Battery Management System Market Share

APAC Market Statistics

The Asia Pacific battery management system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the growing demand for consumer electronics, high volumes of production of electric vehicles in China, and increasing integration of battery management systems in several applications for safety purposes. For instance, electric vehicle sales in China grew by more than 5o percent in 2021 since 2020. About 1.3 million EVs were sold in the country in 2020. Asia Pacific is the region to have a highly developed automotive industry with higher demand for batteries.

Europe Market Forecast

The European battery management system market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the owing to the rise in manufacturing capacities of prominent automobile manufacturers and the surge in demand for renewables for energy generation in the region. Apart from these, the strong presence of major market players is also projected to drive the region’s market growth in the future. For instance, as of 2021, nearly 2500 TWh of electricity was anticipated to be generated in Europe.

North American Market Forecast

The North American battery management system market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market in the region can be ascribed to the higher demand for electricity owing to its escalated consumption in household facilities and in multiple industries. Furthermore, the rise in the utilization of smartphones triggering the demand for batteries is also expected to enlarge the market size over the forecast.