The North America automotive battery management system market is expected to grow from US$ 4.56 million in 2022 to US$ 11.45 million by 2028. It is estimated to grow at a CAGR of 16.6% from 2022 to 2028.
Increasing Sales of EVs and Expansion of EV Infrastructure is driving the North America Automotive Battery Management System Market
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. 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 North America automotive battery management system market.
North America Automotive Battery Management System Market Overview
As per the Organisation Internationale des Constructeurs d'Automobiles (OICA) 2021 report, the US produced 7,024,288 passenger vehicles in 2021 and 6,864,024 in 2020. Similarly, Canada produced 320,605 passenger vehicles in 2021 and 318,750 in 2020 as per the same report. Also, Mexico produced 520,112 passenger vehicles in 2021 and 532,433 in 2020, as per the report. As per OICA statistics, the US, Canada, and Mexico are leading in passenger vehicle production across the region. Thus, the continuous production of the vehicles across the region propels the need for efficient operation of battery which is emerging the need for automotive battery management systems, that supports the growth of the automotive battery management system market in North America. Governments of North American countries are taking initiatives to develop and produce electric vehicles (EVs). Automotive manufacturers in the region are also investing significantly in battery and EV manufacturing. For instance, in October 2022, Energy Storage Firm ONE planned to Invest US$ 1.6 billion in EV battery manufacturing Gigafactory in Michigan, US. The manufacturing facility is expected to operate a full annual capacity of 20 GWh, equivalent to 200,000 EV battery packs, by the end of 2027. The continuous focus on the production of EV batteries creates potential opportunities for manufacturers of automotive battery management systems, which would fuel the North America automotive battery management system market in the coming years.
North America Automotive Battery Management System Market Segmentation
The North America automotive battery management system market is segmented into vehicle type, and country.
Continental AG; Dana Limited; GENTHERM; Hanon Systems; Mahle GmbH; Marelli Holdings Co., Ltd; NXP Semiconductors; Renesas Electronics Corporation; Robert Bosch GmbH and; Valeo are the leading companies operating in the North America automotive battery management system market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 4.56 Million |
| Market Size by 2028 | US$ 11.45 Million |
| CAGR (2022 - 2028) | 16.6% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Vehicle Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Automotive Battery Management System Market is valued at US$ 4.56 Million in 2022, it is projected to reach US$ 11.45 Million by 2028.
As per our report North America Automotive Battery Management System Market, the market size is valued at US$ 4.56 Million in 2022, projecting it to reach US$ 11.45 Million by 2028. This translates to a CAGR of approximately 16.6% during the forecast period.
The North America Automotive Battery Management System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Automotive Battery Management System Market report:
The North America Automotive Battery Management System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automotive Battery Management System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automotive Battery Management System Market value chain can benefit from the information contained in a comprehensive market report.
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