The Battery Management Systems (BMS) market is expected to grow at a CAGR of over 14% over the period 2021-2027. Battery management system. However, the high initial cost of electric vehicles has hampered the growth of the battery management systems market.
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COVID Impact Analysis: Due to the rapid spread of COVID-19, unpredictable problems and problems such as OEM outages, labor shortages, production declines, and raw materials remained in the entire supply chain, which in turn affected the battery management systems market. In addition, various suppliers operating in the supply chain are witnessing raw material shortages, which have an impact on the market and, if the situation persists, the risk of raw material shortages continues to increase.
Battery Management System Market Segmentation
By Battery Type:
• Lithium Ion
• Advanced Lead-Acid
• Others
By Type
• Motive Battery
• Stationary Battery
By Topology
• Centralized
• Modular
• Distributed
By Application
• Automotive
• Military
• Telecommunications
• Renewable Energy Systems
• UPS (Uninterrupted Power Supply)
• Others
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