Automotive Sensor for EV Market, by Type (Temperature, Pressure, Position, Oxygen, NOx, Speed, Inertial, Image), Application (Powertrain, Chassis, Safety & Control, Telematics), Vehicle Type, Sales Channel and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Automotive Sensor for EV Market Overview
The global Automotive Sensor for EV market size is projected to reach USD 40.5 billion by 2026 at a CAGR of 10.6% from USD 25 billion in 2021 during the forecast period 2021-2028.
Temperature and load fluctuations affect electric cars in a variety of ways. Various components providing functionality and features in current EVs are also powered by the vehicle's battery packs. With the advancement of EV battery capacity and charging technology, different factors like as temperature, current, and pressure changes must be monitored to guarantee that any rise or reduction outside of their operating range is noticed and resolved while driving the vehicle. These circumstances necessitate the use of electric vehicle sensors, which monitor temperature, current, and pressure spikes in EVs. Some of the commonly used sensors include engine speed centre, wheel speed sensor and temperature sensors. The sensors are designed to make the drive more comfortable and user friendly.
Also Check Report on Electric Vehicle Thermal Management System (EVTMS) Market
As per automotive sensor for EV market report analysis, with the surge in usage of alternative fuel vehicles and also the increased electrification in automobiles is some of the factors that have supported long-term expansion for Automotive Sensor for EV Market. Electric vehicle registrations in the U.S. shot up 60 percent in the first quarter of 2022
In Europe, registrations of new all-electric vehicles surged by 20% year on year in May, accounting for 11% of the market. Plug-in hybrids, on the other hand, are down another month, this time by 12% year on year.
One of the primary aspects boosting market demand is the increasing use of sensors in autonomous cars. The widespread adoption of ADAS and AD systems has raised demand for electric car sensors. The increased use of image sensors, temperature sensors, position sensors, and speed sensors in ADAS/AD systems would boost market growth.
Also Check Report on Autonomous Driving Market
The COVID-19 pandemic is causing widespread concern and economic hardship for consumers, businesses, and communities across the globe. With the prevalent lockdown conditions across the globe, the disrupted supply chain and manufacturing issues have led to a downfall in the market.
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Consumers are drawn toward automation supplied by smart sensors as the globe moves toward more regulated and safe technology. The rising need for safety sensors such as impact sensors, seat belt tension sensors, anti-theft sensors, and parking sensors is likely to open up new possibilities for manufacturers, driving the electric vehicle sensors market.
Automotive Sensor for EV Market Regional Analysis
Asia Pacific is expected to be the largest market during the forecast period. The various companies across the region are famous for producing compact and cost-effective car and also the raised per capita income of the people of the region have led to the expansion of market in the region.
Automotive Sensor for EV Market Competitive Landscape
Key Players
- Robert Bosch
- Continental AG
- Delphi Automotive
- Denso Corporation
- Infineon Technologies
- On Semiconductor
- Melexis Nv.
- Magna International
- Valeo S.A.
- Leddartech
- Velodyne Lidar
- Innoviz Technologies
- Quanergy
- ZF Friedrichshafen
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Automotive Sensor for EV Market Recent Developments
- In June 2020, Continental–Vitesco Technologies, and ROHM Semiconductor have signed a partnership for the development of SiC power devices.
- In April 2020, Infineon completely acquired Cypress Semiconductor with an aim to enhance its automotive semiconductors offerings.
- China announced the commencement of a five-city trial program to give incentives to buyers of electric and hybrid vehicles, as the government ramps up efforts to reduce pollution in the world's largest auto market.
- The California Air Resources Board authorized a $1.5 billion investment plan that would improve access to clean cars and sustainable mobility alternatives via a number of projects that support the zero-emission transformation of California's vehicle and equipment fleet.
Reasons to Acquire in the Automotive Sensor for EV Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Automotive Sensor for EV market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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