The battery management system industry in Korea is poised for substantial growth, with a robust projected CAGR of 18.3% through 2033. Forecasts indicate that the Korean battery management system industry could present lucrative opportunities, anticipating an estimated revenue of US$ 305.4 million in 2023. By 2033, the sales of battery management systems are anticipated to reach a substantial US$ 1,661.10 million.
The exceptional demand for battery management systems in Korea can be attributed to their ability to drive a revolutionary shift in the automotive industry. Key players are developing advanced Battery Management System (BMS) software to help automakers realize significant annual cost savings. Intelligent BMS software facilitates the reduction of Electric Vehicle (EV) battery size without compromising their range, addressing the issue of limited battery production and boosting industry profitability.
Korea currently holds significant potential for vehicle electrification, positioning it as a top industry for battery management systems. Players are securing substantial orders to equip next-generation electric cars with battery system assemblies. Leading firms and battery experts in the country are also laying the groundwork for research and innovation in battery-related technologies to further advance industry growth.
| Attributes | Details |
|---|---|
| Industry size of Battery Management System in Korea | US$ 305.4 million |
| Expected Industry Size Battery Management System in Korea by 2033 | US$ 1,661.10 million |
| Forecast CAGR between 2023 to 2033 | 18.3% |
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| Leading Battery Type | Lithium Ion |
|---|---|
| Value Share in % (2023) | 41.80% |
Lithium-ion battery types are projected to account for a 41.80% industry share in 2023, according to the latest statistics revealed by FMI's analysts. The robust increase in electric cars is expected to drive the demand for lithium-ion batteries. Several factors contribute to the growth of this segment:
| Leading Battery Type | Centralized Battery Management Systems |
|---|---|
| Value Share in % (2023) | 42.90% |
The centralized battery management systems (CBMS) are expected to occupy an industry share of 42.90% in 2023. Given below are the leading factors that are propelling the sales of CBMS:
Principal Consultant
An increasing number of battery management system providers are vying for a larger share of the Korean landscape. Key players have been implementing various strategies to strengthen their position in the competition, such as mergers, acquisitions, and collaborations. Participants are also embracing the concept of Industry 4.0. They are integrating new software and hardware technologies with components like artificial intelligence for improved communication, machine learning for issue resolution, and cloud computing for collecting critical circuit data.
Key Developments Taking Place in the Battery Management System Industry in Korea
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| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | US$ 305.4 million |
| Projected Industry Size by 2033 | US$ 1,661.10 million |
| Anticipated CAGR between 2023 to 2033 | 18.3% CAGR |
| Historical Analysis of Demand for Battery Management System in Korea | 2018 to 2022 |
| Demand Forecast for Battery Management System in Korea | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Analysis of Key Factors Influencing Battery Management System Adoption in Korea, Insights on Korea Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers |
| Key Provinces Analyzed | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled | LG Energy Solutions; Samsung SDI; SK On; Ficosa International SA; Schneider Electric SE; Renesas Electronics Corporation; NXP Semiconductors NV; MinTech; SungEel HiTech; Korea Environment Corporation; Gyeongbuk Institute of IT Convergence Industry Technology; Others |
The anticipated CAGR for the battery management system industry in Korea through 2033 is 18.3%.
Demand for battery management system in Korea is expected to reach US$ 1,661.10 million by 2033.
Growing focus on research and development to develop intelligent BMS is a top strategy of industry players.
Lithium ion is extensively used in battery management systems in Korea.
Centralized battery management system is a highly preferred topology by end users.
1. Executive Summary 1.1. Korea Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Unit) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Battery Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Battery Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Battery Type, 2023 to 2033 5.3.1. Lithium Ion 5.3.2. Advanced Lead-Acid 5.3.3. Others 5.4. Y-o-Y Growth Trend Analysis By Battery Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Battery Type, 2023 to 2033 6. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Topologies 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Topologies, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Topologies, 2023 to 2033 6.3.1. Centralized 6.3.2. Modular 6.3.3. Distributed 6.4. Y-o-Y Growth Trend Analysis By Topologies, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Topologies, 2023 to 2033 7. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Components 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Components, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Components, 2023 to 2033 7.3.1. Battery Control Unit 7.3.2. Battery Communications Interfaces (CAN bus ) 7.4. Y-o-Y Growth Trend Analysis By Components, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Components, 2023 to 2033 8. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application 8.1. Introduction / Key Findings 8.