Battery Management IC Market size worth US$3.327 billion by 2029
The battery management IC market is projected to expand at a CAGR of 4.43%, with the market size anticipated to increase from US$2.456 billion in 2022 to US$3.327 billion in 2029.
The rapid adoption of electric vehicles across the globe and the growing demand for battery storage systems are driving the battery management IC market growth over the forecast period. The device can control its charging and discharging processes through the collective use of sensors ensuring the safe and efficient operation of the battery which makes it convenient for the users of consumer electronics such as smartphones to extend the battery life. Therefore, the growing consumer electronic demand will proportionally raise the demand for battery management ICs in the market over the forecast period.
As per the report, the battery management IC market is expected to grow significantly.
Battery management IC is a device that can be used for managing the discharge and charging abilities of various batteries and it monitors it regularly. It can control its charging and discharging processes through the collective use of sensors ensuring the safe and efficient operation of the battery. Also, it has a wide range of applications such as consumer electronics, automotive, communication, and industrial areas. It is used for optimization of the performance of batteries and to extend their lifespan.
The market growth is driven by the widespread adoption of consumer electronics, automotive, communication, and industrial areas. These sectors are rising in popularity which will proportionally increase the demand for battery management IC market because these industries have significant use of batteries for electric components present in the product. These battery management ICs provide optimized performance of the batteries and extend the overall lifespan of the battery which is predicted to drive the market growth over the forecast period.
The battery management IC market caters to various business needs based on type, including fuel gauge IC, battery charger IC, and authentication IC. Several types of battery management ICs are available in the market and each one of them caters to different needs of the product’s electrical components. For instance, the battery charger IC calculates the battery charge and stores data which can later be retrieved by the system to provide outstanding measurement accuracy and extremely low power consumption which can increase and improve the battery life.
The battery management IC market encompasses various industry verticals, including consumer electronics, automotive, communication, and industrial. The battery management IC is an efficient product that helps out in various industry verticals that have electric components in their products to provide optimized batteries and a longer lifespan. For instance, consumer electronics smartphones use this battery management IC to provide a longer battery lifespan before discharging.
The battery management IC market is poised for growth in the Asia Pacific region due to rising demand for consumer electronics and a rise in the automotive industry in the region. The region has many countries that are developing and going through a rapid population rise which increases the demand for automobiles and consumer electronics like smartphones. With the rise in demand for these electronic products and the growing popularity of electric vehicles in the region, the market is predicted to grow over the forecast period in the Asia-Pacific region.
Analog Devices, Inc., Renesas Electronics Corporation, Richtek Technology Corporation (Media Tek), Texas Instruments, STMicroelectronics, Qualcomm Technologies, Inc., and Semtech — these are some of the key companies involved in the battery management IC production and each company brings its different or diverse expertise and products to the market which can further cater to the diverse needs of organizations and enterprises. They provide innovative solutions for battery management and these companies play a vital role in improving battery life while optimizing performance for various electric devices such as electric vehicles.
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This analytics report segments the battery management IC market on the following basis:
Segmentation:
- By Type
- Fuel Gauge IC
- Battery Charger IC
- Authentication IC
- By Industry Vertical
- Consumer Electronics
- Automotive
- Communication
- Industrial
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Others
- North America
- Application Specific Integrated Circuit Market Report
- Battery Charger IC Market Report
- Battery Energy Storage Market Size