Press release
Surging Demand For Electric Vehicles Fuels Growth In The EV Sensors Market: An Emerging Driver Transforming The Electric Vehicle (EV) Sensor Market Landscape
Electric Vehicle (EV) Sensor
What Is the Electric Vehicle (EV) Sensor Market Size and Projected Growth Rate?
In recent times, we have witnessed a drastic growth in the size of the Electric Vehicle (EV) sensor market. The market valuation is expected to rise from $9.31 billion in 2024 to about $10.49 billion in 2025, marking a compound annual growth rate (CAGR) of 12.7%. The credit for this upward trajectory in the historical period is linked to government inducements, environmental norms, advancements in battery technology, changes in consumer demand, enhancements in the supply chain, and infrastructural development.
In the coming years, the electric vehicle (EV) sensor market is anticipated to witness significant expansion, estimated to reach $16.79 billion by 2029, with a compound annual growth rate (CAGR) of 12.5%. The predicted growth during the forecast period can be attributed to several factors including the enlargement of the ev market, advancements in autonomous driving, evolving battery technology, and strategic partnerships and collaborations. Other trends influencing the growth throughout the forecast period are the acceleration in ev adoption rates, increase in autonomous driving features, the introduction of battery management systems, the imposition of strict emission standards, and emphasis on vehicle safety.
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What Are the Different Electric Vehicle (EV) Sensor Market Segments?
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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What Are the Primary Drivers Shaping the Electric Vehicle (EV) Sensor Market?
The surge in electric vehicle consumption is set to boost the expansion of the electronic vehicle (EV) sensors market. Electronic vehicles refer to cars that run solely or partially on electrical power. These vehicles employ EV sensors to interpret real-time signals and perform necessary functions such as ignition timing and speed control, assisting in the reduction of gasoline prices, carbon emissions, and engaging energy security better. In January 2023, the US Department of Energy, an American agency tasked with overseeing nuclear infrastructure and energy policy, reported that the new plug-in electric cars (PEV) monthly sales, comprising all-electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV), hit 7.4%, marking a 7% milestone since September 2022. Of those, 1.2% constituted PHEVs. Thus, the rising demand for electric vehicles is fuelling the progress of the EV sensors market.
Which Companies Are Leading 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 Major Trends Shaping the Electric Vehicle (EV) Sensor Market?
One prominent trend emerging in the EV sensors market is the surge in product innovations. Market leaders are employing cutting-edge technologies resulting from rigorous research and development efforts to consolidate their business standings. For example, Continental, a German auto firm, launched two novel sensor systems, namely the current Sensor Module (CSM) and the battery impact detection (BID) system for electric vehicles in May 2022. These sensors are designed specifically to enhance battery features and safety. Additionally, in June 2022, Microchip Technology Inc., a semiconductor manufacturer based in the US, released a new inductive position sensor for the electric vehicle motor control sector, named LX34070 IC. The sensor is equipped with differential outputs, rapid sampling rates, and several other attributes that allow it to conform to ISO 26262 at the Automotive Safety Integrity Level-C (ASIL-C) level.
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What Are the Top Revenue-Generating Geographies in 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Vehicle (EV) Sensor Market?
2. What is the CAGR expected in the Electric Vehicle (EV) Sensor Market?
3. What Are the Key Innovations Transforming the Electric Vehicle (EV) Sensor Industry?
4. Which Region Is Leading the Electric Vehicle (EV) Sensor Market?
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