PUBLISHER: Allied Market Research | PRODUCT CODE: 1298281
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298281
The electric vehicle sensor market is valued at $9,551.70 million in 2021 and is estimated to reach $37,381.40 million by 2031, exhibiting a CAGR of 15.11% from 2022 to 2031.
Electric vehicle sensors are used to detect and monitor different physical and chemical processes in a vehicle, to find out any issues that could occur in the future. Leading companies provide safety, comfort, and affordability to their consumers with the help of electric vehicle sensors. It enhances performance of vehicles and increases their life span.
Presently, there is an increase in demand for intelligent sensors in vehicles, which allows manufacturers to give drivers higher level of safety & security, reliability, and information & entertainment. Manufacturers of electronic devices are incorporating more sensors in their devices to add additional features and compete with other players in the market. High competition in the electronic market, steady upgrade in electronic devices, and increase in automation in the automotive industry through electronic devices are anticipated to drive the market growth in the future.
Factors such as rise in use of pressure sensors in the automotive industry, surge in demand for electric vehicle sensors in hybrid and electric cars and increase in use of custom designed electronics devices boost the market demand. However, high development cost of electric vehicle sensors is expected to hinder the market growth.
Moreover, technological advancements in the automobile industry and growth in the automotive sector are expected to offer lucrative opportunities for the market globally. Each of these factors is anticipated to have a definite impact on the electric vehicle sensor market during the forecast period.
The electric vehicle sensor market is segmented on the basis of product type, application, and region. By product type, it is categorized into pressure sensors, temperature sensors, motion sensors, speed sensors, and gas sensors. By propulsion, it is divided into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicle (PHEVs), and battery electric vehicle (BEVs).
By region, the electric vehicle sensor market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the electric vehicle sensor market include: Continental AG, Denso Corporation, Sensata Technologies Inc., Renesas Electronics, NXP Semiconductors, Panasonic Corporation, Melexis, Valeo, Amphenol Advanced Sensors and Robert Bosch.