2019-23 Global lithium-ion battery management system market grew at a compound annual rate of 26%

According to a report released this month by Technavio, an international market research firm, the global lithium-ion battery management system market is expected to grow by $2.
89 billion from 2019 to 2023, with a compound annual growth rate of more than 26%
during the period.

The growing demand for efficient, eco-friendly batteries and the emergence of cloud-based BMS services are some of the major factors
driving the growth of the market.
China, the United States, and Norway are currently important markets
for lithium-ion battery management systems for vehicles.

The lithium-ion battery management system market is fragmented and will increase
during the forecast period.
Due to the growing popularity of e-bikes, many suppliers have started offering advanced lithium-ion battery packs
with conversion kits.

Although the accelerated growth momentum will provide huge growth opportunities, the volatility in demand for lithium-ion batteries due to the uncertainty of EV adoption will challenge the growth
of market players.

Lead-acid batteries are increasingly used because they contain a lot of harmful lead oxide toxins and therefore have a negative impact
on the environment.
But over time, these batteries lose their efficiency and become unusable
.
Unusable lead-acid batteries 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 has increased the demand
for lithium-ion batteries for vehicles.
In addition, the growing demand for efficient, eco-friendly batteries is one of the key factors driving the growth of the
lithium-ion battery management system market.

In terms of market segmentation, 51% of the overall market growth during the period 2019-2023 will come from Asia Pacific
.
The market growth in this region will be faster than the growth of the European market
.

To reduce overall weight, automakers are increasing the use of
lithium-ion batteries in their vehicles.
Increasing competition in the field of electric vehicles encourages manufacturers to develop bidirectional and multi-channel battery management systems
for electric vehicles.
This development among automakers and suppliers is positively impacting the market growth
.
Thus, during the forecast period, the market size of lithium-ion battery management systems will expand in the automotive segment and will grow faster than the market in the locomotive and industrial
segments.