The growing adoption of electric vehicles, owing to the surging concerns being raised over the soaring air pollution levels, is fueling the sales of battery management systems around the world. According to the findings of the International Energy Agency (IEA), the sales of electric cars exceeded 2.1 million in 2019. The organization also reported that these cars accounted for nearly 1% of the global car stock in 2019. The sales of these cars are being driven the escalating greenhouse gas emissions from diesel- and petrol-powered vehicles.
According to the observations of Our World in Data, the transportation sector generated 16.2% of the total greenhouse gas emissions globally. As electric vehicles help in reducing the emission of toxic gases, their surging deployment is assisting environmental organizations and governments in reversing climate change and improving public health. Moreover, battery management systems are critical components of electric vehicles and thus, the growing deployment of these vehicles is propelling their worldwide sales. Besides this, the growing adoption of rechargeable batteries in various consumer electronic devices is also driving the battery management system market.
According to the forecast of the market research company, P&S Intelligence, the market revenue will jump from $5,661.0 million in 2020 to $22,279.6 million by 2030, while the market will grow at a CAGR of 15.0% from 2021 to 2030. Battery management systems are heavily used on consumer electronic devices to control various battery operations. In addition, these systems also assist in monitoring the state of rechargeable batteries, reporting and collecting data, and tracking the health of batteries.
These systems are used for managing nickel, lithium-ion, and lead-acid batteries. Amongst these, the requirement for these systems is predicted to shoot up in the coming years. This is ascribed to the fact that the utilization of lithium-ion batteries has increased massively over the past few years, owing to the growing use of consumer electronic devices, such as wearable devices, mobile phones, and digital cameras, in which these batteries are used.