Battery Sensor Market - Forecasts from 2024 to 2029

The battery sensor market is evaluated at US$4.001 billion for the year 2022 growing at a CAGR of 11.82% reaching the market size of US$8.744 billion by the year 2029.

An important part of the energy management system of the vehicle is the battery sensor. By measuring the temperature and charging voltage, the sensor informs the car of the exact battery condition. Various factors that can impact the battery life including current, voltage, and temperature are monitored by a battery sensor without getting in the way of data processing. Other factors driving the demand for these sensors include the growing market for electric vehicles and the burgeoning need for industrial energy storage solutions.  As emission norms worldwide become more stringent, electrical & electronic components are increasingly adopted by vehicle manufacturers. The growing sales of luxury vehicles are also boosting the battery sensor market growth. Over 200 million electric passenger cars are predicted to be on the road by 2030, a rapid increase from just over 2 million vehicles in 2016. As electric vehicles become more prevalent, there is a corresponding rise in the demand for battery sensors.  (Source: irena.org)

Battery sensors can measure current, voltage, and temperature accurately and on demand. Using this information, the electrical system can be precisely rated in terms of its health and charge, ensuring the best possible performance. Apart from monitoring the battery, it is also capable of detecting defective electronic components in the automobile.  Growing demand for battery sensors is expected to stem from the growing adoption of advanced technologies in modern vehicles.

MARKET DRIVERS:

Increasing sales of electric vehicles

As advanced technologies are increasingly being adopted in modern vehicles, the battery sensor demand is also expanding.  Vehicles powered by electricity were designed primarily to replace conventional ways of transportation that are environmentally detrimental. Owing to technological advances, electric vehicles have become increasingly popular. By comparison, an electric vehicle is more efficient, has lower emissions and maintenance costs, is easier to charge at home, smoother to drive, and reduces noise from the engine. Additionally, electric vehicles do not require oil changes, although they cost slightly more than their equivalents powered by gasoline. By 2030, there could be 900 million electric two-, three-, and four-wheeled vehicles on the roads, more than four-wheeled cars. (Source: irena.org). By 2025, the Ministry of Industry and Information Technology (MIIT) of China predicts new energy vehicles, mostly electric vehicles (EVs), will represent 25% of all vehicle sales. Additionally, by 2030, the Indian government plans to have 30% of its vehicles electric. (Source: macropolo.org; investindia.gov)

As part of an investment program involving electric cars and battery factories, Tesla (TSLA) said it will invest up to $12 billion. Also, Mercedes-Benz maker Daimler plans to invest more than 40 billion euros ($47 billion) so it can compete with Tesla in the all-electric vehicle market by 2030. Such huge investments in electronic vehicles will continue boosting the demand for battery sensors.

Rising Adoption of Renewable Energy Storage Systems.

One of the main factors propelling the global battery sensor market is the increasing use of renewable energy storage systems. Energy storage systems are crucial for storing and controlling the intermittent electricity produced by the growing integration of renewable energy sources like solar and wind. In these storage systems, battery sensors are essential because they keep an eye on vital indicators like temperature, voltage, and charge level. Battery efficiency is ensured by this real-time monitoring, which improves performance and increases battery life. The need for sustainable and clean energy solutions is growing, and with it, so is the significance of battery sensors in preserving the dependability and security of energy storage systems.

MARKET RESTRAINTS:

Battery sensors can cause malfunction and affect the vehicle’s performance.

Typically, battery sensors get damaged or shorted when dirt, moisture, or battery acid make their way into the sensor. BMW vehicles, for instance, have the battery located in the side compartment in the trunk, allowing water to leak onto the battery and damage the sensor. BMW refers to it as the Intelligent Battery Sensor or IBS. Failure of an IBS can result in many electrical problems, including no-start situations. In addition to being fragile, battery sensors can also be damaged during servicing or removal. The Stop/Start system may not function correctly due to a bad battery sensor in many vehicles. Therefore, such instances of malfunctioning can affect vehicle sales and negatively impact the demand for battery sensors.

The North American battery sensor market is anticipated to grow significantly.

The growing electric vehicle (EV) industry in North America is the main factor driving the battery sensor market in that area. Battery sensors have become essential parts of electric vehicles (EVs) as the automotive industry makes a significant transition to electrification. They are vital for controlling and monitoring battery performance. Electric car use is significantly on the rise in North America due to growing environmental consciousness and a move towards sustainable mobility. By keeping an eye on variables like temperature, voltage, and charge level, battery sensors guarantee the effective and safe operation of EV batteries. Furthermore, encouraging government programs, financial incentives, and expanding infrastructure for electric vehicle charging push the EV market's growth, which in turn influences the region's need for sophisticated battery sensor technology.

Key Developments:

• In November 2023, the launch of Lithium-Ion Battery Failure Detection Sensor was announced by United Safety & Survivability Corporation, a leading global provider of innovative safety solutions. This innovative device raises the bar for the safety of electric cars in all sectors of the economy.
• In March 2023, The HY-ALERTA 5021 Solid-State Area Hydrogen Monitor, developed by H2scan, a global pioneer in industrial hydrogen sensing, was introduced. It shields battery rooms from explosive hydrogen buildup and requires no maintenance for over a decade.
• In May 2022, with the introduction of the Battery Impact Detection (BID) system and the Current Sensor Module (CSM) for electric cars, Continental expanded its array of sensors. The two novel approaches concentrate on maintaining battery parameters or safeguarding the battery.

Segmentation:

By Communication Protocol

• CAN
• LIN

By Voltage Type

• 12V
• 24V
• 48V

By Industry Vertical

• Automotive
• Energy and Power
• Others

By Geography

• North America
• USA
• Canada
• Others 
• South America
• Brazil
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• UAE
• Saudi Arabia
• Israel
• Others 
• Asia Pacific
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Japan
• Others