Market Size of North America Battery Management System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.13 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Battery Management System Market Analysis
The North American battery management system is expected to reach USD 1.58 billion by the end of this year. It is projected to register a CAGR of over 4.13% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- Over the medium term, the increasing safety concerns of lithium-ion batteries in ESS and EV applications are expected to drive the demand for an innovative and efficient battery management system (BMS) during the forecast period.
- On the other hand, the limitations in the off-the-shelf battery management systems are expected to make the current design outdated and impact the market studied during the forecast period.
- Nevertheless, technological advancements in battery management systems with advantages, such as reduced complexity, better efficiency, and improved reliability, are expected to provide growth opportunities in the future.
- The United States is expected to dominate the market during the forecast period due to the demand from two markets, i.e., energy storage systems and electric vehicles.
North America Battery Management System Industry Segmentation
A battery management system (BMS) is described as an electronic system that controls and monitors the charging and discharging of batteries and provides notifications about the status and condition of battery packs. In addition, providing critical safeguards to protect batteries from damage is one of the primary functions of the battery management system.
The North American battery management system market is segmented by application and geography. By application, the market is segmented into stationary, portable, and transportation. The report also covers the market size and forecasts for the battery management system market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Application | |
| Stationary | |
| Portable | |
| Transportation |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Battery Management System Market Size Summary
The North American battery management system market is poised for significant growth, driven by the increasing demand for innovative and efficient systems in energy storage and electric vehicle applications. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The shift from internal combustion engines to electric vehicles, fueled by environmental concerns, has eliminated the market for battery management systems in traditional vehicles. Instead, the focus has shifted to lithium-ion batteries, which are favored for their high energy density and efficiency in electric vehicles. The United States is expected to lead the market due to its robust automotive sector and the growing demand for energy storage systems, while Mexico and Canada are also witnessing rapid developments in EV manufacturing, further boosting the demand for battery management systems.
Technological advancements in battery management systems are anticipated to offer substantial growth opportunities, with benefits such as reduced complexity and improved reliability. Despite the limitations of off-the-shelf systems, these advancements are expected to enhance the performance and safety of lithium-ion batteries, particularly in renewable energy applications. The United States, with its substantial renewable energy capacity and plans for large-scale battery farms, is set to be a major market for battery management systems. The market is moderately fragmented, with key players like Eberspaecher Vecture Inc., Elithion Inc., and Texas Instruments Incorporated leading the charge. Recent developments, such as the launch of utility-scale battery products and the adoption of advanced BMS technologies by vehicle manufacturers, underscore the dynamic nature of the market and its potential for continued expansion.
North America Battery Management System Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD billion, till 2027
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitutes Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Application
-
2.1.1 Stationary
-
2.1.2 Portable
-
2.1.3 Transportation
-
-
2.2 Geography
-
2.2.1 United States
-
2.2.2 Canada
-
2.2.3 Mexico
-
-
North America Battery Management System Market Size FAQs
What is the current North America Battery Management System Market size?
The North America Battery Management System Market is projected to register a CAGR of 4.13% during the forecast period (2024-2029)
Who are the key players in North America Battery Management System Market?
Eberspaecher Vecture Inc., Elithion Inc., Texas Instruments Incorporated, Nuvation Energy and Sensata Technologies Inc. are the major companies operating in the North America Battery Management System Market.
