The global lithium-ion battery management systems for vehicles market size is poised to grow by $2.9 billion during 2019-2023, according to a new report by Technavio. However, the market is expected to decelerate at a CAGR of over 5% during the forecast period.
The market is driven by the rising need for efficient and environmentally friendly batteries. Also, the declining prices of Li-ion batteries is anticipated to further boost the growth of the market during the forecast period.
The automotive and locomotive industries are two of the major contributors to environmental degradation through air pollution. The widespread use of lead acid batteries that contain high amounts of lead oxide toxins can harm the environment significantly. The efficiency of these batteries drops significantly after a period and renders them unusable. These unusable batteries are considered hazardous waste due to the presence of sulfuric acid in them. Thus, governments across the world have implemented stringent regulations for the recycling of the solid waste generated by used lead-acid batteries. This is increasing the demand for Li-ion batteries which are highly recyclable and cause less pollution. Thus, the rising need for efficient and environmentally friendly batteries will drive market growth.
The manufacturing cost of Li-ion batteries has been declining rapidly over the past decade, which is expected to positively impact the adoption of Li-ion batteries in vehicles during the forecast period. The declining cost of these batteries is attributed to the increase in production scale and efficiencies in the manufacturing process.
The report includes detailed profiles of the leading companies & prominent vendors of the market:
• Calsonic Kansei Corp.
• Continental AG
• DENSO Corp
• LG Chem Ltd.
• Lithium Balance AS
Market Segmentation by Application:
The Lithium-Ion Battery Management Systems for Vehicles Market can be broadly categorized into the following application segment:
Key Regions for the Lithium-Ion Battery Management Systems for Vehicles Market:
Featuring a breakdown of region-wise market shares until 2019.
• North America
• South America
Some of the key topics covered in the report include:
• Market ecosystem
• Market characteristics
• Market segmentation analysis
• Market size and forecast
• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario