Analytical Study of Battery Management System in Korea from (2023 to 2033)
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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Key Trends in Impacting the Sales of Battery Management System in Korea
Increasing utilization of battery management systems in multiple sectors such as telecommunications, aerospace, and maritime highlights the high adaptability of these systems.
There is a surging demand for specialist battery management system solutions to meet the specific requirements of aviation applications.
The rising adoption of energy storage technologies, particularly large-scale batteries, is driven by the increasing deployment of renewable energy sources like solar and wind power. This positive trend is impacting the sales of battery management systems. These systems play a critical role in integrating renewables into the energy mix as they enhance grid stability, increase energy storage capacity, and optimize usage efficiency.
The growing use of battery management systems to monitor and control backup batteries is reducing downtime in data-intensive sectors like IoT and cloud computing, ultimately maximizing their efficiency.
Comparative View of Adjacent Battery Management System Industry in Key Markets
The provided table offers a quick overview of the demand trends observed in various geographical territories. For this comparative study, the battery management system in Korea is compared with that in Japan, as well as with the global industry. The global industry clearly leads in terms of revenue.
Industry Analysis of Battery Management System in Korea:
Attributes
Industry Analysis of Battery Management System in Korea
Korea’s CAGR between 2023 to 2033
18.3%
Industry Size of Korea in 2023
US$ 305.4 million
Key Trends
Surging demand for energy storage technologies
Opportunity
Focus on research and innovation in battery-related technologies
Industry Analysis of Battery Management System in Japan:
Attributes
Industry Analysis of Battery Management System in Japan
Japan’s CAGR between 2023 to 2033
24.2%
Industry Size of Japan in 2023
US$ 646.8 million
Key Trends
Expansion in energy grids
Opportunity
Rising government incentives
Global Demand for Battery Management System:
Attributes
Global Demand for Battery Management System
Global CAGR between 2023 to 2033
17.82%
Global Industry Size in 2023
US$ 8,633.29 million
Key Trend
Increasing utilization in multiple sectors
Opportunity
Increasing orders for equipping next-gen electric cars
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Segment-wise Insights
EV Manufacturers Favor Lithium-ion Batteries for Longevity and Efficiency in Korea
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:
The growing preference for lithium-ion batteries among EV manufacturers is due to their long cycle life, high energy density, and lightweight nature. This increased preference necessitates a demand for sophisticated battery management systems to ensure efficient lifespan, performance, and safety.
Lithium-ion batteries typically play a crucial role in energy storage systems, thanks to the increasing utilization of renewable energy sources such as solar and wind power. To ensure grid stability and optimal energy usage in renewable energy systems, an efficient battery management system is crucial.
Increasing Attractiveness of CBMS among Businesses and Organizations is contributing to its Large Value Share
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:
The surging demand for electric vehicles (EVs), which require high-performing and durable batteries, is creating a need for CBMS. These systems assist in optimizing battery performance and increasing battery life.
CBMS are known for their flexibility and scalability, making them suitable for a wide range of applications. The increasing demand for customizable CBMS, which can be adjusted according to the battery pack size, is expected to boost sales of centralized battery management systems.
The growing preference for cost-effective battery management systems like CBMS among organizations and businesses of various sizes is further driving the sales of CBMS.
Key Players Competing for a Larger Pie in the Battery Management System in Korea
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
In August 2023, SK C&C, a system integration firm based in Korea, made its entry into the battery sector with DNA Motors. The company is going to supply battery packs for electric motorcycles and develop its own battery management system for mass production.
In August 2023, the United States-based semiconductor manufacturer called Texas Instruments, announced its efforts to strengthen its business ties with battery makers and EV manufacturers in Korea. The company considers Korea as a key consumer for vehicle electrification and a forerunner in battery technology. A company representative claimed that it is closely engaged with Korean customers in industrial as well as automotive space, particularly in the field of battery management systems. The company is set to expand its business relations with Korean companies, commending its robust portfolio that sits well with the rapidly growing EV industry in Korea.
In July 2023, the South Korean public university Seoul National University and automaker giant Hyundai Motor Group came together to open their Joint Battery Research Center, targeting to further battery technologies and enable industry-academia cooperation.
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Leading Companies Offering Battery Management System in Korea
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
Scope of the Report
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
Segmentation Analysis of the Battery Management System Industry in Korea
By Battery Type:
Lithium Ion Battery
Advanced Lead-Acid Battery
Others
By Topologies:
Centralized System
Modular System
Distributed System
By Components:
Control Unit
Communications Interfaces (CAN bus)
By Application:
Automotive
Electric Vehicles
E-Bikes
Others
Military
Military Drones
Submarines
Others
Consumer/ Handheld
Power Tools
Home Appliances
Others
Telecom
Battery Management System in Energy
Grids
Wind/Solar Farms
Others
Key Provinces:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
What is the Projected Growth Rate for the Battery Management System Industry in Korea?
The anticipated CAGR for the battery management system industry in Korea through 2033 is 18.3%.
How Big Will the Battery Management System Industry be in Korea?
Demand for battery management system in Korea is expected to reach US$ 1,661.10 million by 2033.
What is the Key Strategy Providers in Korea Adopting for the Battery Management System?
Growing focus on research and development to develop intelligent BMS is a top strategy of industry players.
Which Battery Type is Widely Used by End Users in the Battery Management System Industry in Korea?
Lithium ion is extensively used in battery management systems in Korea.
Which Topology Accounts for a Significant Share in the Battery Management System Industry?
Centralized battery management system is a highly preferred topology by end users.
Table of Content
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 Used18. Research Methodology
