From this year to 2023, the global Nickel Metal Hydride No. 5 battery management system market will grow at a compound annual rate of 26%

　　According to a report released this month by Technavio, an international market research organization, the global Nickel Metal Hydride No. 5 battery management system market is expected to grow by US$2.89 billion from 2019 to 2023, with a compound annual growth rate of more than 26% during the period.

　　The growing demand for efficient and eco-friendly batteries and the emergence of cloud-based BMS services are some of the major factors driving the market growth. China, the United States and Norway are currently important markets for vehicle Nickel Metal Hydride No. 5 battery management systems.

　　The Nickel Metal Hydride No. 5 battery management systems market is fragmented, and the degree of fragmentation will increase during the forecast period. Due to the growing popularity of e-bikes, many suppliers have begun offering advanced Nickel Metal Hydride No. 5 battery packs with conversion kits.

　　While the accelerating growth momentum will provide huge growth opportunities, fluctuating demand for lithium-ion batteries due to uncertainty in electric vehicle adoption will challenge the growth of market players.

　　The increasing use of lead-acid batteries has a negative impact on the environment due to their high levels of harmful lead oxide toxins. But over time, these batteries lose efficiency and become unusable. Unusable lead-acid batteries are considered hazardous waste due to the presence of sulfuric acid. These factors have forced end users, especially in the automotive industry, to adopt environmentally friendly batteries. This has increased the demand for lithium-ion batteries for vehicles. Additionally, the growing demand for efficient, eco-friendly batteries is one of the key factors driving the growth of the Nickel Metal Hydride No. 5 battery management system market.

　　From a market region perspective, 51% of the overall market growth will come from the Asia-Pacific region during 2019-2023. The market in this region will grow faster than the European market.

　　To reduce overall weight, automakers are increasing the use of lithium-ion batteries in their vehicles. Increasing competition in the electric vehicle sector has encouraged manufacturers to develop bi-directional and multi-channel battery management systems for electric vehicles. This development among automobile manufacturers and suppliers is positively impacting the market growth. Therefore, the Nickel Metal Hydride No. 5 battery management system market size will expand in the automotive segment during the forecast period and will grow faster than the market growth in the motorcycle and industrial segments.

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