Press Release

Global Battery Management System Market is Expected to Grow at a CAGR of 20.10% in the Forecast Period of 2024-2032

Battery Management System Market

According to a new report by EMR titled, ‘Global Battery Management System Market Report and Forecast 2024-2032’, the global battery management system market attained a value of approximately USD 8.65 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of about 20.10% to reach a value of nearly USD 44.94 billion by 2032.

The global battery management system market is being led by the Asia Pacific region. The growth of the battery management systems in the Asia Pacific region can be attributed to increased sales of electric vehicles in countries such as China and Japan. The rise in sales is due to the increased efforts of the governments to minimise greenhouse gas emissions.


In November 2018, one of the key players, NXP Semiconductors N.V. (NASDAQ: NXPI), unveiled a new range of battery cell controllers for a wide variety of automotive battery management systems. In order to provide industry-leading measurement precision and reliability of embedded functional safety mechanisms, the advantages of the portfolio often improve NXP's platform approach for power controlling. The new battery cell controllers together with NXP's extensive range of world-class automotive microcontrollers (MCUs), SBCs, and communication transceptors provide easy to use reference design platforms to monitor high-power energy storage in modern electric vehicles. The platforms are created to help carmakers produce hybrid and electric vehicles of the next generation with greater speed as well as less risk of development. Such developments in the market are expected to propel the growth of the global battery management system market in the coming years.


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Market Analysis by Battery Type, Component, Topology, Application, and Region:

  • Based on battery type, the global battery management system market is divided into lithium-ion–based batteries, advanced lead-acid batteries, flow batteries, and nickel-based batteries, among others.
  • The components of battery management system can be divided into hardware and software. The hardware segment is further divided into battery control unit, power management IC, and communication channel.
  • The topology of the system is divided into centralised, modular, and distributed.
  • It finds applications in automotive, military, medical, portable device, telecommunication, renewable energy system, and uninterrupted power supply (UPS), among others.
  • The regional markets of battery management system include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.


Key Findings of the Report:

  • The ever-growing automobile sector is driving the growth of the global battery management system market.
  • The increasing use of renewable energy is likely to push the market growth further.
  • Decreased prices of batteries, as well as photovoltaic cells, is also boosting the market development.
  • The rising support from the governments in the form of incentives is also encouraging the growth of the renewable energy market and, thus, the battery management system market.
  • The increased adoption of electric vehicles and electric hybrids across the globe is also propelling the market growth.
  • The rising demand for lithium-ion technology with higher energy densities is also providing a push to the growth of the market.


Key Offerings of the Report:

  • The EMR report gives an overview of the global battery management system market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the battery type, component, topology, application, and major regions of battery management system.
  • It assesses the market based on the SWOT and Porter's Five Forces models.


The major key players in the global battery management system market include companies like Lithium Werks B.V., Renesas Electronics Corporation, Analog Devices, Inc., Nuvation Energy, Sensata Technologies, Inc., NXP Semiconductors N.V. (NASDAQ: NXPI) and Johnson Matthey Plc, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.


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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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