Top Market Shifts Transforming the Electric Vehicle (EV) Sensor Market Landscape: Key Insights

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What Is the Expected CAGR for the Electric Vehicle (EV) Sensor Market Through 2025?
The size of the electric vehicle (EV) sensor market has seen a swift expansion in the past few years. The market value is projected to escalate from $9.31 billion in 2024 to $10.49 billion in 2025, with a compound annual growth rate of 12.7%. Factors contributing to this growth during the historic period include government incentives, environmental regulations, advancements in battery technology, consumer interest, enhancements in the supply chain, and infrastructure development.

What's the Projected Size of the Global Electric Vehicle (EV) Sensor Market by 2029?
Expectations are high for a swift expansion in the electric vehicle (EV) sensor market in the forthcoming years, forecasting its rise to $16.79 billion by 2029, riding on a compound annual growth rate (CAGR) of 12.5%. Factors spurring this growth can be traced to the expansion of the EV market, progression in autonomous driving technology, advances in battery technology, and strategic partnerships and collaborations. Anticipated trends during this forecast period consist of a surge in EV adoption rates, growing prevalence of autonomous driving features, enhanced battery management systems, stricter emission norms, and a greater emphasis on vehicle safety.

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Top Growth Drivers in the Electric Vehicle (EV) Sensor Industry: What's Accelerating the Market?
The surge in electric vehicle demand is speculated to fuel the expansion of the electronic vehicle (EV) sensor market. Electric vehicles, powered entirely or in part by electricity, employ EV sensors. These sensors read real-time signals and execute appropriate actions managing in-car functions like ignition timing and speed control. This assists in keeping gasoline prices down, diminishing carbon emissions, and bolstering energy security. For instance, a report from January 2023 by the US Department of Energy, a US-based institution responsible for nuclear infrastructure and energy policies, noted sales of new plug-in electric cars - which include EVs and plug-in hybrid electric vehicles (PHEVs) - amounted to 7.4%, exceeding 7% for the first time since September 2022. Of these, 1.2% represented PHEVs. Thus, the escalating demand for electric vehicles is promoting the expansion of the electronic vehicle (EV) sensor market.

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What Trends Will Shape the Electric Vehicle (EV) Sensor Market Through 2029 and Beyond?
A prevailing trend in the EV sensors market is the rise in product innovations propelled by market leaders. These major players are utilizing extensive R&D activities to pioneer new technologies, bolstering their market standing. For example, Continental, an auto company from Germany, rolled out the Current Sensor Module (CSM) and Battery Impact Detection (BID) System for electric cars in May 2022, enriching its pre-existing broad range of sensors. These innovative sensors will enhance the facets of battery safety and characteristics. Moreover, in June 2022, US-based semiconductor manufacturer, Microchip Technology Inc., launched LX34070 IC, an innovative inductive position sensor designed for the electric vehicle motor control sector. The sensor possesses differential outputs, accelerated sample rates, and additional features, enabling it to meet ISO 26262 standards at the Automotive Safety Integrity Level-C (ASIL-C) grade.

What Are the Main Segments in the Electric Vehicle (EV) Sensor Market?
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 Top Companies are Driving Growth 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.

Which Regions Will Dominate the Electric Vehicle (EV) Sensor Market Through 2029?
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

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