EV Sensors Market Forecast and CAGR
According to research, the EV sensors market is projected to witness growth of over 9% to 11% CAGR during the assessment period of 2021 to 2031. The major factors driving the demand of EV sensors are increased global electric vehicle production, increased demand for vehicle electrification, the formulation of stringent government regulations, and increased consumer demand for safety and comfort in vehicles.
What is Driving Demand for EV Sensors?
Electric vehicles have improved throughout time as a result of technology developments. These electric vehicles now have newer electronics that are powered by the vehicle’s battery pack for various functions and functionality.
Temperature, current, and pressure variations are among the technological advancements. Electric cars have been found to be susceptible to a variety of temperature and load variations. As a result, these are constantly monitored to guarantee that any increase or reduction outside of their normal operating range is noticed and corrected while driving the car. This is expected to fuel the EV sensors demand.
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The EV sensors market expansion can be attributed to a number of factors, including rising demand for premium vehicles, which has led to an increase in the use of sensors in EVs, increased government and consumer pressure to develop vehicle safety features, and an increase in the number of electronic components in EVs.
The market for luxury automobiles has increased as a result of growing desire for greater quality, increased performance, increased comfort, and new design and technology. Original equipment manufacturing companies have put more than 100 separate sensors in high-end electric automobiles. Inside the engine control unit, these sensors normally function in tandem with microcontrollers and embedded systems.
There is also an increase in the number of ECUs due to rising customer demand for automobiles with more features, which is likely to raise demand for more technologically advanced sensors at the same time.
In addition, OEMs are incorporating a variety of sensors into their vehicles to suit client expectations for better productivity and reduced vehicle downtime. The demand for enhanced sensing techniques will rise as the demand for driver-assistance systems that focus on increasing safety and comfort grows. Furthermore, advances in traditional sensors and sensing systems are projected to improve the vehicle’s performance, precision, and reliability. Hence the EV sensors market will grow substantially.
Furthermore, as the number of electronic components in vehicles grows, so does the integration of various sensors, which are used in EV electronic systems, battery management systems, and transmission systems, among other things. Increased electric vehicle production, technological advancements, industry restrictions, and changing customer tastes are all likely to enhance demand for EV sensors leading to the growth of the EV sensors market.
US and Canada Demand Outlook of EV Sensors
Due to the quickly increasing electronics market and spike in sales of electric vehicles in the region, North America has maintained the greatest position in the global electric vehicle sensors market in recent years.
The United States is one of the world’s most important car manufacturing hubs. Furthermore, regional economic growth has a beneficial impact on electric vehicle sales. Furthermore, in order to suit the diverse wants of next-generation consumers, demand for electric vehicles is skyrocketing in the region, fueling total market growth.
Europe Demand Outlook for EV Sensors
Europe is the world’s second-largest market for EV sensors, and it is likely to remain so during the projection period. EV sensors are built into every car and are used to detect, transmit, analyze, record, and display vehicle performance data in the vehicle’s internal and exterior environments. The need for EV sensors is predicted to rise significantly during the forecast period, owing to the rising popularity of vehicle automation and the growing demand for connected automobiles in the region.
As a result of amendments to the vehicle safety system in the General Safety Regulation (EC) No. 661/2009, new safety features such as lane departure warning systems, advanced emergency braking systems, driver seatbelt reminders, TPMS, and others have become mandatory for every car, van, truck, and bus sold in the EU. The extensive use of these systems has paved the path for the widespread employment of electric vehicle sensors in them.
Who are the Key Manufacturers and Suppliers of EV Sensors?
Some of the leading manufacturers and suppliers of EV sensors include Denso Corporation, NXP Semiconductors, Allegro MicroSystems, Inc., Renesas Electronics Corporation, ams AG, STMicroelectronics, Amphenol Advanced Sensors, Sensata Technologies, Inc., Analog Devices, Inc., Infineon Technologies AG, Kohshin Electric Corporation, Texas Instruments Incorporated, LEM, TE Connectivity, Melexis and others.
- In March 2021, Allegro MicroSystems, Inc. announced a new coreless Hall-effect current sensor for demanding EV that offers higher accuracy and sensitivity, additional fault detection capabilities, and user programmability.
- In April 2020, The Coolant Leak Detection Sensor from Amphenol Advanced Sensors was made available for use in Electric/Hybrid Electric Vehicles to detect the presence of water and coolant in the battery pack enclosure.
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By Product Type
- Temperature Sensors
- Current Sensors
- Position Sensors
- Pressure Sensors
- Other Sensors
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Sales Channel
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- South Asia & Pacific (India, ASEAN, Australia and New Zealand)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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