After a detailed analysis on the EV charging cable market, FMI recently published a new report on the electric vehicle sensor market. As per the analysis, sale of electric vehicle sensor holds a current valuation of US$ 10,725.11 million in 2024. Going by this pattern, demand could rise and equate to a market valuation of US$ 49,392.50 million, with a CAGR of 16.5% by 2034.
The electric vehicle (EV) sensor market is witnessing robust growth driven by the rapid adoption of electric vehicles worldwide. Sensors play a critical role in EVs, ensuring optimal performance, safety, and efficiency. They are essential for monitoring battery health, managing thermal systems, and enabling advanced driver-assistance systems (ADAS). As EV technology evolves, the demand for sophisticated sensors that provide real-time data and enhance vehicle automation is increasing. This growth is further fueled by stringent government regulations aimed at reducing emissions and improving vehicle safety, pushing manufacturers to integrate more advanced sensor systems into their EV designs.
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One of the most significant trends in the EV sensor market is the development of sensors for battery management systems (BMS). These sensors monitor key parameters such as voltage, temperature, and current to ensure the longevity and safety of the battery. Innovations in sensor technology are enabling more accurate and reliable BMS, which in turn enhances the performance and safety of EVs. Additionally, temperature sensors are crucial for managing the thermal conditions of batteries and motors, preventing overheating and improving overall efficiency. The integration of these sensors is essential for optimizing the lifespan and performance of EV batteries, which is a critical factor for consumer satisfaction and market adoption.
The increasing deployment of ADAS in electric vehicles is also driving the demand for various types of sensors, including radar, lidar, ultrasonic, and camera sensors. These sensors are integral to the functioning of systems like adaptive cruise control, lane-keeping assistance, and automated parking. The push towards autonomous driving further amplifies the need for high-precision sensors capable of operating in diverse environmental conditions. As the automotive industry moves towards greater automation, the role of sensors will become even more pivotal, offering significant opportunities for innovation and growth in the EV sensor market. This technological advancement not only enhances the safety and convenience of EVs but also positions them as a cornerstone in the future of smart and sustainable transportation.
“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, sales of positions sensors are estimated to increase at a 17.5% CAGR through 2032.
- In terms of sales channel, the OEM segment will hold 93% of the total market share in 2022.
- By propulsion, BEVs are projected to account for more than 70% of the total market share in 2022.
- By 2032, East Asia is anticipated to dominate the market, holding a share of 43%.
- China is estimated to create an absolute dollar opportunity of more than US$ 11.4 Bn.
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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