Electric Vehicle (EV) Sensor Global Market Report 2024

The electric vehicle (ev) sensor market size has grown rapidly in recent years. It will grow from $8.33 billion in 2023 to $9.46 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth observed during the historic period in the electric vehicle (EV) sensors market can be attributed to several factors. These include government incentives promoting electric vehicle adoption, environmental regulations encouraging cleaner transportation options, innovations in battery technology, increasing consumer demand for electric vehicles, improvements in the electric vehicle supply chain, and ongoing infrastructure development to support electric vehicle usage. These factors collectively contributed to the expansion and development of the electric vehicle sensors market during that time.

The electric vehicle (ev) sensor market size is expected to see rapid growth in the next few years. It will grow to $15.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The anticipated growth in the forecast period for the electric vehicle (EV) sensors market can be attributed to various factors. These include the continued expansion of the electric vehicle market, ongoing developments in autonomous driving technology, the evolution of battery technology, and increased partnerships and collaborations within the industry. Major trends expected in the forecast period encompass higher adoption rates of electric vehicles, the integration of advanced autonomous driving features, the implementation of sophisticated battery management systems, adherence to stringent emission standards, and a heightened focus on vehicle safety within the electric vehicle industry.

The surge in demand for electric vehicles (EVs) stands as a driving force behind the burgeoning growth of the electronic vehicle (EV) sensors market. Electric vehicles, powered either partially or entirely by electric power, heavily rely on EV sensors to interpret real-time signals and manage various in-vehicle functions, including ignition time and speed control. These sensors play a pivotal role in curbing gasoline costs, reducing carbon emissions, and fortifying energy security. Notably, the Global EV Outlook 2022 report published in May 2022 highlighted a substantial increase in EV sales, doubling from the previous year to reach a record high of 6.6 million units. The surge in global electric car sales from 2,980,000 units to 6,600,000 units in 2021 underscores the robust demand for electric vehicles, thereby driving the growth trajectory of the EV sensors market.

The escalating safety concerns associated with EV operations are expected to fuel the demand for electric vehicle (EV) sensors. Safety issues concerning the secure and risk-free functioning of electric vehicles encompass critical areas such as battery safety, collision avoidance, and overall operational safety protocols. EV sensors play a crucial role in monitoring and optimizing various aspects, including battery performance, motor control, charging, thermal management, safety features, and driver assistance systems. For instance, data from EV FireSafe, an Australia-based research database, revealed higher incident rates in fire and road safety for e-scooters and e-bikes compared to electric vehicles (EVs). These incidents included over 500 battery fires, 138 injuries, and 36 fatalities for e-scooters and e-bikes, whereas electric vehicles experienced 35 battery fires, resulting in eight injuries and four fatalities. Consequently, the escalating safety concerns in EV operations are anticipated to propel the growth of the electric vehicle (EV) sensor market.

Product innovation emerges as a prominent trend driving advancements in the EV sensors market. Key market players are leveraging extensive research and development endeavors to introduce innovative technologies aimed at consolidating their market position. For example, Continental, a Germany-based automotive company, introduced the Current Sensor Module (CSM) and the battery impact detection (BID) system for electrified vehicles in May 2022. These new sensors specifically emphasize battery characteristics and safety, expanding the range of sensors offered by the company. Furthermore, Microchip Technology Inc., a US-based semiconductor manufacturer, unveiled the LX34070 IC in June 2022 - a novel inductive position sensor designed for the electric vehicle motor control industry. This sensor, equipped with differential outputs and rapid sample rates, complies with ISO 26262 at the Automotive Safety Integrity Level-C (ASIL-C), showcasing a commitment to innovative safety-centric sensor technology in the EV domain.

Prominent players in the electric vehicle (EV) sensor market are strategically focusing on developing innovative products, such as the Lithium-Ion Battery Failure Detection Sensor, to gain a competitive edge and expand their customer base. This advanced safety device specifically targets early detection of potential lithium-ion battery failures by identifying released gases during the initial stages, significantly enhancing safety measures across various industries utilizing electric vehicles. A notable example occurred in November 2023 when United Safety & Survivability Corporation, a US-based company specializing in advanced safety solutions, unveiled its groundbreaking Lithium-Ion Battery Failure Detection Sensor. This innovative sensor sets a new safety standard for electric vehicles across diverse industries by efficiently identifying early signs of failure through gas detection during initial stages. Its early detection capabilities enable timely interventions to mitigate issues before they escalate. Moreover, the sensor offers versatility, operating independently or integrating seamlessly with fire suppression systems such as the Fogmaker Fire Suppression System, providing a comprehensive solution for detection and suppression.

In January 2023, Sona BLW Precision Forgings, an India-based precision forging technology company, made a significant acquisition by obtaining a 54% equity stake in NOVELIC, a Swedish sensors and software company, for 40.5 million euros ($43.59 million). This strategic move by Sona Comstar is anticipated to mark its entry into the Advanced Driver Assistance Systems (ADAS) sensor industry. NOVELIC, a Serbia-based provider of mmWave radar sensors, operates within the EV sensors market. This acquisition strengthens Sona Comstar's foothold in the sensors sector, specifically focusing on mmWave radar sensors used in ADAS, showcasing a strategic alignment with the expanding EV sensors market and demonstrating an intent to diversify and broaden their sensor technology portfolio.

Major companies operating in the electric vehicle (ev) sensor market report are 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..

North America was the largest region in the electric vehicle (EV) sensor market in 2023. 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. The countries covered in the electric vehicle (ev) sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main products in the electric vehicle (EV) sensors category include temperature sensors, current sensors, position sensors, pressure sensors, and speed sensors. Temperature sensors, for example, play a crucial role in Li-Ion battery charging and safety, providing essential temperature information to maintain the Li-Ion battery in optimal condition throughout the charging cycle. The propulsion systems in battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs) utilize various sensor types, and these sensors are distributed through channels such as OEM (original equipment manufacturer) and the aftermarket.

The electric vehicle (EV) sensors market research report is one of a series of new reports that provides electric vehicle (EV) sensors market statistics, including electric vehicle (EV) sensors industry global market size, regional shares, competitors with an electric vehicle (EV) sensors market share, detailed electric vehicle (EV) sensors market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle (EV) sensors industry. This electric vehicle (EV) sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.