The valuation of the market is predicted to grow from $5.1 billion to $22.3 billion from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 14.5% between 2020 and 2030. Li-ion, lead-acid, and nickel are the major types of batteries that require battery management systems for efficient functioning. Out of these, the demand for these systems would be the highest for managing the performance of the Li-ion batteries.

This would be because of the growing usage of Li-ion batteries, on account of its numerous advantages such as higher density, improved resiliency, and longer life cycle than the lead-acid batteries. Geographically, the Asia-Pacific battery management system market would demonstrate the fastest growth in the future, as per the estimates of the market research firm, P&S Intelligence.

This is attributed to the rising requirement for electric vehicles in the regional countries, especially South Korea, India, and China. For example, as per the IEA, in China, the sales of electric cars grew by nearly 86% from the 72% recorded in 2017. Moreover, with the increasing utilization energy storage applications in the industrial and telecommunications sectors for backup power supply, the sales of Li-ion battery management systems would soar in the region in the forthcoming years.

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Hence, it can be safely concluded that the demand for battery management systems would surge all over the world in the upcoming years, primarily because of the growing usage of electric vehicles and the mushrooming sales of consumer electronics goods around the world.