Global Battery Management Integrated Circuits ICs Market Price 2024, Forecast To 2033
11 Sep, 2024
The battery management integrated circuits (ICs) market size has grown strongly in recent years. It will grow from $4.87 billion in 2023 to $5.20 billion in 2024 at a CAGR of 6.8%. The historic growth can be attributed to rising demand for portable electronics, growth in the electric vehicle industry, efficient battery utilization, miniaturization of electronic devices, and regulatory mandates for energy efficiency. The market size is expected to continue its strong growth, reaching $6.83 billion in 2028 at a CAGR of 7.0%. The forecasted growth can be attributed to the adoption of electric vehicles, demand for portable consumer electronics, renewable energy storage, expanding IoT applications, stringent safety regulations, and the need for efficient power management solutions. Key trends include AI and ML integration, development of efficient and compact ICs, ultra-fast charging advancements, thermal management techniques, and wireless battery management solutions.
Global Battery Management Integrated Circuits ICs Market Key Driver
The rising demand for electric vehicles is expected to propel the growth of the battery management integrated circuit (IC) market going forward. Electric vehicles (EVs) are automobiles powered primarily by electric motors, using electrical energy stored in batteries or other energy storage devices. The increasing demand for electric vehicles is attributed to advancements in technology, environmental concerns, economic benefits, government incentives, and improvements in infrastructure. Battery management ICs are crucial for electric vehicles as they optimize battery performance, ensure safe charging and discharging, balance cell charge levels, and provide critical data on battery health and state of charge. For instance, in April 2024, the International Energy Agency reported a 35% increase in electric vehicle sales, with 3.5 million more vehicles sold in 2023 compared to 2022. Therefore, the growing demand for electric vehicles is driving the expansion of the battery management IC market.
Get A Free Sample Of The Battery Management Integrated Circuits ICs Market ReportGlobal Battery Management Integrated Circuits ICs Market Segments
The battery management integrated circuits (ICs) market covered in this report is segmented –
1) By Integrated Circuit (IC) Type: Battery Integrated Circuits (ICs), Battery Authentication Integrated Circuits (ICs), Battery Fuel Gauge Integrated Circuits (ICs), Battery Protector Integrated Circuits (ICs)
2) By Battery Type: Lithium-ion-based, Lead-acid-based, Nickel-based, Flow Batteries, Other Batteries
3) By Application: Automotive, Industrial Equipment, Medical Devices, Consumer Electronics, Other Applications
By Geography:The regions covered in the battery management integrated circuits (ICs) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the battery management integrated circuits (ICs) market in 2023.
Major Battery Management Integrated Circuits ICs Industry Players
Samsung Electronics Co. Ltd., Panasonic Holdings Corporation, Qualcomm Incorporated, Toshiba Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors NV, Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corporation, Microchip Technology Incorporated, Skyworks Solutions Inc., Qorvo Inc., ROHM Co. Ltd., ams OSRAM AG, Nisshinbo Micro Devices Inc., Diodes Incorporated, Monolithic Power Systems Inc., Semtech Corporation, Torex Semiconductor Ltd., Ablic Inc., Dialog Semiconductor Plc, Eutech Microelectronics Inc., Richtek Technology Corporation
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Battery Management Integrated Circuits ICs Market Overview
A battery management integrated circuit (IC) is a specialized electronic circuit designed to monitor and control the charging and discharging of batteries, ensuring their safe and efficient operation. It includes battery protection, state of charge (SoC) estimation, cell balancing, and temperature monitoring. Battery management integrated circuits enhance battery performance, longevity, and safety.
Battery Management Integrated Circuits ICs Global Market Report 2023 provides data on the global battery management integrated circuits ics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The battery management integrated circuits ics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.