BATTERY MANAGEMENT SYSTEM (BMS) MARKET ANALYSIS

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2. BATTERY MANAGEMENT SYSTEM (BMS) MARKET ANALYSIS Battery Management System (BMS) Market, by Topologies (Distributed, Modular, and Centralized), by Components (Battery Management Unit and Communication Unit), and by Verticals (Automotive (E-Vehicles (EVs, HEVs, PHEVs, BEV, Racing vehicles and Electric Heavy Vehicles), Golf Cart, Medical Mobility Vehicles, E-Recreational Vehicles and Segways), Telecom, Energy (Grid, solar, wind, portable battery packs, energy storage systems, UPS), Drones, Consumer/Handheld (Power tools, vacuum cleaners, portable medical equipment and others)), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027

3. A battery management system (BMS) is an electronic system that governs a rechargeable battery such as battery pack or cell. This is done by supervising its state, preventing it from operating outside its safe operating area, reporting data, calculating secondary data, and controlling its environment. BMS has three main objectives namely maintaining prolong life for battery, protecting cells or battery from damage, and maintaining the battery in a state in which it can fulfill the functioning requirements. The battery management topology is divided into three categories namely • Centralized, where a single controller is connected to the battery cells via an assemble of wires • Modular, where a few controllers, each supplying number of cells with communication between controllers • Distributed, a BMS board is connected at each cell through a single communication cable between the controller and battery • The global battery management system (BMS) market was valued at US$ 3,513.2 Mn in 2018 and is expected to grow at a CAGR of 19.9% during the forecasted period (2019-2027) • Market Dynamics- Drivers • Increasing demand for electric vehicles worldwide is expected to drive growth of the global battery management system (BMS) market during the forecast period • In the recent past, demand for electric vehicles has increased significantly, especially from Europe, North America, and Japan. This is partly due to growing fuel costs and strict regulatory polices imposed by the governments to reduce CO2 emissions. According to the International Energy Agency (IEA), in 2018, global production of electric car passenger cars crossed 5 million units. According to the same source, in 2018, around 45% of electric cars on the road were in China. Moreover, the number of charging points for EVs reached around 5.2 million in 2018. Thus, growing demand for electric and hybrid cars is expected to drive the market growth in the near future.

4. Growing demand for e-bikes, e-scooters, and S-Pedelecs is expected to propel the global battery management (BMS) market over the forecast period • Key manufacturers in the industry are focused on investing in research and development activities, in order to enhance e-bikes technology. This is owing to increasing demand for e-scooters and e-bikes from developed countries such as Germany, France, Japan, Italy, and the U.S. Moreover, increasing disposable incomes in developed countries is expected to boost the demand for e-bikes and thereby drive the global battery management (BMS) market growth over the forecast period.   • Asia Pacific region dominated the global battery management system (BMS) market in 2018, accounting for 40.7% share in terms of value, followed by North America and Europe, respectively

6. Market Restraints Decreasing profit margin for vendors and OEMs is expected to restrain growth of the global battery management system (OEMs) market over the forecast period Growing competition in the market coupled with pricing wars has hindered the profit margins. Moreover, OEMs in the automotive industry and telecom hold tremendous bargaining power and price dictation of battery management system. This, in turn, reduces profit margins for vendors. Furthermore, cost-sensitive markets such as ASEAN and India with intense competition among BMS providers are expected to restrain the market growth over the forecast period. • Complex structure of battery is expected to hinder the global market growth over the forecast period • Some batteries available in the market have complex structures and are incompetent in performance. According to Coherent Market Insights’ analysis, BMS has technological drawbacks and cannot be incorporated with complex battery structure. This, in turn, is expected to hamper the market growth in the near future.

7. Market Opportunities • Growing adoption of battery-operated vehicles in public transport is expected to pose excellent growth opportunities for market players • Growing CO2 emission has compelled governments of various countries to adopt battery-operated vehicles for public transport. The governmental agencies are investing in the endorsement of electric vehicles in public transport. For instance, in July 2019, the Government of India approved Phase-II of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II). This, in turn, is expected to offer lucrative business opportunities for market players in the near future. • Proactive initiatives by government agencies to promote use of electric vehicles is expected to offer significant growth opportunities for market players • Governments of various countries are encouraging adoption of EVs with concession on tax and subsidies. Moreover, governments are increasingly investing in installing charging stations around the country, in order to provide convince of rapid charging to EV owners. For instance, in September 2019, the government of the U.K. invested around US$ 535 million (£400m) for the country’s electric vehicle charging infrastructure, of which around US$ 267 million ((£200m) would be invested for rapid charging points. This, in turn, is expected to pose significant growth opportunities for market players during the forecast period.

9. Market Trends/Key Takeaways • Increasing demand for BMS for E-bikes and E-vehicles • Increasing demand to reduce fuel costs and optimize vehicle efficiency has led to technological advancements for hybrid electric and electric vehicles. Key manufacturers in the market are incorporating battery management systems in e-bikes and e-vehicles, in order to increase the battery utilization capacity and prevent hazardous incidents. • Long-term contract with OEMs is a major emerging trend in the market • Since there is intense competition in the market due to a large pool of manufacturers, BMS suppliers and OEMs are entering into long-term contracts. This is done to increase their market share for an extended period of time. • Segment information: • In Global battery management system (BMS) market, by vertical segment automotive sub-segment dominated the global battery management system (BMS) market in 2018, accounting for 40.4% share in terms of value, followed by energy sub-segment and Consumer/Handheld sub-segment, respectively.

11. Competitive Section • Key companies operating in the global battery management system (BMS) market are AVL, Cummins, Inc., Johnson Matthey Battery Systems, L&T Technology Services, Lithium Balance Corporation, Merlin Equipment Ltd., Navitas System, LLC, Nuvation Engineering, The Ventec Company, Toshiba Corporation, TWS (Technology with Spirit), and Vecture Inc.   • Key Developments • Key companies in the market are focused on gaining regulatory certification, in order to enhance their product portfolio. For instance, in September 2018, Toshiba Infrastructure Systems & Solutions Corporation announced that its BMS using SCiB lithium-ion battery received the highest safety integrity level certification from European Norm (EN) 5026 standards. • Key companies in the market are focused on product launch, in order to gain competitive edge in the market. For instance, in March 2017, Nuvation Engineering introduced Nuvation Energy, a brand dedicated to providing services and products for large-scale battery energy storage.

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