The mushrooming deployment of electric vehicles, on account of the increasing concerns being raised over the escalating air pollution levels, is driving the demand for battery management systems across the world. As per the International Energy Agency (IEA), electric car sales surpassed 2.1 million in 2019.
Furthermore, the organization reported that electric cars accounted for around 1% of the worldwide car stock in 2019. The emissions generated by petrol- and diesel-powered vehicles are majorly responsible for the deteriorating air quality levels. As per Our World in Data, the transportation industry produced 16.2% of the total greenhouse emissions across the world in 2018.
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As electric vehicles assist in mitigating the emission of toxic gases, their increasing deployment is helping governments and environmental organizations reverse climate change and improve public health. Since battery management systems are integral components of electric vehicles, the soaring production of electric vehicles is positively impacting their worldwide sales.
Apart from the surging deployment of electric vehicles, the increasing usage of rechargeable batteries in consumer electronic devices is also fueling the growth of the battery management system market. Battery management systems are extensively used in consumer electronic devices for controlling battery operations.
Additionally, they also monitor the state of rechargeable batteries, collect and report data, and monitor the health of batteries. This is why the ballooning use of consumer electronic devices such as laptops, wearable devices, and mobile phones is predicted to propel the revenue of the battery management system market from $5,661.0 million in 2020 to $22,279.6 million by 2030.
