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Rise in demand for hybrid electric vehicles across the globe fuels the growth of the global battery management system market. At the same time, major battery manufacturers halted their production activities due to disrupted supply chain amid the lockdown which, in turn, has impacted the market to a significant extent.Leading market players analyzed in the research include Elithion Inc., Eberspächer, Lithium Balance, Leclanche, NXP Semiconductors, Nuvation Energy, Renesas Electronics Corporation, Navitas System LLC, Texas Instruments Incorporated, and Battery Systems, LLC.
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According to the report published by Allied Market Research, the global battery management system market generated $5.81 billion in 2019, and is estimated to reach $24.83 billion by 2027, registering a CAGR of 20.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for hybrid electric vehicles and electric vehicles across the globe and growing adoption of lithium-ion batteries across various industry verticles drive the growth of the global battery management system market. However, rise in product prices with addition of battery management system is anticipated to restrain the market growth. Furthermore, growing adoption of cloud-connected battery management systems is expected to provide new opportunities during the forecast period.
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Covid-19 scenario:
• Major battery manufacturers across the globe have halted their production activities due to disrupted supply chain amid lockdown during the Covid-19 pandemic, due to which, the installation of battery management system has been interrupted.
• According to the China Passenger Car Association (CPCA), sales of automobiles in China have significantly dropped in June, 2020 as compared to April and May of 2020. In June, 2020, 1.68 million passenger vehicles were sold as compared to 2.0 million and 2.1 million sold in April and May respectively. Due to this the demand for battery management system from automotive industry is expected to decline.
The report offers a detailed segmentation of the global battery management system market based on battery type, topology, application, and region.
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Based on battery type, the lithium-ion based segment contributed to the largest share in 2019, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the lead-acid based segment is estimated to portray the highest CAGR of 22.7% during the forecast period.
Based on topology, the modular segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the centralized segment is expected to register the highest CAGR of 26.0% from 2020 to 2027.
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Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 27.2% from 2020 to 2027.
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