According to the report released this month by technavio, an international market research institution, the global market of lithium electronic battery management system is expected to grow by US $2.89 billion in 2019-2023, with a compound annual growth rate of more than 26%.
The growing demand for efficient, environmentally friendly batteries and the emergence of cloud based BMS services are some of the main factors driving market growth. At present, China, the United States and Norway are important markets of Vehicle Lithium-ion battery management system.
The market of lithium-ion battery management system is scattered, and the degree of dispersion will increase in the forecast period. Due to the growing popularity of e-bikes, many suppliers have begun to provide advanced lithium-ion batteries with conversion kits.
Although the accelerated growth momentum will provide huge growth opportunities, due to the uncertainty of the adoption rate of electric vehicles, the fluctuation of demand for lithium-ion batteries will challenge the growth of market participants.
The use of lead-acid battery is increasing day by day, because it contains a lot of harmful lead oxide toxins, so it has a negative impact on the environment. But as time goes on, these batteries lose efficiency and become unusable. Lead acid batteries that cannot be used are considered hazardous waste due to the presence of sulfuric acid. These factors have forced end users, especially in the automotive industry, to adopt environmentally friendly batteries. This increases the demand for lithium-ion batteries for vehicles. In addition, the increasing demand for efficient and environmentally friendly batteries is one of the key factors to promote the market growth of lithium-ion battery management system.
In terms of market regions, 51% of the overall market growth in 2019-2023 will come from the Asia Pacific region. Market growth in the region will be faster than in Europe.
To reduce the overall weight, automakers are increasing the use of lithium-ion batteries in their vehicles. Increasingly fierce competition in the field of electric vehicles encourages manufacturers to develop two-way and multi-channel battery management systems for electric vehicles. This development between automakers and suppliers is positively impacting market growth. Therefore, in the forecast period, the market scale of lithium-ion battery management system will expand in the field of automobile, and will grow faster than that of locomotive and industry.