Battery Management Systems (BMS) Report

The market for batteries for electric vehicles was worth USD 13,383.0 million in 2018 and is projected to increase at a CAGR of 16.7% from 2019 to 2025. The market expansion is anticipated to be fueled by the top manufacturers’ increasing focus on releasing electric vehicles, including Bayerische Motoren Werke AG, General Motors, and Ford Motor. Additionally encouraging for the market’s expansion is the ongoing rollout of Electric Car Supply Equipment (EVSE) and the resulting rise in electric vehicle sales. Policies that encourage the construction of charging stations through direct investments and public-private partnerships, particularly in urban areas, would significantly contribute to the market’s expansion.