After conducting a thorough research of the EV charging cable industry, FMI has released a new report on the electric vehicle sensor market. According to the estimate, the sale of electric vehicle sensors has a current worth of US$ 10,725.11 million in 2024. According to this trend, demand might grow and result in a market valuation of US$ 49.4 Billion with a CAGR of 16.5% by 2034.
Key factors driving demand for EV sensors include rising global electric vehicle production, the establishment of stringent regulatory rules, growing demand for vehicle electrification, and increasing preference for comfort and safety in vehicles.
Electric vehicles have developed throughout time as a result of technological advancements. These vehicles now include upgraded electronics that are powered by the vehicle’s battery pack for a variety of purposes. Technical advancements include changes in temperature, current, and pressure. Changes in temperature and load have been proved to be a concern for electric vehicles.
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As a result, they are constantly examined to guarantee that any change outside of their usual operating range is noticed and modified while the vehicle is being driven. The need for EV sensors is expected to increase over the forecast period, driven by the aforementioned factors.
Rising demand for luxury automobiles has increased the use of sensors in EVs. Besides this, as growing preference for improved vehicle safety features in passenger as well as light commercial vehicles will augment the growth in the market.
“Increased electric vehicle production, technological improvements, and growing popularity of ADAS in passenger vehicles will continue pushing sales of electric vehicle sensors over the forecast period,” says an FMI analyst.
Key Takeaways:
- Based on product type, position sensors are expected to account for 42.9% of the market share by 2034.
- In terms of sales channel, the OEM segment will hold 93% of the total market share in 2024.
- The market in Spain is expected to grow at a CAGR of 17.1% over the projected period.
Competition Landscape
Key electric vehicle sensor manufacturers are introducing the most cutting-edge technologies. In addition to this, collaborations, acquisitions, and mergers are expected to remain prominent growth strategies adopted by leading players.
Some of the key electric vehicle sensor manufacturers are Analog Devices Inc., Denso Corporation, Amphenol Advanced Sensors, Infineon Technologies AG, Allegro MicroSystems, LLC, ams AG, Kohshin Electric Corporation LEM, Renesas Electronics Corporation, Sensata Technologies, STMicroelectronics, Melexis, Texas Instruments Incorporated, Vishay Intertechnology Inc, NXP Semiconductors and others.
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Key Segments Covered in Electric Vehicle Sensor Industry Analysis
Product Type:
- Temperature Sensors
- Current Sensors
- Position Sensors
- Pressure Sensors
- Speed Sensors
Sales Channel:
- OEM
- Aftermarket
Propulsion:
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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