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Automotive Intelligence Battery Sensor Market Report 2024 - Automotive Intelligence Battery Sensor Market Trends, Size, And Demand
Automotive Intelligence Battery Sensor Market
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According to The Business Research Company's, The automotive intelligence battery sensor market size has grown rapidly in recent years. It will grow from $6.08 billion in 2023 to $6.83 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to increasing vehicle electrification, growing complexity of automotive electronics, stringent emission standards, automotive safety regulations, demand for fuel efficiency.
The automotive intelligence battery sensor market size is expected to see rapid growth in the next few years. It will grow to $10.66 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to enhanced diagnostic capabilities, development of energy-dense batteries, sustainability initiatives, focus on vehicle safety and reliability, growing awareness of battery health. Major trends in the forecast period include increased adoption of advanced driver assistance systems (adas), advancements in sensor technologies, rise in connectivity and iot integration, development of smart charging systems, collaborations and partnerships, increasing complexity of electrical architectures.
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Market Drivers and Trends:
The increasing number of high-end vehicles is expected to propel the growth of the automotive intelligence battery sensor market going forward. High-end vehicles, also known as luxury vehicles, refer to a category of vehicles that are characterized by their superior quality, advanced features, and focus on providing an elevated driving experience. Automotive intelligent battery sensors in high-end vehicles play an important role by precisely monitoring battery health, optimizing charging processes, and enhancing overall electrical system efficiency. For instance, in July 2023, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, Porsche AG sales increased from 1,495 units in 2022 to 1,901 units in 2023, representing a growth of 27.16%. Additionally, Audi AG's car sales rose to 11,081 units in 2023, compared to 8,915 in 2022, an increase of 24.30%. Therefore, the increasing number of high-end vehicles is driving the growth of the automotive intelligence battery sensor market.
Technological advancements have emerged as a key trend gaining popularity in the automotive intelligence battery sensor market. Major automotive intelligence battery sensor companies are focused on delivering advanced battery solutions to strengthen their market position. For instance, in May 2022, Continental AG, a Germany-based automotive parts manufacturing company, launched new sensors to protect electrified vehicle batteries. These high-voltage Current Sensor Modules (CSM) and Battery Impact Detection (BID) provide current and temperature data to keep the battery safe and long-lasting, save up to 50% of its weight, and also provide underfloor protection.
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Major Key Players of the Market:
Robert Bosch GmbH, NXP Semiconductors N.V., Continental AG, Furukawa Electric Company Limited, Vishay Intertechnology Inc., Texas Instruments Incorporated, Inomatic GmbH, MTA Automotive Solutions Pvt. Ltd., Denso Corporation, Abertax Technologies Limited, Autotech Components Pvt. Ltd., Bamomas, Analog Devices Inc., Infineon Technologies AG, Sensata Technologies Inc., STMicroelectronics N.V., TE Connectivity Ltd., Hella GmbH & Co. KGaA, Hitachi Automotive Systems Ltd., Renesas Electronics Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, LG Chem Ltd., BYD Company Ltd., Contemporary Ampere*x Technology Co. Limited, ams-OSRAM AG, Electronic Design News, Akebono Brake Industry Co. Ltd., Alibaba Group Holding Limited, Anfield Sensors Inc., First Sensor AG
Automotive Intelligence Battery Sensor Market 2024 Key Insights:
• The automotive intelligence battery sensor market size is expected to see rapid growth in the next few years. It will grow to $10.66 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Growing Automotive Industry Drives Demand For Automotive Intelligence Battery Sensors
• Technological Advancements Driving Automotive Intelligence Battery Sensor Market
• Asia-Pacific was the largest region in the automotive intelligence battery sensor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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