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New York, May 26, 2021 (Global News)-Reportlinker.com announces the release of the “Battery Management System Market” report- https://www.reportlinker.com/p05879084/?utm_source=GNW
New Zealand joined the Electric Vehicle (EV) program in 2019, aiming to become a carbon-free economy by 2050. As other countries in the world also take this initiative to control the rate of environmental degradation, the demand for electric vehicles is growing rapidly. The report predicts that by 2030, the global battery management system market value will increase from USD 5.661 billion in 2020 to USD 22.279 billion in 2030, with a compound annual growth rate of 15.0%.
This is because the key component of electric vehicles is the battery, which provides propulsion power for them. A battery management system is needed to control and track the charging and discharging process, monitor the battery’s operating status and provide information about the remaining power. As a result, the price of car batteries, especially lithium-ion (Li-ion) batteries, has fallen, driving the sales of electric vehicles and the demand for batteries, thereby driving the battery management system market.
During the COVID-19 pandemic, the battery management system market was negatively affected in terms of demand and supply. The global lockdown measures have led to the closure of automobiles and consumer electronics facilities, thereby reducing the need for such systems. Similarly, the supply of such products has also been affected due to the closure of factories producing battery management systems. In addition, due to widespread financial difficulties, people do not spend much on automobiles and consumer electronics.
In the next few years, based on the battery type, the lithium-ion battery category will continue to generate the highest revenue in the battery management system market. Longer life, lower maintenance requirements, higher energy density, eco-friendliness and better resilience make these batteries the first choice for end users.
On the basis of connectivity, the wireless fork is expected to witness an increase in the compound annual growth rate of the battery management system market in the near future, reaching 54.8%. With the growing demand for reduced wiring and the increasing popularity of the Internet of Things (IoT), wireless battery management systems are rapidly gaining popularity.
Asia Pacific (APAC) is the largest battery management system market, and it will also witness the fastest revenue growth in the next few years. According to the International Energy Agency (IEA)’s “Global Electric Vehicle Outlook 2020” report, of the 7.2 million electric vehicles in operation worldwide in 2019, nearly 47% are located in China. In addition, China is the world’s largest electric two-wheeled and three-wheeled vehicle and bus fleet. Similarly, under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) plan, the Indian government will invest 10 billion Indian rupees in the field of electric vehicles.
In the global battery management system market, the most famous players include Leclanché SA, Nuvation Energy, Lithium Balance A/S, Eberspaecher Vecture Inc., Renesas Electronics Corporation, Battery Systems LLC, Elithion Inc., Navitas Systems LLC, Cummins (Cummins) ) Inc., Panasonic Corporation and LION Smart GmbH.
Read the full report: https://www.reportlinker.com/p05879084/?utm_source=GNW
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