Battery Management Systems Market by Component (Hardware, Software), Topology (Centralized BMS, Modular BMS), Battery Types (Li-ion Battery, Lead-acid Battery), Application (Automotive, Industrial), and Geography - Global Forecast to 2030

The Battery Management Systems Market is projected to reach $34.8 billion by 2030, at a CAGR of 20.5% during the forecast period of 2023 to 2030.

The growth of this market is driven by the growing government initiatives to encourage the adoption of electric mobility, growing consumption of rechargeable batteries in consumer electronics, and increasing demand for energy storage systems. Furthermore, supportive government initiatives for electric vehicles and the increasing electrification of public transportation are expected to create market growth opportunities. However, the lack of infrastructure in emerging economies for the development of EVs and standardization in battery management solutions restrain the growth of this market. The complex design & manufacturing process is a major challenge for the players in this market. Additionally, the rise in electricity generation from renewable energy sources is a prominent trend in the battery management systems market.

Government Initiatives to Encourage the Adoption of Electric Mobility

Governments worldwide are increasingly investing in electric mobility. Government regulations to phase out fossil fuel-powered vehicles, investments in improving public EV charging infrastructure, and initiatives in the form of subsidies & tax rebates for EV adoption are expected to support the growth of this market. With advancements in electric drivetrain technologies, governments across the world are transitioning to electric vehicles for sustainable public & private transportation.

Considering the environmental benefits of EVs, governments are increasingly offering incentives and subsidies for purchasing EVs & implementing the associated charging infrastructure, boosting the demand for the energy infrastructure market for EV charging stations.

For instance, in November 2021, the Australian government invested USD 132 million in ramping up the rollout of hydrogen refueling & charging stations for electric vehicles. Also, in April 2020, the Government of China announced plans to invest USD 381 million in EV charging infrastructure to enable the State Grid Corp of China, a State-owned electric utility to build 78,000 charging stations over the year.

Furthermore, in May 2019, the Italian government ratified the Eco-Bonus program, spending (EUR 60 million) USD 67.2 million and (EUR 70 million) USD 78.4 million in 2020 and 2021, respectively, on subsidies for purchasing a hybrid or very-low-emission vehicles and implementing EV charging infrastructure. Under this scheme, individuals, companies, and condominiums would receive a 50% tax deduction up to (EUR 3,000) USD 3.360.3 on purchasing EVs and installing (backend energy infrastructure) recharging points for electric vehicles from 1st March 2019 to 31st December 2021.

New Zealand has also taken steps to strengthen electric mobility in the country. New Zealand’s government is increasingly supporting the growth of the country’s EV industry through an intervention program, which includes an EV public information drive and a Low Emission Vehicles Contestable Fund. This fund has provided more than (NZD 17 million) USD 11 million for 93 projects over the past five rounds. The key focus of the fund is to improve public EV charging infrastructure and construct more than 200 fast chargers across the country. The fund aims to fulfill the government’s vision of implementing fast DC chargers every 75 km on the country’s main highway network. Such initiatives are expected to drive the market’s growth in the coming years.

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Key Findings in the Battery Management Systems Market Study:

Hardware Segment to Register the Highest CAGR During Forecast Period

Based on component, the battery management systems market is segmented into hardware and software. The hardware segment is further segmented into battery control units, communication systems, power management systems, and other hardware. The hardware segment is projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the growing use of battery management systems in automotive, military & defense, and consumer electronics applications, among others.  

Modular BMS Segment to Register the Highest CAGR During Forecast Period

Based on topology, the battery management systems market is segmented into centralized BMS, modular BMS, primary/subordinate BMS, and distributed BMS.  The modular BMS segment is projected to register the highest CAGR during the forecast period. Modular BMS can be further connected in series or parallel circuits to each other, increasing the power/voltage output with the added advantage of lower maintenance costs.

Nickel Battery Segment to Register the Highest CAGR During Forecast Period

Based on battery types, the battery management systems market is segmented into Li-ion battery, lead-acid battery, nickel battery, and other batteries. The nickel battery segment is projected to register the highest CAGR during the forecast period. The nickel battery is a high energy density battery and uses environmentally friendly metals, which contributes to the growth of this segment. Additionally, nickel batteries perform well under rigorous working conditions and are relatively low in cost.

Consumer Electronics Segment to Register the Highest CAGR During Forecast Period

Based on application, the battery management systems market is segmented into automotive, industrial, renewable energy, telecommunication, military & defense, consumer electronics, and other applications. The automotive segment is further segmented into passenger cars, trucks & buses, and utility vehicles. The consumer electronics segment is projected to register the highest CAGR during the forecast period. The increasing number of consumer applications and usage of portable electronic devices, which require long hours of battery charge, contributes to the growth of this segment.

Asia-Pacific to be the Fastest-growing Regional Market

Based on geography, the battery management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the highest CAGR during the forecast period due to the rising demand for consumer electronics, which is likely to add to the demand for BMS, owing to the increasing integration of BMS in consumer electronics for safety purposes.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the battery management systems market in the last three to four years. The key players profiled in the battery management systems market report are Eberspächer (Germany), Panasonic Holding Corporation (Japan), Renesas Electronics Corporation (Japan), Sensata Technologies, Inc. (U.S.), Texas Instruments Incorporated (U.S.), Analog Devices, Inc.(U.S.), Infenion Technologies AG (Germany), LG Energy Solutions, Ltd.( South Korea), NXP Semiconductors N.V.(Netherlands), STMicroelectronics International N.V. (Switzerland), Midtronics Inc.(U.S.), Elithion, Inc. (U.S.), AVL List GmbH (Austria), Ewert Energy Systems, Inc., (U.S.), Exponential Power, Inc., (U.S.), Ficosa International S.A., (Spain), Futavis GmbH(Germany), and Navitas Systems LLC (U.S.).

Scope of the report:

Battery Management Systems Market, by Component

• Hardware
  • Battery Control Units
  • Communication Systems
  • Power Management Systems
  • Other Hardware
• Software

Battery Management Systems Market, by Topology

• Centralized BMS
• Modular BMS
• Primary/Subordinate BMS
• Distributed BMS   

Battery Management Systems Market, by Battery Types

• Li-ion Battery
• Lead-acid Battery
• Nickel Battery 
• Other Batteries

Battery Management Systems Market, by Application

• Automotive
  • Passenger Cars
    • Traditional Fuel Vehicles
    • Electric Vehicles
      • Battery Electric Vehicles
      • Plug-in Hybrid Electric Vehicles
  • Trucks & buses
  • Utility Vehicles
• Industrial
• Renewable Energy
• Telecommunication
• Military & Defense
• Consumer Electronics
• Other Applications

Battery Management Systems Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Netherlands
  • Denmark
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Taiwan
  • Singapore
  • Thailand
  • Indonesia
  • Australia & New Zealand
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • Rest of the Middle East & Africa

Key questions answered in the report: