Battery Management System Market worth $24.83 Bn by 2027

Eufemia Didonato

The MarketWatch News Department was not involved in the creation of this content. Portland, OR, Oct 01, 2020 (GLOBE NEWSWIRE via COMTEX) — Portland, OR, Oct. 01, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global battery management system market generated $5.81 billion in […]

The MarketWatch News Department was not involved in the creation of this content.

Portland, OR, Oct 01, 2020 (GLOBE NEWSWIRE via COMTEX) —
Portland, OR, Oct. 01, 2020 (GLOBE NEWSWIRE) — 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.

Get detailed COVID-19 impact analysis on the Battery Management System Market Request Now!

The report offers a detailed segmentation of the global battery management system market based on battery type, topology, application, and region.

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.

Leading market players analyzed in the research include Elithion Inc., Eberspacher, Lithium Balance, Leclanche, NXP Semiconductors, Nuvation Energy, Renesas Electronics Corporation, Navitas System LLC, Texas Instruments Incorporated, and Battery Systems, LLC.

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Similar Reports We Have:

Automotive Battery Management System Market by Battery Type (Lithium-Ion Based, Advanced Lead-Acid Based, Nickel-Based, and Flow Batteries), Vehicle Type (Electric Vehicle, Golf Cart, and E-bikes), and Connection Topology (Centralized, Distributed, and Modular): Global Opportunity Analysis and Industry Forecast, 2018-2025

Electric Vehicle Battery Market by Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle), Battery Type (Lead Acid Battery, Nickel Metal Hydride Battery, and Lithium ion Battery), and Vehicle Type (Passenger Car, Commercial Vehicle, and Two Wheeler) – Global Opportunity Analysis and Industry Forecast, 2017-2025

Electric Vehicle Battery Recycling Market by Application (Electric Cars, Electric Buses, Energy Storage Systems, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025

Train Battery Market by Battery Type (Lead Acid, Nickel Cadmium, and Lithium ion), Technology (Gel Tubular, Valve Regulated Lead Acid (VRLA), Conventional Lead Acid, Sinter PNE, Fiber PNE, Pocket Plate, and Lithium Ion), Locomotive Type (Diesel Locomotive, Diesel Multiple Unit, Electric Locomotive, Electric Multiple Unit, Metros, Bullet Trains, Tram, Passenger Coaches, and Freight Wagon), Application (Engine Starter and Auxiliary Function), and Advanced Train (Autonomous Trains, Hybrid Locomotive, and Battery-Operated Train) : Global Opportunity Analysis and Industry Forecast, 2019-2026

Aircraft Battery Market by Battery Type (Lead Acid Battery, Lithium Ion Battery, and Nickel Cadmium Battery), Power Density (Less than 300 Wh/Kg, and More than 300 Wh/Kg), Aircraft Type (Commercial Aircraft, Military Aircraft, and UAV Aircraft), Aircraft Technology (Traditional, Hybrid, and Electric), and Application (Propulsion, Auxiliary Power Unit, Emergency, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026

About Allied Market Research

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AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

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