The global electric vehicle sensor market accepted to expand at a CAGR of 16.6%, reaching a valuation of more than US$ 37.1 Billion by 2032.
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.
The desire to electrify vehicles, the rise in EV production globally, stringent regulations, and shifting customer expectations for comfort and safety in transportation are the main factors impacting the demand for EV sensors.
Electric vehicle construction is now feasible thanks to technology advancements. These vehicles now feature more advanced electronics that are battery-powered and capable of performing a number of functions. A few instances of technical accomplishments include fluctuations in temperature, current, and pressure. Variations in temperature and load have been proved to be an issue for electric vehicles.
They undergo frequent inspections to ensure that any alterations outside of their typical operating range are found and fixed while the car is being driven. The aforementioned factors suggest that during the anticipated time, there will likely be an increase in demand for EV sensors.
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Due to the rise in demand for luxury automobiles, the usage of sensors in EVs has increased. The demand for improved safety features in both passenger and light commercial vehicles is also expected to drive market growth.
“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
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.
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
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Electric Vehicle Sensor Market Projection
Increased use of position sensors in the electric vehicle industry, increase in demand for automotive sensors in hybrid and electric cars and rise in use of custom made electronic devices are the most notable factors driving the electric vehicle sensor market growth. Technological advances and expansion in the automotive industry are projected to provide profitable prospects for the market internationally. During the forecast period, each of these factors is expected to have a significant impact on the automotive sensor market.
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