand in the industry.
- The industry is expected to be influenced by Automotive and telecommunications manufacturers who are inclined to embrace environmentally friendly and sustainable energy sources.
- Benefits such as enhanced market efficiency, reduced complexity, and improved reliability are the key factors that result in increased demand for BMS.
Battery management system Market - Restraints
- An increase in product prices is anticipated to hinder the market growth
- The rising number of players on the market has resulted in a cut-throat rivalry.
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COVID-19 Impact on Battery management system Market
The onset of the pandemic has hampered the market. Major battery manufacturers across the globe suspended their manufacturing activities as a result of the destruction of the supply chain during the Covid-19 pandemic, which culminated in the delay of the installation of the battery management system. However, the market is expected to make a swift turnaround as economies start stabilizing.
Competitive Landscape
Companies operating in the industry have been focusing on the introduction of new technology to achieve a competitive advantage. For example, in July 2019, Bosch introduced cloud-based battery management to prolong the life of EV batteries. A few of the key companies functioning in the global market include Vecture Inc., Toshiba Corporation, L&T Technology Services, Navitas System, LLC, Merlin Equipment Ltd., Ashwoods Energy Limited, Lithium Balance Corporation, Nuvation Engineering, The Ventec Company
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Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
3.3. Key Success Factors
4. Global Battery Management System Market - Pricing Analysis
4.1. Pricing Analysis, By Battery Type
4.1.1. Manufacturer-level Pricing
4.1.2. Distributor-level Pricing
4.2. Global Average Pricing Analysis Benchmark
5. COVID-19 Impact Analysis
5.1. Impact of COVID-19 on Battery Management System Sales
5.2. Pre-COVID-19 Market Growth Analysis
5.3. Post-COVID-19 Market Impact Analysis
5.4. Expected Recovery Scenario (Short term/Long term)
5.5. Key Action Points for Battery Management System Manufactures
6. Market Structure Analysis
6.1. Market Analysis by Tier of Companies
6.2. Market Concentration
6.3. Market Share Analysis of Top Players
6.4. Market Presence Analysis
6.4.1. Regional footprint by Players
6.4.2. Product footprint by Players
6.4.3. Channel footprint by Players
7. Global Battery Management System Market Demand (in Volume in '000 Units) Analysis 2016-2020 and Forecast, 2021-2031
7.1. Historical Market Volume ('000 Units) Analysis, 2016-2020
7.2. Current and Future Market Volume ('000 Units) Projections, 2021-2031
7.2.1. Y-o-Y Growth Trend Analysis
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About the Study
· The study offers readers a comprehensive assessment of the battery management system market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on battery type(Lithium-Ion, Advanced Lead-Acid, Others), topologies (Centralized, Modular, Distributed), application (automotive, military, consumer, telecom, energy) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights
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