The global market for Battery Management ICs is predicted to reach $8.8 billion by 2026, which stood at $6.8 billion in 2020. The industry will grow at a CAGR of 4.5% over the analysis period, projects Global Industry Analysts Inc, in its report titles Battery Management ICs – Global Market Trajectory & Analytics.
Fuel Gauge ICs, one of the segments analyzed, is projected to grow at a 5% CAGR to reach $4.7 billion by the end of the analysis period. The reports also readjusted the growth in the Battery Charger ICs segment to a revised 4.4% CAGR for the next 7-year period, post a thorough analysis of the business implications of the pandemic and its induced economic crisis. This segment currently accounts for a 39.8% share of the global Battery Management ICs market.
US and China on Unprecedented Growth Trajectory
US’, which currently accounts for a 15.82% share in the global market, Battery Management ICs market is estimated at $1 billion by end of this year. On the other hand, China is forecast to reach an estimated market size of $2.2 billion in the year 2026 trailing a CAGR of 5.7% through the analysis period. Japan and Canada are the other two countries on the growth trajectory, each forecast to grow at 3.3% and 4% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European Market will reach 2.4 billion by the close of the analysis period.
With the increasing use of consumer electronic devices that’re power-hungry, the growth will provide huge opportunities for efficient and long-lasting batteries. This will further be fueled by the development of technologically advanced products, such as 3D TVs, smart remotes, tablets, and mobile phones.
Authentication ICs Segment will also Fly High
In the global Authentication ICs segment, US, Canada, Japan, China, and Europe will drive the 2.7% CAGR estimated for this segment. The combined market size of these regions which accounted for $490.1 million in 2020 will reach a projected size of $589 million by the close of the analysis period. China will continue to the fastest growing regional market, while led by countries like Australia, India, and South Korea, the market in APAC is forecast to reach $267.5 million by the end of 2026.
