Surging Growth in E2W Battery Management: Expected to Reach $5.6 Billion by 2031
The market for lithium-ion battery management systems in electric two-wheelers is expected to grow significantly, reaching an estimated $5.6 billion by 2031. This growth is detailed in a report titled “Electric Two-Wheeler Lithium-ion Battery Management System Market by Vehicle Type and Topology: Global Opportunity Analysis and Industry Forecast, 2022–2031.” The report outlines the main factors contributing to this growth, including the dominance of certain regions and important insights about market players and trends.
In 2021, the industry was valued at $0.90 billion and is forecast to grow at a rate of 20.3% annually from 2022 to 2031. The Asia-Pacific region is expected to lead this market, largely due to the rapid development of countries in this area. The growing demand for electric two-wheeler lithium-ion batteries, primarily driven by the need to reduce gasoline emissions, is a major factor in this market expansion.
Key Growth Factors
The increase in electric vehicle (EV) and hybrid electric vehicle (HEV) adoption, along with a preference for lithium-ion batteries and the rising use of rechargeable batteries in various sectors, are key drivers of this market growth. However, the high cost of products, including battery management systems, is a challenge to further growth.
Major Market Players
The global market features key players such as Elithion Inc., Jiangsu Xinri e-vehicle Co., Ltd., Leclanche SA, Lithium Balance, Mahindra & Mahindra Ltd., Navitas System LLC, Nuvation Energy, NXP Semiconductors, Renesas Electronics Corporation, Shenzhen Litongwei Electronic Technology Co., Ltd, Texas Instruments Incorporated, and Yamaha Motor Co., Ltd. The report provides details on their strategies, product offerings, and market performance.
In 2021, the scooter segment was the market leader, accounting for more than two-fifths of the global revenue. It is expected to maintain this position during the forecast period.
Motorcycles are predicted to show the highest growth rate, at 23.0% from 2022 to 2031, indicating an increasing preference for electric motorcycles.
Geographically, the Asia-Pacific region dominated the market in 2021, with over four-fifths of the global revenue, and is likely to continue its dominance due to rising sales of electric two-wheelers.
The report highlights several important observations, including the expected significant growth in the motorcycle segment and the distributed topology segment. Additionally, the Latin America, Middle East, and Africa (LAMEA) region is projected to experience the highest growth rate during the forecast period.
The market for Electric Two-Wheeler Lithium-Ion Battery Management Systems is poised for substantial growth, propelled by the global shift towards electric mobility and ongoing advancements in battery technology.