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 |
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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the other hand, the limitations in the off-the-shelf battery management systems are expected to make the current design outdated and impact the market studied during the forecast period.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.
