What is the Historical Analysis of the Electric Vehicle (EV) Sensor Market Size?
The electric vehicle (ev) sensor market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for electric vehicle (EV) sensors has seen swift expansion. It is projected to increase from $9.31 billion in 2024 to $10.49 billion in 2025, with a compound annual growth rate (CAGR) of 12.7%. Factors such as government incentives, environmental regulations, advancements in battery technology, consumer demand, enhancements in supply chain, and infrastructure development have contributed to the growth in the historical period.
What Is The Projected Growth Of The Electric Vehicle (EV) Sensor Template Market?
The Electric Vehicle (EV) Sensor market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the electric vehicle (EV) sensor market is anticipated to witness a rapid surge in its size. It is projected to expand to a massive $16.79 billion by 2029 with a compound annual growth rate (CAGR) of 12.5%.
Such growth during the forecast period is believed to be driven by factors such as expansion of the EV market, advancements in autonomous driving, evolution of battery technology, and partnerships and collaborations. Key trends projected for the forecast period include mounting rates of EV adoption, the rise in autonomous driving features, refinement of battery management systems, stricter emission standards, and a heightened focus on vehicle safety.
What Are The Key Drivers Fueling Growth In The Electric Vehicle EV Sensor Market?
The growth of the electronic vehicle (EV) sensors market is being fueled by a rise in the demand for electric vehicles. Electric vehicles, which can be entirely or partially powered by electricity, utilize EV sensors to monitor real-time signals and manage various in-vehicle functionalities like ignition timing and speed control. These sensors also help curtail gasoline prices, decrease carbon emissions, and boost energy security. For instance, a report from the US Department of Energy in January 2023 stated that the monthly sales of new plug-in electric cars, otherwise known as all-electric vehicles and plug-in hybrid electric vehicles, hit 7.4%, surpassing 7% for the first time in September 2022. 1.2% of these sales were plug-in hybrid electric vehicles. As such, the increasing demand for electric vehicles is accelerating the advancement of the electronic vehicle (EV) sensors market.
What Are The Principal Market Segments In The Global Electric Vehicle EV Sensor Industry?
The electric vehicle (EV) sensor market covered in this report is segmented –
1) By Product Type: Temperature Sensors, Current Sensors, Position Sensors, Pressure Sensors, Speed Sensors
2) By Propulsion: Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs)
3) By Sales Channel: OEM (Original Equipment Manufacturer), After market
Subsegments:
1) By Temperature Sensors: Thermocouples, Thermistors, Infrared Sensors
2) By Current Sensors: Hall Effect Sensors, Shunt Resistors, Rogowski Coils
3) By Position Sensors: Linear Position Sensors, Rotary Position Sensors, Magnetic Position Sensors
4) By Pressure Sensors: Absolute Pressure Sensors, Gauge Pressure Sensors, Differential Pressure Sensors
5) By Speed Sensors: Wheel Speed Sensors, Engine Speed Sensors, Transmission Speed Sensors
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Which Emerging Market Trends Are Altering The Electric Vehicle EV Sensor Industry?
One of the primary trends that's witnessing a surge in the EV sensors market is product innovation. Top contenders in this market are leveraging cutting-edge technology through rigorous research and development efforts to fortify their standing in the industry. For instance, Continental, an automobile corporation based in Germany, unveiled its current Sensor Module (CSM) and battery impact detection (BID) system for electrified vehicles in May 2022, thereby extending their expansive sensor lineup. These new sensors are poised to make significant improvements in battery safety and characteristics. Furthermore, in June 2022, U.S. semiconductor manufacturer, Microchip Technology Inc, launched The LX34070 IC, a novel inductive position sensor for the electric vehicle motor control sector. The sensor offers advanced features such as differential outputs and quick sample rates, making it compliant with ISO 26262 at Automotive Safety Integrity Level-C (ASIL-C) level.
Who Are the Key Players In The Electric Vehicle EV Sensor Market?
Major companies operating in the electric vehicle (EV) sensor market include:
• Denso Corporation
• Infineon Technologies AG
• NXP Semiconductors N.V.
• Texas Instruments Incorporated
• LEM Holding SA
• Kohshin Electric Corporation
• Vishay Intertechnology Inc.
• Allegro MicroSystems Inc.
• Amphenol Corporation
• ams-OSRAM AG
• Analog Devices Inc.
• Melexis NV
• Sensata Technologies Inc.
• STMicroelectronics N.V.
• Renesas Electronics Corporation
• TE Connectivity
• Continental AG
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Valeo SA
• CTS Corporation
• Honeywell International Inc.
• Kistler Group
• Methode Electronics Inc.
• Panasonic Corporation
• TDK Corporation
• Aptiv plc
• AVX Corporation
• Bourns Inc.
• Hella Inc.
What Are The Regional Insights Into The Electric Vehicle EV Sensor Market?
North America was the largest region in the electric vehicle (EV) sensor market in 2024. The regions covered in the electric vehicle (EV) sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
