The International Energy Agency (IEA) states that the stock of battery electric vehicle (BEV) (cars) in China, Europe, and the U.S. increased from 2.6 million in 2019 to 3.5 million in 2020, 1.0 million in 2019 to 1.8 million in 2020, and 0.9 million in 2019 to 1.1 million in 2020, respectively. It also reveals that the stock of plug-in hybrid electric vehicles (PHEVs) (cars) surged from 0.8 million in 2019 to 1.0 million in 2020 in China and 0.8 million in 2019 to 1.4 million in 2020 in Europe.
The expanding electric vehicle (EV) stock, on account of the surging need to reduce carbon emissions, will, therefore, help the battery management system (BMS) market advance at a notable CAGR of 15.0% during 2021–2030. According to P&S Intelligence, the market was valued at $5,661.0 million in 2020, and it will generate $22,279.6 million revenue by 2030. The increasing shift toward EVs can also be credited to the surging government support toward the EV sector, in terms of subsidies and tax rebates.
Additionally, the escalating demand for consumer electronics, such as laptops, smartphones, wearable devices, and digital cameras, will also accelerate the adoption of BMS in the foreseeable future. Battery management systems (BMSs) are integrated into such electronic products to control the operation of batteries. Additionally, the rising use of rechargeable batteries in consumer electronics will also create an enormous need for BMSs, as they manage rechargeable batteries by monitoring their health and collecting and reporting data.
At present, BMS manufacturers are increasingly offering cloud-connected BMSs as they help forecast the remaining useful life of battery cells, thereby, enabling customers to monitor battery condition. Additionally, cloud-connected BMSs also help identify potential critical failures at an early stage, monitor and analyze battery data, and estimate the precise state of health (SOH) and state of charging (SOC). Owing to these advantages exhibited by cloud-enabled BMSs, EV and consumer electronics manufacturers are shifting from traditional BMSs.
In recent years, BMS manufacturers have focused on mergers and acquisitions and product launches to improve their product portfolios. For example, in February 2021, Leclanché SA launched a fully integrated, modular, and all-in-one BMS and a liquid cooling system for an array of novel and retrofit commercial vehicles, such as e-buses, e-trucks, construction & agricultural vehicles, and municipal service vehicles. Other companies working toward expanding their product portfolio are Navitas Systems LLC, Lithium Werks B.V., Renesas Electronics Corporation, Nuvation Energy, and Storage Battery Systems LLC.
Globally, the Asia-Pacific (APAC) region dominated the battery management system market in the preceding years due to the extensive demand for EVs and the strong presence of automakers in China. Moreover, the implementation of favorable government policies supporting EV production in developing nations, such as India and China also result in the largescale adoption of BMS in the region. Additionally, the burgeoning consumer electronics demand will also create a huge requirement for such systems in the region.
Therefore, the growing preference for EVs and increasing use of rechargeable batteries in consumer electronics will accelerate the production of BMSs, globally.
