Battery Management System Market Segmentation:
Battery Type Segment Analysis
The lithium-ion segment is poised to acount for largest market share by 2035. The segment growth can be attributed to rising utilization of lithium-ion (Li-ion) batteries in multiple applications such as electronics, handheld power tools, toys, wireless headphones, and others. For instance, as of 2021, the presence of lithium reserves across the globe was estimated to be around 15 million tons. Furthermore, the less possibility of battery failure is expected to hike the segment growth. Lithium-ion batteries are used widely in multiple sectors, especially in electronic industries to power electronic devices. The failure rate of lithium-ion batteries is estimated to be around 1 battery in a million.
Application Segment Analysis
The automotive segment is expected to domiate the majority market share by 2035, due to higher demand and production volume of electric vehicles across the globe backed by the rising awareness of global pollution owing to CO2 emission. Electric vehicles use electric energy and lithium-ion batteries are a highly suitable medium to provide energy to these cars. The higher sales volume of electric vehicles was anticipated to hike the segment growth over the forecast period. For instance, it was anticipated that between 2012 to 2021, the number of electric vehicles sold out across the globe was estimated to be around 18 million units. Electric cars are considered to be beneficial for the environment since they do not require fuel that generates CO2. For instance, nearly 38 billion metric tons of carbon dioxide were emitted into the environment by fossil fuels in 2021.
Our in-depth analysis of the global market includes the following segments:
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By Battery Type |
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By Application |
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