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Technavio’s market research report predicts that the global battery integrated circuit (IC) market will grow at a CAGR of above 5% during the forecast period. The increasing popularity of electric vehicles is one of the primary drivers for market growth. Improvements in battery technologies have led to recent modernizations in the automotive industry and the development of new-age electric and hybrid electric vehicles. The significant growth in demand for electric vehicles has prompted many automobile manufacturers to invest heavily in the market, in turn, fueling the demand for electric vehicle batteries. This increasing demand will drive battery management IC designers to improve the cost, performance, and safety measures, consequently augmenting market growth in the coming years.