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Global Automotive Intelligence Battery Sensor Market Anticipated to Surge at a CAGR of 18.30% Through 2025
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Global Automotive Intelligence Battery Sensor Market: Snapshot
Of late, the global market for automotive intelligence battery sensors has been observing substantial rise in its valuation. The ongoing expansion in the automotive industry is the main factor that has been propelling the growth of this market remarkably. The increasing CO2 emission and the escalating fuel consumption by automobiles have emerged as a matter of major concerns among people across the world. To curb CO2 emission and for road safety, various governments have implemented strict rules and regulations, compelling automakers to install automotive intelligence battery sensors in their product, leading to a rise in their sales. The need to comply with fuel economy standards is also encouraging manufacturers to use these sensors in their vehicles. All these factors are expected to support the worldwide market for automotive intelligence battery sensors in the years to come.
In 2016, the market offered an opportunity worth US$ 2.75 bn. Rising at a CAGR of 18.30% between 2017 and 2025, the it is projected to reach US$ 10.56 bn by 2025 end.
Passenger Vehicles to Retain Supremacy
Predominantly, automotive intelligence battery sensors find widespread application in passenger vehicles, commercial vehicles, and electrical vehicles. The demand for these sensors relatively greater in passenger vehicles. In 2016, the passenger vehicle segment held 45% of the overall revenue generated in this market. With the increase in demand for safety features, such as monitoring battery in passenger vehicles, the segment is anticipated to continue on the top position over the next few years.
Electric vehicles are also emerging as significant consumers of automotive intelligence battery sensors, globally. All three types of electric vehicles, that is, hybrid electric vehicle, battery electric vehicle, and plug-in hybrid electric vehicle, are generally equipped with automotive intelligence battery sensors to avoid mishaps. Over the coming years, the battery electric vehicle segment is projected to become the most prominent of these, holding over 80% of the market share alone.
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Asia Pacific to Dominate Global Automotive Intelligent Battery Sensor Market
In terms of the geography, the worldwide market for automotive intelligence battery sensors is bifurcated into five regions, namely, North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. In 2016, Asia Pacific led the global market with a share of 40% in terms of revenue. The regional market is expected to remain on the top position in the years to come, thanks to the increasing uptake of electrical vehicles in China and the augmenting number of international manufacturers here. Europe is the second most prominent regional market for automotive intelligence battery sensor market with a little lesser market share than that of Asia Pacific. This is attributed to increase in the government norms toward the environment and also the reducing emission of CO2 from the vehicle.
The global market for automotive intelligent battery sensors is highly consolidated. The Continental AG, HELLA GmbH & Co. KGaA, inomatic GmbH, NXP Semiconductors, ams AG, Furukawa Electric Co. Ltd., Vishay Intertechnology, Vishay Intertechnology, Robert Bosch Ltd., Denso Corp., MTA S.p.A, Abertax Technologies Ltd., and Autotec Components are some of the leading vendors of automotive intelligent battery sensors across the world.
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