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As per the IEA, “Emissions in the transport sector increased to account for 27% of the global emissions in 2019”. It is due to the presence of a great number of petrol- and diesel-engine-powered vehicles. Therefore, currently, people and the government of different nations are taking decisions to encourage electric vehicles, as they can help in reducing the emissions and reversing climate change. The battery management system, or BMS, is a crucial part of EVs since it keeps the battery, EVs’ primary power source, in optimum health.
The rising demand for EVs will thus increase the sale of BMSs to automakers globally. Moreover, the surging use of rechargeable batteries in consumer electronics is playing a crucial role in this regard as these products use BMSs for controlling the operation of the battery. This is because rechargeable batteries’ operations and health can be managed and monitored and the data gathered and reported when integrated with a BMS. Therefore, the battery management system market value will rise from $5,661.0 million in 2020 to $22,279.6 million by 2030, at a high 15.0% CAGR.
Get More Insights: Battery Management System Market Revenue Estimation and Growth Forecast Report
Among the three major types of batteries integrated with such systems, Li-ion variants account for their widest installation. It is ascribed to the fact that Li-ion batteries offer several advantages over other battery types, such as a longer life, better resilience, lower maintenance requirements, and higher energy density. In addition, they have relatively lower amounts of toxic heavy metals compared to other battery types, which makes them eco-friendly. This is because Li-ion batteries are easier to dispose of than sealed lead–acid batteries.
The BMS can be connected to all kinds of batteries with or without wires. Of these, wired BMSs have been more widely integrated into batteries till now because they are more popular when manufacturing consumer electronics. As per Ericsson, from 6.95 billion in 2020, the number of mobile phones in usage around the world grew to 7.10 billion in 2021, and it is forecast to increase further to 7.49 billion by 2025. This is attributed to people’s rising disposable income and lowering prices of these devices.
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