Battery Management System (BMS) Market Battery Management System (BMS) Market | Page 2

The market could be explored by component as Hardware (Power Management IC, Battery Control Unit, CAN
Bus, and Communication Channel), and Software. Based on topology, the market could span Modular,
Centralized and Distributed. The “Modular” segment led the battery management system market in 2016 and
will continue to lead in the forecast period. The key factor that could be attributed to the growth of the market
includes rising demand for modular topology from various applications.
The key applications that could be explored in the market include Energy, Automotive, Defense, and Consumer
electronics. The “Automotive” segment led the market in 2016 and will continue to lead in the forecast period.
The key factors that may be attributed to the growth of market includes an increasing number of vehicles
requiring rechargeable batteries including hybrid electric vehicles, EVs, and plug-in hybrid vehicles and
increasing environmental concerns.
Asia-Pacific accounted for the major share of the battery management system (BMS) market in 2017 and will
continue to lead in the forecast period. The factors that could be attributed to the growth include increasing
acceptance of electric vehicles in these countries and demand for battery management from countries such as
Japan and China. Asia-Pacific is followed by the North American region.
Some of the key players that fuel the growth of the battery management system (BMS) market comprise
Novation, Vantec S.A.S., Tw’s, Ashwood’s Energy Limited, Vesture Inc., Lithium Balance, LARSEN & TOUBRO
LIMITED, Toshiba America, Inc., AVL, Merlin Equipment Ltd., Navitas System, Johnson Matthey and LLC
Corporate. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in
order to boost the inorganic growth of the industry.
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