Battery Management System Market Size, Share, and Trends 2024 to 2034

Battery Management System Market Size and Companies

The global battery management system market size was estimated at USD 9.78 billion in 2023 and it is expected to hit around USD 62.84 billion by 2033, poised to grow at a CAGR of 20.42% from 2024 to 2033.

Key Takeaways

• The North America market has generated a market share of 32.05% in 2023.
• By application, the automotive segment has held a market share of over 55% in 2023.
• By battery, the flow battery segment has captured a market share of over 32% in 2023.

Battery Management System Market Size in the U.S. 2024 To 2033

The U.S. battery management system market size reached USD 2.20 billion in 2023 and is anticipated to be worth around USD 15.03 billion by 2033, poised to grow at a CAGR of 21.17% from 2024 to 2033.

Because of the rising penetration of electric vehicles and the favorable government policies has impacted the battery management system to a great extent in North America. The government is providing various supportive and monetary policies for developing the hybrid electric vehicles. An increase in the sales of the automotives has in turn resulted in the rise of the market.

Followed by North America, the Asia Pacific region is also going to have a larger market. Due to various automotive manufacturers that are present in these locations. In the countries like United States and Europe. In the residential sectors, the amount of renewable energy installations is increasing at a great rate. In the North American region California has the highest battery energy storage systems.

Market Overview: 

The battery management system is the plane of the vehicle and it greatly affects the performance and the driving range. Apart from increasing the battery life the battery management system is an electronic system that helps in protecting the battery from operating outside its safe operating area. It helps in monitoring the state of the battery and calculating the various information. That controls its environment and helps in balancing the battery. Battery management system helps in controlling and monitoring the temperature, the coolant flow, the current and the voltage in the battery. Battery management system also helps in preventing over current. This system also helps in estimating the batteries operational state and also optimizes the performance while reporting the operational status to the external devices. Does reduced output insufficient labor and insufficient raw materials supply due to the COVID-19 lockdown? Due to a slowdown in logistics and supply chains, there was a shortage in the supply of raw materials required for the manufacturing of the systems.

Growth Factors

An increased adoption of electric vehicles the industry is also expecting a development in advanced automotive battery management systems during this period. The increasing trend of electric vehicles the need for the batteries is also increasing, so it happens to drive the market. The battery management system helps in the effective electric grid management. The system helps in safeguarding or protecting the battery from any damage. Can you dysfunctions in the operation of the battery or reported. In order to prevent the emission of greenhouse gases the ladies, governments across the world have an active, stringent regulations and also policies to create awareness regarding the harmful effects of conventional fuels and an alternative that they are providing, which is the electronic vehicles and hybrid electric vehicles. In order to make an optimum utilization of the battery storage capacity in the vehicles and to prevent any dangers which may be caused by dysfunctioning battery in the electric as well as the hybrid cars, the manufacturers have started to use the battery management system in vehicles.

In the developed nations like North America and also in the developing nations, the Asia Pacific market, the government is constantly emphasizing on hybrid vehicles and electric vehicles in order to cut down the carbon dioxide emissions. The rise in the air pollution has also made the technological transformation for public transport. In order to meet the government norms all the industry players are switching to renewable sources of energy. The consumer electronics, the telecom sector and the automotive sector are extensively using batteries.

Battery Management System Market Scope

Battery Insights

Based on the type of battery used, the lithium-ion battery is going to dominate the market during the forecast period because of its increasing application in all the end user industries. In comparison to the contemporary batteries like the lead acid and nickel batteries, lithium and batteries or gaining interest amongst the vehicle manufacturers because of the high charge density and the low weight qualities that it has got. Renaissance Electronics, which is a supplier of semiconductor solutions, announced the forms 4th generation lithium ion battery management integrated circuit which provides a good battery cell life for the electric and the hybrid vehicles.

Topology Insights

On the basis of topology, the battery management system can be bifurcated as modular, centralized or distributed systems. On the basis of topology, the modular topology segment in this system is expected to grow at the highest rate during this. Many manufacturers prefer modular topology as it has very good computational power and is safe as it does not require extensive wire harnesses. In energy storage systems, industrial ups, medical mobility vehicles, drones and the parts of electric vehicles. Modular topology is useful so there is a great demand for modular topology and it is expected to rise during the forecast.

Application Insights

On the basis of the application, the system can be classified into energy storage, automotive, consumer electronics, healthcare, telecommunication renewable, Military and defense and other industries. In case of power outages, the major players are depending upon the UPS and generators apart from the use of batteries these are majorly used in telecom industries for power generation. The power generation industries and the telecom sector will have a major share in the market of the systems.

The demand for battery systems is expected to rise as there is an Increase in the demand for hybrid vehicles and electric vehicles. In the electric automotives high voltage battery packs are used in stationary applications in energy storage systems.

Key Market Developments

• In January 2021, Texas Instruments Incorporated. Has released wireless battery management system for the electric vehicles. It helps in wireless control and monitoring of the better cells, it has also resulted in elimination of cabling and weight savings.
• Brill power has announced the new intelligent battery management system in October 2021, which will help in extending the life of the battery by 60%. It is also expected to increase the storage capacity by 129% which will help the systems to run longer.
• In February 2018, Lithium Werk B.V acquired another company Valence technology in order to strengthen the product portfolio and its footprint. By expanding the product portfolio, the company is expecting good amount of sales.

Battery Management System Market Companies

• Robert Bosch GmbH
• Panasonic corporation
• Toshiba Corp.
• Texas Instruments incorporated
• Ricardo
• Edition
• East Penn Manufacturing Company
• Mastervolt
• Lithium balance.
• Microchip technology Inc.
• AVL
• Merlin Equipment

Segments Covered in the Report

By Battery Type

• Lead acid battery
• Lithium ion battery
• Nickel battery
• Flow battery
• Others

By Application

• Automotives
• Consumer electronics
• Energy storage
• Telecom
• healthcare
• Renewable
• Military and defense

By Topology

• Modular
• Distributed
• Centralized

By Type

• Motive Battery
• Stationary Battery

By Components

• Hardware
• Software

 By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa