Battery Management IC Market Rising at 15.9% CAGR to Attain US$ 3.5 Billion by 2034, States Fact.MR

Rockville, April 03, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, the global is set to reach a valuation of US$ 801.2 million in 2024 and thereafter expand at a CAGR of 15.9% between 2024 and 2034.

There has been a global shift toward sustainable transportation and the demand for electrical vehicles has been on the rise in recent years. This change is not only shaping the automotive industry but is also leading to significant growth of the overall battery industry.

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Key Segments of Battery Management IC Market Research:

Battery management ICs play a crucial role in ensuring the efficiency, safety, and longevity of EV batteries. As consumers are increasingly opting for electrical vehicles, demand for high-performing batteries management solution is soaring. These ICs regulate the charging and discharging process, helping in monitoring temperature and voltage levels, and ensuring cell balancing within battery packs. Furthermore, escalating market for renewable energy storage systems and portable electronics is further amplifying the demand for battery management ICs.

As the world is embracing electric mobility and renewable energy solutions, demand for advanced battery management ICs continues to escalate, reflecting the role they play in powering the future of transportation and energy storage. Apart from being used in electrical vehicles, ICs are also being useful in other industries such as hybrid electric vehicles and plug-in hybrid electric vehicles. ICs manage the charging and discharging of their larger battery packs, allowing for extended electric-only driving range.

Battery ICs are also used in variety of the consumer electronics such as smartphones, tablets, laptops, and other portable devices to regulate battery charging, prolong battery life, and ensure safe operation. Portable power banks rely on battery management ICs to enhance the charging and discharging process, protect against overcharging and overheating, and provide accurate battery status information to users.

Key Takeaways from Market Study

• The global battery management IC market is projected to expand at a CAGR of 15.9% through 2034.
• Global sales of battery integrated circuits are estimated at US$ 801.2 million in 2024.
• The market is forecasted to reach US$ 3.50 billion by 2034-end.
• The North American market is projected to expand at a CAGR of 16.1% through 2034.
• Battery ICs are approximated to account for 33.6% market share in 2024.
• East Asia is evaluated to account for 33.7% of the global market share by 2034.

“Battery ICs utilized in portable power banks ensure protection against overcharging and overheating, resulting in growing demand for integrated circuits,” says a Fact.MR analyst.

Competitive Landscape

In response to the growing demand for battery management ICs driven by rising sales of electric vehicles and renewable energy systems, suppliers are intensifying efforts to fortify their regional and global product networks. Through a combination of product launches, strategic acquisitions, and partnerships with key industry stakeholders, companies are positioning themselves to meet the escalating demand effectively.

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The market landscape witnesses a concerted focus among suppliers to enhance proficiency within their battery management IC portfolios, aligning with the upward trajectory of global demand. This strategic approach enables suppliers not only to cater to the burgeoning market needs but also ensures scalability and competitiveness in the evolving landscape of electrification.

By bolstering their product offerings and fostering strategic collaborations, battery management IC suppliers are poised to capitalize on the expanding opportunities presented by the electrification trend, thereby reinforcing their foothold in the global market.

Huge Focus Being Placed on Lithium-ion Batteries

Due to their use in traditional automobiles and conventional backup power suppliers like invertors, lead acid battery chemicals have continued to be one of the key demand generators among the battery types taken into consideration during the previous five years. Remote controls still use a significant amount of nickel-cadmium batteries.

The use of lithium-ion batteries has increased dramatically in recent years, and sales of these batteries are about to surpass those of lead acid batteries. This is because the market for electric vehicles is expanding, and the consumer electronics sector is expanding quickly. This in turn drives up demand for lithium-ion batteries worldwide and increases sales of automotive battery chemistry.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the battery management IC market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on IC type (battery ICs, battery authentication ICs, battery fuel gauge ICs, battery protector ICs) and application (automotive, industrial equipment, medical devices, consumer electronics), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Checkout More Related Studies Published by Fact.MR Research:

Battery Management System Market Batteries are under high demand for their applications in UPS and other renewable energy systems as they are highly suitable due to their ability of withstanding against extremes of temperature and pressure.

Electric Car Battery Charger Market An electric battery charger is a device that assists in the transfer of electricity from the power grid to electric vehicles, such as battery electric vehicles and plug-in hybrid electric vehicles.

Battery Chemicals Market Other than automobiles and consumer electronics, batteries are also used to store energy in solar power plants and in UPS & invertor systems as a source of backup power.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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