Over 10 million battery management systems are likely to be sold in 2019, which will nearly 20% increase over 2018, according to Fact.MR’s latest study. The optimistic growth of the battery management system market can be attributed to,
- Electrification of the automotive industry that heavily relies on batteries
- Development of high power batteries and increasing demand for improved battery management system
- Significant investments by OEMs to develop efficient and reliable battery management systems
For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=2447
The study foresees that centralized topology in the battery management system market will continue to hold a larger market share. In 2019, volume sales of centralized topology are expected to account for over four-fifth share of battery management system market.
According to the Fact.MR study, battery management unit component is projected to account for over 73% volume sales in 2019. However, the communication unit component witnessed a significant y-o-y growth of 21% in 2018 against the backdrop of increasing demand for electric vehicles and consumer handheld appliances—the status-quo is likely to continue in 2019.
In a bid to meet the demand for lightweight and fuel efficient vehicles, automotive industry’s reliance on electronic components has increased significantly. Additionally, emergence of electric vehicles and consistent innovations to introduce improved battery performance are likely to increase demand for battery management systems in the future.
Fact.MR estimates that automotive industry continues to register a significant demand for battery management system and accounted for over two-fifth volume sales in 2018. Demand for battery management system in the energy-related applications is projected to register the second highest demand for battery management systems.
For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=2447
Battery management system provides an efficient energy storage system loading control strategy with improved energy utilization efficiency and optimized energy load characteristics. Further, increased emphasis on the installation of renewable energy sources across the world and development of lithium batteries with enhanced performance and lifecycle have necessitated the installation of battery management system in the power-related applications.
The study finds that sales of battery management system in telecommunication and consumer handheld applications are also expected to rise in the coming years. Globally, consumer electronics, especially handheld devices such as smartphone and tablets find an extensive application. In the telecommunication industry, to maintain the services of network infrastructure up and running, batteries are plating vital role, in turn, generating demand for battery management system.
North America Continues Ascendancy in the Market, APEJ and MEA to Witness Higher Growth Rate
With volume sales of nearly 4 million units, North America is projected to reserve its pole position in the battery management system market in 2019. Europe is estimated to follow North America, albeit growing at a faster rate. These developed regions with their flourishing automotive industry and increasing power demand present the most lucrative market for battery management system.
For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/2447
Developing countries such as China and GCC countries in APEJ and MEA regions present growing demand for battery management system. Fact.MR study finds that APEJ and MEA will witness rapid growth in the coming years, wherein both the regions are expected to register over 23% growth in 2019.
As battery management system enhances battery lifespan and improves overall battery performance, battery-based device manufacturers prefer reliable and certified products distributed through original equipment manufacturers (OEM). These end-user sentiments explain the dominance of Tier 1 players in the battery management system market.
The Fact.MR report tracks the battery management system market for the period 2018-2027. According to the report, the battery management system market is projected to grow at an impressive 21.2% CAGR through 2027.
For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
Visit Our Website: https://www.factmr.com
Blog URL: https://blog.factmr.com/