by battery type, the lithium-ion based segment dominated the global battery management system market in 2019, in terms of revenue.
PORTAND, OR, UNITED STATES, September 15, 2020 /EINPresswire.com/ — Allied Market Research published a report, titled, "Battery Management System Market by Battery Type (Lithium-Ion Based, Lead-Acid Based, Nickel-Based, and Others), Topology (Centralized, Distributed, and Modular), and Application (Automotive, Telecommunication, Consumer Electronics, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report published by Allied Market Research, the global battery management system market generated $5.81 billion in 2019, and is estimated to reach $24.83 billion by 2027, registering a CAGR of 20.2% from 2020 to 2027.
Download Report Sample (323 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/7002
Key determinants of the market-
Rise in demand for hybrid electric vehicles & electric vehicles across the globe and growing adoption of lithium-ion batteries across various industry verticals propel the growth of the global battery management system market. Nevertheless, rise in product prices with addition of battery management system restrains the market growth. Moreover, growing adoption of cloud-connected battery management systems is expected to usher a number of opportunities in the near future.
COVID-19 Scenario on Battery Management System Market:
The manufacturers have stopped the production management due to disrupted supply chain amid lockdown. In addition, the interrupted the installation of battery management system.
According to the China Passenger Car Association (CPCA), sales of automobiles in China have significantly dropped in June, 2020 as compared to April and
May of 2020. Decline in demand for automobiles have decreased the demand for battery management system as well.
Get detailed COVID-19 impact analysis on the Battery Management System Market Request Here!
The lithium-ion based segment to contribute maximum share in 2019-
Based on battery type, the lithium-ion based segment contributed to the largest share in 2019, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. The majority of the electric vehicle manufacturers are installing lithium-ion batteries for better and smooth performance, which drives the growth of the segment. However, the lead-acid based segment is estimated to portray the highest CAGR of 22.7% during the forecast period, as it is the cheapest secondary source, almost completely recyclable, and is significantly safer to use.
The modular segment to lead the trail throughout the forecast period-
Based on topology, the modular segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. Modular topology offers advantages such as scalability based on requirement, lower maintenance cost, and immunity to noise which drive the segment growth. However, the centralized segment is expected to register the highest CAGR of 26.0% from 2020 to 2027. Centralized topology has lower design cost and replacement & troubleshooting in this type of topology is significantly easy compared to other topologies, which boosts the growth of the segment.
Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/7002
Asia-Pacific to dominate the market, North America to grow at a significant pace-
Based on region, Asia-Pacific contributed to the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. This is owing to the increased sales of electric vehicles in countries such as China and Japan. However, LAMEA is expected to grow at the highest CAGR of 27.2% from 2020 to 2027. Rising inclination toward usage of renewable energy sources among end-users, and government initiatives to promote the use of clean energy make it the fastest growing region. On the other hand, North America is anticipated to manifest 22.9% of CAGR throughout the forecast period.
Leading market players-
Renesas Electronics Corporation
Navitas System LLC
Texas Instruments Incorporated
Battery Systems, LLC.
Schedule a Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/7002
Similar Reports (10% Discount):
Automotive Battery Management System Market 2020-2030: Global battery management system market is segmented based on battery type, vehicle type, connectivity topology, and region | https://www.alliedmarketresearch.com/automotive-battery-management-system-market
Electric Vehicle Battery Market 2020-2030: The global electric vehicle battery market is segmented based on vehicle propulsion type, battery type, vehicle type, and region | https://www.alliedmarketresearch.com/electric-vehicles-battery-market
Train Battery Market 2020-2030: The train battery market is segmented into battery type, technology, locomotive type, application, advanced train, and region | https://www.alliedmarketresearch.com/train-battery-market
Aircraft Battery Market 2020-2030: Aircraft battery market is segmented by battery type, power density, aircraft type, aircraft technology, application, and region | https://www.alliedmarketresearch.com/aircraft-battery-market
Electric Vehicle Battery Recycling Market 2020-2030: The electric vehicle battery recycling market size is segmented based on application and region | https://www.alliedmarketresearch.com/electric-vehicle-battery-recycling-market
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Avenue.! An Online Subscription Based Library of Reports – Allied Market Research
Source: EIN Presswire