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Battery Management Module Market Financial Overview and Growth Prospects Predicted by 2027 | COVID-19 Effects
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The Battery Management Module market was valued at US$ 5,102.6 Mn in 2020 and is expected to grow at a CAGR of 14.0% from 2020 to 2027 to reach US$ 14,513.5 Mn by 2027.
The mounting integration of portable batteries in consumer electronics, growing inclination toward electric vehicles, and energy storage solutions are the key factors boosting the demand for battery management modules. Currently, computers, smartphones, tablets, and other consumer electronic devices are powered by batteries, especially lithium-ion batteries. The demand for advanced energy storage technologies is playing a pivotal role in the decarbonization of modern economies. In the last few years, these advanced technologies have contributed to the evolution of energy & power, automotive, medical, and electronics industries. Regardless of the existence of technologies such as the application of battery technologies has offered the energy and power solutions to meet the technical demands of the energy storage in these sectors. The market players are investing significant amounts in adopting newer and robust technologies to further enhance their respective products.
In the automobile industry, various commercial vehicles and passenger cars are still developing, which demand enhanced energy storage systems. The availability of advanced battery technologies has encouraged automotive OEMs to adopt the battery management module. Several developing countries in APAC and South America, such as India, China, and Brazil, play a crucial role in the growth of the automotive and consumer electronics industry. APAC is home to several automotive players' factories. Moreover, various companies in APAC are proceeding with battery production projects in Europe. For instance, Northvolt (Sweden), LG Chem (Poland), Terra E Holding (Germany), and SK Innovation (Hungary) have announced their respective battery projects with battery cell production requiring battery management module for enhanced energy storage.
Players present in the battery management module market takes steps to strengthen their services portfolio in order to have high clientele. To accomplish this goal, companies take initiatives with respect to merger & acquisitions of other players, which would eventually help to increase their business revenue, geographical imprints throughout the globe. For instance, NXP Semiconductor, a US-based company, collaborated with Volkswagen centered on the electronics for electric vehicles (EVs). Volkswagen adopted NXP’s battery management system (BMS) into its innovative MEB platform to help increase vehicle range, extend battery longevity, and enhance safety.
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Impact of COVID-19 Pandemic on Battery Management Module Market
The European portable power station manufacturers witnessed a lower demand from the entire Europe. Germany, the UK, Italy, Russia, France, and Spain are among the most affected countries due to respective restrictions and limitations. The European electronics products manufacturers have observed and are also experiencing tough times to supply their products in adequate quantities to respective customers due to the significant disruption in the raw material supply chain business.
The electronic components or battery manufacturers are experiencing two or more weeks of delay in receiving raw materials, which is pressurizing the manufacturers to slow down the production pace and is exhibiting the declination trend in revenue generation. With the closure of borders and restrictions on international flights, the traveling of tourists reduced notably. With the temporary closure of tourist places, the outing of Europeans and international tourists declined drastically. As per the 2021 annual Economic Trends Report conducted by the World Travel and Tourism Council (WTTC), the travel & tourism sector in Europe suffered drastic losses since March 2020. This negatively impacted the demand for portable power stations required in outing and during the expeditions. Additionally, the UK, France, Germany, and Italy experienced the second wave of COVID-19 outbreak, which has again compelled the manufacturers to restrict their production unit workforce, resulting in deceleration in portable power station demand.
Midland Radio Corporation; ALLPOWERS Industrial International Co., Ltd.; ChargeTech; EcoFlow; Drow Enterprise Co., Ltd.; Duracell Inc.; Goal Zero; Jackery Inc.; SHENZHEN CHAFON TECHNOLOGY CO., LTD; Lion Energy LLC; and Hyundai Power Products are among the key players profiled during the study of the Battery Management Module Market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
Battery Management Module Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Single Speed and Multi-Speed); by Driveline Type (Battery Electric vehicle (BEV) and Hybrid Electric Vehicle (HEV)); and Geography
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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