Report : North America Automotive Battery Management System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Vehicle Type (Bus, Trucks, and Off-Highway Vehicle)
At 16.6% CAGR, the North America Automotive Battery Management System Market is speculated to be worth US$ 11.45 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America automotive battery management system market was valued at US$ 4.56 million in 2022 and is expected to reach US$ 11.45 million by 2028, registering a CAGR of 16.6% from 2022 to 2028. Increasing sales of EVs and expansion of EV infrastructure and government initiatives and policies favoring low-emission vehicles are the critical factors attributed to the North America automotive battery management system market expansion.
Electric vehicle (EV) sales are growing at a fast pace owing to increasing concerns about environmental protection and government policies favoring the adoption of low-emission and zero-emission vehicles. Subsidies and tax rebates offered by governments encourage manufacturers to scale up their processes. Various announcements and developments have been seen in of North America automotive battery management system market in past years. In June 2022, the US government proposed new standards for its action plan to build a national network of 500,000 EV charging stations by 2030. The government introduced a plan to allocate US$ 5 billion to states to fund EV chargers during the next five years. Private sectors are also encouraging the electrification of transport worldwide. Many vehicle manufacturers are making announcements about their intentions and plan to launch electric buses, trucks, and off-highway vehicles. Thus, an increase in investments in charging infrastructure and a rise in the number of favorable government policies are propelling battery manufacturing scales, thereby bolstering the demand for battery management systems. In May 2022, Hyundai Motor Group announced plans to establish its first dedicated EV plant and battery manufacturing facility in the US, with an investment of ~US$ 5.54 billion. The plant is expected to have a production capability of 300,000 units by the first half of 2025. The BMS are used in EV’s to monitor the aging, charging status of the batteries, and optimum performance of the batteries which are helping to improve the operating efficiency of the EV’s. Thus, such growing production of EVs in different countries is boosting the demand for automotive batteries and battery management systems thus driving the North America automotive battery management system market.
On the contrary, high upfront costs and scalability issues hampers the North America automotive battery management system market.
- Based on vehicle type, the North America automotive battery management system market is segmented into bus, trucks, and off-highway vehicle. The bus segment held 77.7% share of North America automotive battery management system market in 2022, amassing US$ 3.54 million. It is projected to garner US$ 9.10 million by 2028 to expand at 17.0% CAGR during 2022–2028.
- Based on country, the North America automotive battery management system market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 96.7% share of North America automotive battery management system market in 2022. It was assessed at US$ 4.41 million in 2022 and is likely to hit US$ 11.01 million by 2028, exhibiting a CAGR of 16.5% during the forecast period.
Key players dominating the North America automotive battery management system market are Continental AG; Dana Limited; GENTHERM; Hanon Systems; Mahle GmbH; Marelli Holdings Co., Ltd; NXP Semiconductors; Renesas Electronics Corporation; Robert Bosch GmbH and; Valeo.
- In, 2021; Continental’s development and production service provider, Continental Engineering Services (CES) is cooperating with the battery specialist Varta. The aim of the partnership is to develop new technologies and products that particularly lead to advances in sustainable solutions in the field of electro mobility.
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