Rockville, April 03, 2024 (GLOBE NEWSWIRE) — According to a new study by Fact.MR, the global battery management IC market 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.
Key Segments of Battery Management IC Market Research:
| By Form | By Chemical Type | By Application | By Region |
| SolidSemi-SolidLiquidPower/Flakes | EstersFatty AlcoholsFatty AcidsEthersSiliconeHydrocarbon | Skin CareHair CareOral CareFragrancesToiletriesCosmetics | North AmericaLatin AmericaEuropeEast AsiaSouth Asia & OceaniaMiddle East & Africa |
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 also power a variety of consumer electronics such as smartphones, tablets, laptops, and other portable devices. They 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. They also 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. Moreover, suppliers are intensifying efforts to fortify their regional and global product networks. Companies are positioning themselves to meet the escalating demand effectively. This also achieved through a combination of product launches, strategic acquisitions, and partnerships with key industry stakeholders.
| Report Attribute | Details |
| Value Projection (2034) | US$ 3.5 Billion |
| Growth Rate (2024-2034) | 15.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
The market landscape witnesses a concerted focus among suppliers to enhance proficiency within their battery management IC portfolios. Moreover this aligns with the upward trajectory of global demand. This strategic approach enables suppliers to cater to the burgeoning market needs. It also ensures scalability and competitiveness in the evolving landscape of electrification.
Battery management IC suppliers are ready to capitalize on the expanding opportunities presented by the electrification trend. They achieve this by bolstering their product offerings and fostering strategic collaborations, thereby reinforcing their foothold in the global market.
Huge Focus Being Placed on Lithium-ion Batteries
Lead acid battery chemicals have remained significant demand drivers among considered battery types over the past five years. This is due to their use in traditional automobiles and conventional backup power suppliers like invertors. Remote controls still use a significant amount of nickel-cadmium batteries.
Lithium-ion battery usage has recently surged, poised to outstrip sales of lead acid batteries due to dramatic growth. 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.
