Rising Number of Electric Vehicles Fueling Battery Management System Demand

The International Energy Association (IEA) predicts that the sale of battery electric vehicles (BEV) (trucks) and plug-in hybrid electric vehicles (PHEV) (trucks) will reach around 96,555 units and 107,571 units, respectively, by 2025. The organization also forecasts that the global stock of BEV cars and PHEV cars will reach 29,626,576 units and 16,335,941 units, respectively, by 2025. The surging electric vehicle (EV) sales will create an extensive requirement for battery management systems (BMSs) in the coming years, as batteries are the most important component of such vehicles.

Besides, the surging use of rechargeable batteries in consumer electronic products is expected to drive the battery management system market at a vigorous CAGR of 15.0% during the forecast period (2021–2030). The market revenue is expected to surge from $5,661.0 million in 2020 to $22,279.6 million by 2030. BMSs are installed in consumer electronics to control the operation of batteries and manage rechargeable batteries to monitor battery health and collect and report data.

In the coming years, lithium-ion (Li-ion) batteries will be adopted in enormous quantities, due to their higher energy density, longer life cycle, better resilience, and lower maintenance requirements associated with these energy storage units. Moreover, the eco-friendly nature of Li-ion batteries, owing to the presence of a smaller quantity of toxic heavy metals than nickel–cadmium (Ni–Cd) and lead–acid batteries, will also facilitate their usage in electronic products and EVs. Electronics such as digital cameras, laptops, wearable devices, and mobile phones use Li-ion batteries and sensors and control systems for efficient battery management.

The vertical segment of the battery management system market is classified into telecommunications, industrial, consumer electronics, aerospace and defense, automotive, and others, such as medical, infrastructure, and marine. Under this segment, the automotive category is expected to exhibit the fastest growth throughout the forecast period. This will be on account of the rapid adoption of EVs, owing to the introduction of numerous government policies to promote the production and sales of these new energy vehicles.

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