The battery management IC market is anticipated to grow at a CAGR of 4.43% from US$2.456 billion in 2022 to US$3.327 billion by 2029.

NOIDA, UTTAR PARDESH, INDIA, May 13, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the battery management IC market is projected to grow at a CAGR of 4.43% between 2022 and 2029 to reach US$3.327 billion by 2029.

The key growth drivers to propel the battery management IC market during the forecasted period are:

• The growing demand for battery storage systems in different industry verticals is proportionally growing the demand for battery management ICs in the market as they help in providing effective performance for the battery storage systems. These battery management ICs optimize the battery life and keep a record of charge-discharge to enhance the battery life using sensors installed inside these battery management IC systems. This helps in boosting the market growth over the forecast period.

• Another factor that boosts the sales of shelf-life testing in the market is the growing demand for EVs or electric vehicles across the globe. The growing environmental concerns are making people switch over to sustainable and eco-friendly alternatives which is EVs which is why they have gained so much popularity in recent times. The battery management IC provides optimal battery life for the EV that runs on battery which enhances the range of the EV and provides convenience and comfort to the driver. Thus, the growth in EV demand and production is expected to propel the battery management IC market. For instance, the global market size for mobile phones and electric vehicles was $540 billion and $4 billion respectively in the year 2020-21.

Access sample report or view details: https://www.knowledge-sourcing.com/report/battery-management-ic-market

The battery management IC market, by type, is divided into three types- Fuel gauge IC, battery charger IC, and authentication IC. Each type of battery management IC has its use and application according to the end-user. For instance, the battery charger IC can be used in different electric appliances like smartphones to keep track of the charge and discharge of the phone and improve the battery life by enhancing the performance of the battery. Thus, the different types of battery management ICs for different needs of end-users are expected to fuel the market growth.

The battery management IC market, by industry vertical, is divided into four types- Consumer electronics, automotive, communication, and industrial. Each industry vertical has its different applications for battery management IC according to their need. For instance, the automotive industry uses this battery management IC in the electric vehicle segment to enhance the range and battery life of these electric vehicles. Therefore, the growth in demand for these EVs and other industry verticals is predicted to boost the battery management IC market.

The Asia Pacific region is expected to witness significant growth in the battery management IC market during the forecasted period as this region has a growing number of applications for battery management ICs in end-user industries like automotive and consumer electronics. The growing population and economies of different countries in the region like China and India significantly raised the demand for these EVs and smartphones that use battery management ICs to enhance these devices' efficiency and battery life. Hence, the growth of these industries is contributing to a significant increase in the demand for battery management IC in the Asia Pacific region.

The research includes several key players from the battery management IC market, such as Analog Devices, Inc., Renesas Electronics Corporation, Richtek Technology Corporation (Media Tek), Texas Instruments, STMicroelectronics, Qualcomm Technologies, Inc., and Semtech.

The market analytics report segments the battery management IC market using the following criteria:

• By Type

o Fuel Gauge IC
o Battery Charger IC
o Authentication IC

• By Industry Vertical

o Consumer Electronics
o Automotive
o Communication
o Industrial
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Taiwan
• Others

Companies Mentioned:

• Analog Devices, Inc.
• Renesas Electronics Corporation
• Richtek Technology Corporation (Media Tek)
• Texas Instruments
• STMicroelectronics
• Qualcomm Technologies, Inc.
• Semtech

Explore More Reports:

• Battery Diagnostics And Repair Market: https://www.knowledge-sourcing.com/report/battery-diagnostics-and-repair-market

• Battery As A Service (BaaS) Market: https://www.knowledge-sourcing.com/report/battery-as-a-service-baas-market

• Battery Charger IC Market: https://www.knowledge-sourcing.com/report/battery-charger-ic-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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