Battery Management System Market Analysis by Growth, segmentation, performance, Competitive Strategies and Forecast to 2031

The battery management system (BMS) market is set to exhibit exponential growth between 2021 and 2031. As per a study by Future Market Insights (FMI), the market is poised to register slightly above 15% Y-o-Y growth in 2021 backed by BMS applications across diverse industries.

A battery management system (BMS) is an electronic system that helps maintain the optimal health of rechargeable batteries. The system manages batteries by controlling the load environment, monitoring battery state, and accordingly balancing the charging.

It also offers features such as cell balancing, cell monitoring, safety/protection, controlling/monitoring the charging function. The reliability of such features is enabling growth in the market. This is especially true in case of automotive sector. Backed by surging electric vehicle sales and stringent regulations aimed to curb pollution will give tailwinds to the demand registered in the automotive sector.

According to FMI, the automotive sector will continue accounting for maximum sales through the course of the forecast period. The rising demand for e-bikes and electric vehicles will guarantee consistent demand from the industry.

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Key Takeaways of Battery management system (BMS) Market Study

  • Increasing demand for disruptive battery management systems will enable the battery management system market exhibit above 15% Y-o-Y growth in 2021
  • The U.S. will remain a lucrative market for sales accounting for over 84% of North America market despite dip in demand exhibited in 2020 amid COVID-19
  • The U.K. will exhibit a little below 10% Y-o-Y growth in 2021, after relatively slower growth recorded in 2020
  • Germany and France will continue exhibiting high demand for battery management systems
  • South Korea and Japan will lucrative markets for BMS in East Asia

Consumption of rechargeable batteries is growing in the consumer electronics sector. Rechargeable batteries are used in products such as power tools and vacuum pumps. Considering this, the increase in the demand for these products is driving the market.

Increased acceptance of electronic gadgets such as power tools, garden tools, portable medical tools, portable battery packs and various other technological goods will also continue aiding the expansion of the market through the forecast period.

Who is winning?

Some of the leading companies operating in the market are Vecture Inc., Toshiba Corporation, L&T Technology Services, Navitas System, LLC, Merlin Equipment Ltd., and Lithium Balance Corporation. These companies are focusing on strategic collaborations and product launches as key strategies to gain competitive advantage.

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Why Future Market Insights?

  •   Comprehensive analysis on evolving purchase pattern across different geographies
  •   Detailed insights of market segments and sub-segments for historical as well as forecast period
  •   A competitive analysis of prominent players and emerging players in the keyword market
  •   Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years

Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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