Electric Vehicle Battery Management System Market Size

Electric Vehicle Battery Management System Market size was valued at USD 9.13 Billion in 2023 and is likely to reach USD 287.79 Billion by 2036, expanding at around 30.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric vehicle battery management system is estimated at USD 11.26 Billion. The growth of the market can be attributed to the surging manufacturing of electric vehicles pushed by its demand. The rising use of EVs increases the running time of batteries, and the battery management system is essential for monitoring the health of the overall battery pack, including each battery cell. In the year 2022, around 10 million electric vehicles were sold across the globe, beating the sales of 2021 by showing around 9% growth.

In addition to these, a factor that is believed to fuel the market growth of electric vehicle battery management systems is the rising infrastructure of battery charging. There were 2.7 million public charging points globally at the end of 2022, with over 900,000 of them constructed in 2022, representing a 55% increase over the number in 2021. The presence of adequate charging infrastructure boosts the confidence among people to adopt EVs, which in turn increases the demand for EV battery management system.