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Application, 2018 to 2022 8.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Application, 2023 to 2033 8.3.1. Automotive 8.3.1.1. Electric Vehicles 8.3.1.2. E-Bikes 8.3.1.3. Others 8.3.2. Military 8.3.2.1. Military Drones 8.3.2.2. Submarines 8.3.2.3. Others 8.3.3. Consumer/ Handheld 8.3.3.1. Power Tools 8.3.3.2. Home Appliances 8.3.3.3. Others 8.3.4. Telecom 8.3.5. Energy 8.3.5.1. Grids 8.3.5.2. Wind/Solar Farms 8.3.5.3. Others 8.3.6. Others 8.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 8.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 9. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. Introduction 9.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Region, 2018 to 2022 9.3. Current Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Region, 2023 to 2033 9.3.1. South Gyeongsang 9.3.2. North Jeolla 9.3.3. South Jeolla 9.3.4. Jeju 9.3.5. Rest of Korea 9.4. Market Attractiveness Analysis By Region 10. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 10.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Battery Type 10.2.2. By Topologies 10.2.3. By Components 10.2.4. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Battery Type 10.3.2. By Topologies 10.3.3. By Components 10.3.4. By Application 10.4. Key Takeaways 11. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Battery Type 11.2.2. By Topologies 11.2.3. By Components 11.2.4. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Battery Type 11.3.2. By Topologies 11.3.3. By Components 11.3.4. By Application 11.4. Key Takeaways 12. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Battery Type 12.2.2. By Topologies 12.2.3. By Components 12.2.4. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Battery Type 12.3.2. By Topologies 12.3.3. By Components 12.3.4. By Application 12.4. Key Takeaways 13. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Battery Type 13.2.2. By Topologies 13.2.3. By Components 13.2.4. By Application 13.3. Market Attractiveness Analysis 13.3.1. By Battery Type 13.3.2. By Topologies 13.3.3. By Components 13.3.4. By Application 13.4. Key Takeaways 14. Rest of Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Battery Type 14.2.2. By Topologies 14.2.3. By Components 14.2.4. By Application 14.3. Market Attractiveness Analysis 14.3.1. By Battery Type 14.3.2. By Topologies 14.3.3. By Components 14.3.4. By Application 14.4. Key Takeaways 15. Market Structure Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Market Share Analysis of Top Players 15.3.1. By Regional 15.3.2. By Battery Type 15.3.3. By Topologies 15.3.4. By Components 15.3.5. By Application 16. Competition Analysis 16.1. Competition Deep Dive 16.1.1. Schneider Electric SE 16.1.1.1. Overview 16.1.1.2. Product Portfolio 16.1.1.3. Profitability by Market Segments 16.1.1.4. Sales Footprint 16.1.1.5. Strategy Overview 16.1.1.5.1. Marketing Strategy 16.1.1.5.2. Product Strategy 16.1.1.5.3. Channel Strategy 16.1.2. NXP Semiconductors NV 16.1.2.1. Overview 16.1.2.2. Product Portfolio 16.1.2.3. Profitability by Market Segments 16.1.2.4. Sales Footprint 16.1.2.5. Strategy Overview 16.1.2.5.1. Marketing Strategy 16.1.2.5.2. Product Strategy 16.1.2.5.3. Channel Strategy 16.1.3. LG Energy Solutions Ltd 16.1.3.1. Overview 16.1.3.2. Product Portfolio 16.1.3.3. Profitability by Market Segments 16.1.3.4. Sales Footprint 16.1.3.5. Strategy Overview 16.1.3.5.1. Marketing Strategy 16.1.3.5.2. Product Strategy 16.1.3.5.3. Channel Strategy 16.1.4. Texas Instruments Incorporated 16.1.4.1. Overview 16.1.4.2. Product Portfolio 16.1.4.3. Profitability by Market Segments 16.1.4.4. Sales Footprint 16.1.4.5. Strategy Overview 16.1.4.5.1. Marketing Strategy 16.1.4.5.2. Product Strategy 16.1.4.5.3. Channel Strategy 16.1.5. Toshiba Corporation 16.1.5.1. Overview 16.1.5.2. Product Portfolio 16.1.5.3. Profitability by Market Segments 16.1.5.4. Sales Footprint 16.1.5.5. Strategy Overview 16.1.5.5.1. Marketing Strategy 16.1.5.5.2. Product Strategy 16.1.5.5.3. Channel Strategy 16.1.6. L&T Technology Services 16.1.6.1. Overview 16.1.6.2. Product Portfolio 16.1.6.3. Profitability by Market Segments 16.1.6.4. Sales Footprint 16.1.6.5. Strategy Overview 16.1.6.5.1. Marketing Strategy 16.1.6.5.2. Product Strategy 16.1.6.5.3. Channel Strategy 16.1.7. Navitas System, LLC 16.1.7.1. Overview 16.1.7.2. Product Portfolio 16.1.7.3. Profitability by Market Segments 16.1.7.4. Sales Footprint 16.1.7.5. Strategy Overview 16.1.7.5.1. Marketing Strategy 16.1.7.5.2. Product Strategy 16.1.7.5.3. Channel Strategy 16.1.8. Merlin Equipment Ltd. 16.1.8.1. Overview 16.1.8.2. Product Portfolio 16.1.8.3. Profitability by Market Segments 16.1.8.4. Sales Footprint 16.1.8.5. Strategy Overview 16.1.8.5.1. Marketing Strategy 16.1.8.5.2. Product Strategy 16.1.8.5.3. Channel Strategy 16.1.9. Ashwoods Energy Limited 16.1.9.1. Overview 16.1.9.2. Product Portfolio 16.1.9.3. Profitability by Market Segments 16.1.9.4. Sales Footprint 16.1.9.5. Strategy Overview 16.1.9.5.1. Marketing Strategy 16.1.9.5.2. Product Strategy 16.1.9.5.3. Channel Strategy 16.1.10. Lithium Balance Corporation 16.1.10.1. Overview 16.1.10.2. Product Portfolio 16.1.10.3. Profitability by Market Segments 16.1.10.4. Sales Footprint 16.1.10.5. Strategy Overview 16.1.10.5.1. Marketing Strategy 16.1.10.5.2. Product Strategy 16.1.10.5.3. Channel Strategy 16.1.11. Nuvation Engineering 16.1.11.1. Overview 16.1.11.2. Product Portfolio 16.1.11.3. Profitability by Market Segments 16.1.11.4. Sales Footprint 16.1.11.5. Strategy Overview 16.1.11.5.1. Marketing Strategy 16.1.11.5.2. Product Strategy 16.1.11.5.3. Channel Strategy 17. Assumptions & Acronyms Used 18. Research Methodology
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Battery Management System Industry Analysis in Korea
