PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565689
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565689
Electric Vehicle Sensors Market size was evaluated at USD 4,821.2 million in 2023, rising at a CAGR of 16.20% between 2024 and 2032.
Vehicle sensors detect, measure, and transmit data to assist in vehicle performance analysis. Sensors are devices that detect and output information about their surroundings. They sense physical stimuli like light, heat, motion, wetness, pressure, or any other thing. They respond by displaying an output or sending the information electronically for further processing. These sensors use integrated circuit (IC) fabrication technology on silicon wafers to monitor and control an automobile's chemical, physical, and process changes.
Electric Vehicle Sensors Market- Market Dynamics
Rising Demand for Electric Vehicles Drives Growth in the EV Sensors Market
The increased demand for electric vehicles is expected to boost the growth of the electronic vehicle (EV) sensors market. Electronic vehicles run partly or fully on electricity. EV sensors are used in electric vehicles to detect real-time signals and take appropriate actions to manage in-vehicle operations, such as ignition timing and speed control, lowering fuel prices, lowering carbon emissions, and increasing energy security. For instance, According to the May 2022 Global EV Outlook 2022 research, electric vehicle (EV) sales more than quadrupled from the previous year in 2021, reaching a record high of 6.6 million. Furthermore, global electric car sales in 2021 are expected to climb from 2980000 to 6600000. As a result, the increased demand for electric vehicles is propelling the electronic vehicle (EV) sensor industry forward. As a result, increased demand for electric vehicles is propelling the electronic vehicle (EV) sensor market forward.
Electric Vehicle Sensors Market- Key Insights
According to our research analyst, the global market is expected to increase at a CAGR of approximately 16.20% between 2024-2032.
Based on Product Type segmentation, in 2023, the temperature sensor segment held the greatest proportion of the electric vehicle sensor market
Based on Sales Channel segmentation, Original equipment manufacturers (OEMs) are likely to dominate the electric vehicle sensors market
According to region, North America has maintained the greatest share of the Global Electric Vehicle Sensors sector
The global release liner market is divided into four segments: product type, sales channel, propulsion, and geography.
The market is segmented into five divisions based on the Product Type: Position Sensors, Speed Sensors, Temperature Sensors, Pressure Sensors, And Current Sensors. The temperature sensor category dominated the electric vehicle sensor market in 2023, accounting for the greatest market share. The segment is likely to maintain its market position during the projection period. Temperature sensors are critical components of electric vehicles; they monitor and control the car's internal temperature, ensuring the vehicle's safety and performance. The temperature sensor is a required technology frequently used in electric cars. Thus, rising demand for electric vehicles and increased rivalry among automobile manufacturers fuel demand for temperature sensors.
The market is classified into two segments depending on the Sales Channel: Aftermarket And OEM. Original equipment manufacturers (OEMs) are predicted to gain market share in the electric vehicle sensors market, owing to their crucial role in the early phases of sensor integration in EVs. This location allows OEMs to guarantee that these critical components perfectly match the vehicle's specific needs and standards. OEMs may effortlessly integrate modern sensor technologies into a vehicle's framework by controlling the design and production processes. This integration not only improves the vehicle's performance but also enhances its safety features from the start, resulting in significant growth in the electric car sensors sector.
Electric Vehicle Sensors Market- Geographical Insights
This market is geographically diversified across Europe, the Middle East, North America, Asia Pacific, and Africa, Latin America. The regions are further divided by the nations that bring commerce.
North America has dominated the Global Electric car Sensors sector in recent years, owing to the region's quickly increasing electronics sector and spike in electric car sales. The United States is a major car manufacturing hub in the world. Furthermore, regional economic growth has a beneficial influence on electric car sales. Furthermore, to fulfill the diverse needs of next-generation customers, demand for electric vehicles is rapidly expanding in the region, which promotes overall market growth.
The Asia Pacific Electric Vehicle Sensors Market is expected to grow the fastest between 2023 and 2032. Rising demand for electric vehicles in countries such as China, India, and Japan, as well as increased concern about the environmental implications of automobiles releasing carbon pollution, are driving market expansion. The region's growing population is a major contribution to the expansion of the automotive sector, which in turn fuels the regional EV market.
The Electric Vehicle Sensors Market is characterized by a highly dynamic competitive landscape, with key players such as STMicroelectronics, Infineon Technologies AG, Denso Corporation, NXP Semiconductors, and Texas Instruments Incorporated. These companies make advanced sensor technologies highly essential for vehicle safety, efficiency, and performance available. With the ever-growing need of advanced driver assistance systems, along with an increase in IoT connectivity, these companies are inventing rapidly to keep pace with the rising needs of the electric vehicle market. The firms also face challenges such as high development costs and fast-changing technologies, which demand constant investment and adaptability to be competitive in this market.
In January 2024, Infineon launched the Xensiv TLI5590-A6W magnetic position sensor. When compared to standard position sensors, the sensor is quite small.