Battery Management System Market by Battery Type – Lithium Ion and Advanced Lead for 2019 - 2027

The growing global adoption of electric cars (EVs) and hybrid electric vehicles (HEVs) as a result of rigorous rules, such as the Kyoto Protocol, to reduce greenhouse gas (GHG) emissions is likely to drive the growth of the battery management system (BMS) market during the forecast period. Factors such as the increasing adoption of rechargeable batteries across various end-use sectors, the growing need for telecommunications backup systems, and the necessity for effective electric grid management are also projected to boost the market.

Battery management system (BMS) market manufacturers are emphasizing on the manufacture of miniature versions of BMS to be integrated with small size electronics devices. A battery management system offers different features such as battery charger control, monitors the health of battery pack, and cell over-voltage and under-voltage protection, and others.Their demand across diverse industries will enable growth in the market at an impressive 19.9% CAGR between (2019-2027).

Governments throughout the world have enacted severe regulations to decrease carbon footprints and are encouraging the use of electric vehicles to reduce carbon emissions. For example, the United States' energy and environmental policies are encouraging the commercialization of EVs.

Automobile and telecommunications manufacturers are leaning toward the use of environmentally friendly and renewable energy sources in order to capitalise on various tax breaks and other related policies enacted by governments throughout the world. The presence of such beneficial policies encourages the use of BMS.

The demand for innovative technology research and deployment, such as electric vehicle battery charging station technologies, is increasing. As a result, there is an increased demand for battery management systems, which include capabilities such as the ability to monitor and balance the charge of individual battery cells, defect detection of individual cells, and others.

The key elements driving the increased demand for BMS include benefits such as greater corporate productivity, reduced complexity, and improved reliability. The incorporation of technologies such as the Internet of Things (IoT), machine learning, artificial intelligence (AI), and others is projected to drive demand for battery management systems.