Increased Demand for EVs Driving Global Battery Management System Market
Global battery management system market revenue is expected to increase at a compound annual growth rate (CAGR) of 19.9 percent between 2015 and 2025, according to a report from Future Market Insights (FMI). Demand for battery management systems for e-vehicle applications is estimated to account for 14.2 percent of the market’s revenue share by the end of 2015.
In its report, Battery Management System Market: Global Industry Analysis and Opportunity Assessment, 2015–2025, FMI estimates that the e-vehicle sub-segment will expand at a CAGR of 21.1 percent during the forecast period. The automotive segment will dominate the global market with a 39.5 percent revenue share by the end of 2015, followed by energy and consumer/handheld segment with share of 26.3 percent and 17.4 percent, respectively. Revenue for the automotive segment dominated the global market in 2014 and is expected to register a CAGR of 20.8 percent during the forecast period.
The Asia Pacific region (excluding Japan) dominates the global market, accounting for around 29.1 percent, followed by North America and Western Europe. Market value in the Asia Pacific region (excluding Japan) is expected to reach $557.2 million by the end of 2015 and $ 3.8 billion by 2025. By the end of 2015, North America and Western Europe are estimated to be the other major contributors to the global market, accounting for 24.5 percent and 16.3 percent share respectively of the overall market revenue. The market in Japan is estimated to account for 10.5 percent share of the global market by the end of 2015 and register a CAGR of 18.3 percent during the forecast period.
Key players across the supply chain of the global battery management system market include OEMs/suppliers, BMU integrators and electronic devices manufacturers. To increase market share and expand consumer base, FMI analysts recommend battery management systems companies continue to invest in the Asia Pacific (excluding Japan) and North American markets.
Battery management systems are electronic systems that helps to maintain optimal health of rechargeable batteries. The global battery management system market is segmented into automotive, energy, telecom and drones. The telecom and electronics industries are also driving global market growth.
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