According to The Insight Partners study on “Battery Management Module Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Type (Single Speed and Multi-Speed); by Driveline Type (Battery Electric vehicle (BEV) and Hybrid Electric Vehicle (HEV)); and Geography,” the market is projected to reach US$ 14,513.5 Million by 2027 from US$ 5,102.6 Million in 2020; it is expected to register a CAGR of 14.0% during 2020–2027.
Strategic Insights
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Report Coverage |
Details |
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Market Size Value in |
US$ 5,102.6 Million in 2020 |
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Market Size Value by |
US$ 14,513.5 Million by 2027 |
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Growth rate |
CAGR of 14.0% from 2020-2027 |
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Forecast Period |
2020-2027 |
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Base Year |
2020 |
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No. of Pages |
192 |
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No. Tables |
110 |
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No. of Charts & Figures |
87 |
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Historical data available |
Yes |
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Segments covered |
Type; by Driveline Type and Hybrid Electric Vehicle ); and Geography |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
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Country scope |
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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The mounting integration of portable batteries in consumer electronics, growing inclination toward electric vehicles, and energy storage solutions are the key factors boosting the demand for battery management modules. Currently, computers, smartphones, tablets, and other consumer electronic devices are powered by batteries, especially lithium-ion batteries. The demand for advanced energy storage technologies is playing a pivotal role in the decarburization of modern economies. In the last few years, these advanced technologies have contributed to the evolution of energy & power, automotive, medical, and electronics industries.
In the automobile industry, various commercial vehicles and passenger cars are still developing, which demand enhanced energy storage systems. The availability of advanced battery technologies has encouraged automotive OEMs to adopt the battery management module. Several developing countries in APAC and South America, such as India, China, and Brazil, play a crucial role in the growth of the automotive and consumer electronics industry. APAC is home to several automotive players’ factories. Moreover, various companies in APAC are proceeding with battery production projects in Europe. For instance, Northvolt (Sweden), LG Chem (Poland), Terra E Holding (Germany), and SK Innovation (Hungary) have announced their respective battery projects with battery cell production requiring battery management module for enhanced energy storage.
Impact of COVID-19 Pandemic on Battery Management Module Market
The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Battery Management Module Market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.
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Increasing demand and adoption of electric vehicles worldwide
In the past few years, electric mobility has been growing at an unprecedented rate. The sales of electric vehicles are expanding at a fast pace owing to increasing concerns regarding environmental protection and favorable government policies to boost the adoption of electric vehicles worldwide. As per Global EV Outlook 2019 of International Energy Agency (IEA), electric vehicles in freight transport especially light-commercial vehicles (LCVs) reached 2, 50,000 units in the year 2018. Medium electric truck sales also reached to around 1,000 to 2,000 units in the same year. Presently, China is the leading market for electric vehicles followed by Europe and the US. Government polies plays a crucial role in the development and growth of electric vehicle market worldwide.
Battery Management Module Market: Topology Type Insights
A distributed battery management module consists of a cell string or cell integrated with its specific battery management module. Cell battery management modules offer measurement of operating parameters and communication. A distributed battery management module is sub-categorized into a master and numerous battery modules, which are used for real-time monitoring as well as reporting the condition of battery operation. The distributed battery management module combines distributed data collection and central control management. It reduces the costs and increases scalability, flexibility, and adaptability, as a distributed battery management module comprises smart battery cell monitoring.
Battery Management Module Market: Competitive Landscape and Key Developments
NXP SEMICONDUCTORS N.V, Johnson Matthey, Texas Instruments Incorporated, Renesas Electronics Corporation, Nuvation, Analog Devices, Inc, Elithion Inc, L&T TECHNOLOGY SERVICES LIMITED, Lithium Balance, and LECLANCH are among the key players in the global Battery Management Module market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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2020: NXP collaborated with Volkswagen centered on the electronics for electric vehicles (EVs). Volkswagen adopted NXP’s battery management system (BMS) into its innovative MEB platform to help increase vehicle range, extend battery longevity, and enhance safety.
2020: Varroc Engineering Limited, has entered into agreement to manufacture EV Battery Management System (BMS) in India for Lithium Balance A/S, a Danish BMS solutions provider.
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