Global Battery Management ICs Market to Reach $8.8 Bn by 2026: Report

A rechargeable battery pack with an in-built battery management system and an external data bus for communication between the battery and charger is known as a smart battery pack.

Battery management systems manage the batteries by monitoring, analyzing, and controlling various parameters relevant to batteries, including cell voltage, voltage of periodic taps, or total voltage; cell temperatures, coolant output temperatures, coolant intake temperatures, or average temperatures; the flow rate of the coolant in case of fluid- or air-cooled batteries; and the current entering or leaving the battery pack.

Amid the COVID-19 crisis, the global market for Battery Management ICs estimated at US$7.4 Billion in the year 2022, is projected to reach a revised size of US$8.8 Billion by 2026, growing at a CAGR of 4.5% over the analysis period.

Fuel Gauge ICs, one of the segments analyzed in the report, is projected to grow at a 5% CAGR to reach US$4.7 Billion by the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Battery Charger ICs segment is readjusted to a revised 4.4% CAGR for the next 7-year period. This segment currently accounts for a 39.8% share of the global Battery Management ICs market.

The Battery Management ICs market in the U.S. is estimated at US$1.2 Billion in the year 2022. The country currently accounts for a 15.82% share in the global market. 

China, the world's second largest economy, is forecast to reach an estimated market size of US$2.2 Billion in the year 2026 trailing a CAGR of 5.7% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4% respectively over the analysis period.

Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European market will reach US$2.4 Billion by the close of the analysis period.