Surging Deployment of Electric Vehicles Propelling Battery Management System Sales

 With the surging emission of greenhouse gases, the demand for environment-friendly vehicles, such as electric vehicles, is soaring rapidly. As per Our World in Data, the transportation industry contributed 16.2% of the total greenhouse gas emissions all over the world in 2018. As electric vehicles can assist in reducing the emission of greenhouse gases, they play an important role in mitigating air pollution, improving public health, and reversing climate change. Since battery management systems are integral components of electric vehicles (EVs), the growing manufacturing and adoption of these vehicles is positively impacting the worldwide demand for these systems. 

Apart from the aforementioned factor, the surging utilization of rechargeable batteries in consumer electronic devices is also fueling the demand for battery management systems. These systems are used in consumer electronics for controlling the operation of the battery. Additionally, these systems monitor the state and health of batteries and collect and report data. Owing to these factors, the mushrooming use of consumer electronics, such as laptops, mobile phones, wearable devices, and digital cameras is driving the expansion of the global battery management system market.

Browse detailed report - Battery Management System Market Analysis and Demand Forecast Report

This will consequently propel the value of the market from $5,661.0 million in 2020 to $22,279.6 million by 2030. Furthermore, the market is expected to demonstrate a CAGR of 15.0% from 2021 to 2030 (forecast period). Depending on battery type, the market is classified into lead-acid, lithium-ion, and nickel. Amongst these, the lithium-ion category is expected to register the fastest growth in the battery management system market throughout the forecast period. 

This is credited to the fact that the utilization of lithium-ion batteries has grown sharply over the last few years. These batteries are extensively used in products, such as laptops, mobile phones, wearable devices, and digital cameras, as they enable proper and efficient battery management. Globally, Asia-Pacific (APAC) dominated the BMS market in the years gone by and it will also be the fastest growing region in the market during the forecast period, as per the estimates of the market research company, P&S Intelligence.