Press release
Electric Vehicle Sensor Market size is Expected to Grow $37.4 Billion by 2031 | Registering a CAGR of 15.1%
Electric Vehicle Sensor Market
The global electric vehicle sensor market was valued at $9.6 billion in 2021, and is projected to reach $37.4 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031.
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Electric vehicle sensors detect, measure, and transmit information, which help in analyzing performance of vehicles. Sensors are devices that detect events or changes in environment and then provide a corresponding output. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmitting the information in electronic form for further processing. These sensors use integrated circuit (IC) fabrication technology made on silicon wafers to monitor and control chemical, physical, and process changes of an automobile.
Sensors are used to minimize fuel consumption and reduce the onboard weight of a vehicle. Electric vehicle sensors are smart sensors, which can be used to control and process temperature, coolant level, and pressure of oil in a vehicle. There are several types of sensors used in the automotive industry. These include speed sensors, coolant sensors, temperature sensors, pressure sensors, magnetic sensors, voltage sensors, and oxygen sensors.
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Positive responses from tests are anticipated to drive electric vehicle sensor industry growth in the future. For instance, in October 2016, Google tested its driverless car in the UK for a 1 km stretch, near a railway station, and a fleet of 40 such cars is anticipated to be available for public use by the next year. Heavy investments in research and development, as well as in production, by these companies are anticipated to increase the demand for sensors and the market is assured to witness electric vehicle sensor industry growth during the coming years.
Competitive Analysis:
Significant factors impacting the growth of the electric vehicle sensor market include a surge in adoption of custom designed electronics devices and propelling demand for pressure sensors in automotive industry in the electric vehicle sensor. However, the high development cost associated with electric vehicle sensors is projected to hamper market growth. Furthermore, the development of self-driving electric vehicle technology provides lucrative opportunities for market growth.
Some of the major key players of the electric vehicle sensor industry include:
⦁ Continental AG
⦁ Valeo
⦁ Denso Corporation
⦁ Robert Bosch Venture Capital GmbH
⦁ Renesas Electronics
⦁ Panasonic
⦁ Melexis
⦁ NXP Semiconductors
⦁ Sensata Technologies Inc.
⦁ Amphenol Advanced Sensors
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https://www.alliedmarketresearch.com/electric-vehicle-sensor-market-A53437
Top Impacting Factors:
Significant factors impacting the growth of the electric vehicle sensor market include a surge in adoption of custom designed electronics devices and propelling demand for pressure sensors in automotive industry in the electric vehicle sensor. However, the high development cost associated with electric vehicle sensors is projected to hamper market growth. Furthermore, the development of self-driving electric vehicle technology provides lucrative opportunities for market growth.
Key Benefits for Stakeholders:
⦁ This study comprises analytical depiction of the electric vehicle sensor market size along with the current trends and future estimations to depict the imminent investment pockets.
⦁ The overall electric vehicle sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
⦁ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
⦁ The electric vehicle sensor market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
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