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% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
| 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
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| 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
Explore Automotive Insights
View Reports
Battery Management System Industry Analysis in Korea
