Worldwide Battery Management System Industry to 2026 – Increasing Demand from Transportation Sector is Driving Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Battery Management System Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The global battery management system (BMS) market is expected to grow at a CAGR of over 10% during the forecast period.
- Eberspaecher Vecture Inc.
- Elithion, Inc.
- Renesas Electronics Corporation
- Johnson Matthey PLC
- Lithium Balance
- Navitas System, LLC Corporate
- Nuvation Engineering
- Texas Instruments, Inc.
- Valence Technology, Inc.
- BMS Powersafe
Key Market Trends
Increasing Demand from Transportation Sector
- With EV sales hitting 3 million units in 2020, the market for EVs is expected to grow rapidly in the forecasted period, owing to growing consumer demand for greener vehicles, and favorable government policies.
- Reduced taxes and high subsidies on electric vehicles in countries such as China, India, and Norway have led to a rapid increase in sales and have paved a growing path for battery management systems.
- In 2020, global EV fleet stock was around 10.2 million, an increase of around 43% compared to 2019.
- The increasing adoption and low operating cost of electric vehicles have helped the market for battery management systems grow in recent years and is expected to continue a similar trend in the coming years as well.
Asia-Pacific to be a Significant Market
- Asia-Pacific is likely to be a major market for battery management systems during the forecast period. In Asia-Pacific, China is expected to witness strong growth, owing to the rapid growth in the EV market.
- The rising demand for consumer electronics is likely to further add to the demand for BMS, owing to the increasing integration of BMS in consumer electronics for safety purposes.
- China is the biggest market for EVs, globally. China’s EV cars stock market share increased from around 23% in 2015 to 44% in 2020, with around 4.5 million units deployed by end of 2020.
- Therefore, the above-stated factors can be considered the major driving factors for battery management systems in the region, where the market is expected to during the forecast period.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter’s Five Forces Analysis
4.8 Assessment of the COVID-19 Impact on the Market
5 MARKET SEGMENTATION
5.2.1 North America
5.2.4 South America
5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/jky3zy.
The content is by Business Wire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.