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The electric vehicle sensors market was valued at $4.55 billion in 2023, and it is expected to grow at a CAGR of 15.14% and reach $18.64 billion by 2033. This market is shaped by the increasing adoption of electric vehicles and the growing demand for autonomous vehicles. Conversely, challenges such as regulatory discrepancies, global uncertainties, economic instability, and infrastructural limitations pose hurdles to growth. This report comes with 10% free customization, enabling you to add data that meets your specific business needs.
Introduction of EV Sensors
Electric Vehicles (EVs) leverage a complex sensor network to deliver operational efficiency, advanced safety, and market-differentiating features. This sensor technology is pivotal for intelligent battery management, optimizing range and longevity through real-time monitoring. Moreover, sensors protect critical EV components such as motors and inverters, ensuring both performance and long-term asset value.The integration of ADAS, empowered by sensors such as LiDAR and radar, unlocks a new level of safety while laying the groundwork for autonomous capabilities. The EV market's exponential growth underscores the necessity for continued investment in sensor technologies, which will drive enhanced efficiency, reliability, and consumer-centric innovation.
Market Introduction
The electric vehicle sensors market is undergoing remarkable expansion, fueled by the swift uptake of electric vehicles on a global scale. Sensors play a crucial role in ensuring the functionality and safety of EVs, meticulously overseeing battery performance powertrain components, and facilitating advanced driver assistance systems (ADAS) that are revolutionizing the driving experience. The increasing demand for extended driving range, enhanced safety measures, and the evolution toward autonomous driving technologies are driving innovation and capital investment in EV sensor technology. Projections for the market anticipate sustained growth as sensor capabilities continue to advance, thereby optimizing EV efficiency and reliability, and enhancing user-centric features.Industrial Impact
Given the increasing demand for electric vehicles and the growing market for advanced automotive electronics, the demand for EV sensors is expected to continue to rise. However, concerns about semiconductor shortage, the Russia-Ukraine war, and the need for sustainable materials for manufacturing sensors are prompting research and development efforts aimed at improving the efficiency and environmental performance of EV sensor production processes, as well as exploring alternative sources of materials for its manufacture.The key players operating in the electric vehicle sensors market include Allegro MicroSystems, Inc., Amphenol Advanced Sensors, ams Osram AG, Analog Devices, Inc., Denso Corporation, Infineon Technologies AG, Kohshin Electric Corporation, LEM, Zebra Technologies, Inc., NXP Semiconductors, Renesas Electronics Corporation, Melexis. STMicroelectronics, Vishay Intertechnology, Inc., Texas Instruments Incorporated, and among others. These companies are focusing on strategic partnerships and product launches to expand their market presence.
Market Segmentation:
Segmentation 1: by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Passenger Vehicles to Dominate the Electric Vehicle Sensors Market (by Vehicle Type)
As the global electric vehicle sensors market shifts toward sustainability, the demand for passenger vehicles is expected to surge. This is largely due to sensors' critical role in bolstering vehicle safety and performance. A significant increase in consumer preference for safety-first vehicles has strengthened the necessity for sensors in electric cars. Furthermore, consumers' growing affluence is driving the demand for electric vehicles that boast advanced features and superior safety measures, propelling the growth of passenger vehicles in the market. Additionally, continuous advancements in sensor technology are boosting the driving experience, contributing to the electric vehicle industry's robust and sustainable growth by making cars more reliable, efficient, and user-friendly.Segmentation 2: by Power Source
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
Battery Electric Vehicles to Dominate in the Electric Vehicle Sensors Market (by Power Source)
Battery electric vehicles (BEVs) are set to dominate the electric vehicle sensors market, a trend driven by their reliance on electric powertrains. This reliance necessitates a comprehensive range of sensors to ensure the battery's health, temperature, and energy efficiency are constantly monitored and managed. Unlike hybrid systems, BEVs' simplicity in technology means there's less mechanical complexity but a greater need for precise and dependable sensor data to maintain optimal performance and safety. With sustainability becoming a key consumer priority, the demand for BEVs is experiencing a surge, which is propelling advancements in sensor technology. These advancements are crucial for improving vehicle diagnostics, performance, and user experience. A key example of this dynamic is the evolution of battery management systems (BMS), essential for BEVs. BMSs are bolstering their reliance on sensors to execute vital tasks, including the monitoring of cell voltage and temperature, thereby boosting the growth of robust sensor technologies in the automotive sector.Segmentation 3: by Sensor Type
- Temperature Sensors
- Current/Voltage Sensors
- Pressure Sensors
- Position Sensors
Current/Voltage Sensors to Dominate in the Electric Vehicle Sensors Market (by Sensors Type)
Current/voltage sensors are leading the electric vehicle sensors market due to their crucial function in maintaining efficient and safe operations of electric vehicles (EVs). These sensors are instrumental in overseeing the electrical system's integrity, enabling the battery management system to accurately determine the battery's state of charge and health. Such detailed monitoring is vital for enhancing the vehicle's range, performance, and durability. Specifically, for battery electric vehicles (BEVs), these sensors provide real-time insights into an electrical flow, boosting the capability to promptly identify any anomalies that might suggest problems, such as battery wear or short circuits. This role is propelling the growth of the EV sensors market, bolstering the technology's adoption due to its robust contribution to vehicle reliability and longevity.Segmentation 4: by Point of Sale
- OEM
- Aftermarket
OEM to be Dominant in the Electric Vehicle Sensors Market (by Point of Sale)
The dominance of original equipment manufacturers (OEMs) in the electric vehicle sensors market is expected to surge, primarily driven by their critical involvement in the early stages of sensor integration into EVs. This position enables OEMs to ensure that these essential components match the vehicle's precise needs and specifications flawlessly. By controlling the design and manufacturing processes, OEMs can seamlessly embed advanced sensor technologies into the vehicle’s framework. This integration not only boosts the vehicle’s performance but also strengthens its safety features from the start, propelling robust growth in the electric vehicle sensors market.Segmentation 5: by Region
- North America: U.S., and Canada and Mexico
- Europe: Germany, France, U.K., Italy, Netherlands, and Rest-of-Europe
- Asia-Pacific: China, Japan, Australia, South Korea, India, and Rest-of-Asia-Pacific
- Rest-of-the-World: Brazil, U.A.E., and Others
Countries on the rise, including India and Malaysia, are also demonstrating considerable strides in the electric vehicle sensors market, backed by robust government initiatives to foster the use of renewable energy. This surge is bolstering the sector's overall growth, indicating a positive trajectory for the adoption of sustainable transportation solutions.
Recent Developments in the Electric Vehicle Sensors Market
- In August 2023, Allegro MicroSystems, Inc., renowned for its pioneering power and sensing semiconductor technology in motion control and energy-efficient systems, strengthened its market position by securing a definitive agreement to acquire Crocus Technology.
- In February 2024, Infineon and Honda forged a strategic partnership for next-generation automotive technologies. MoU positions Infineon as a key semiconductor supplier in Honda's future roadmap.
- In January 2023, NXP and VinFast teamed up to deliver integrated, future-ready EV solutions, underlining the focus on providing comprehensive technology suites.
Demand - Driver, Limitation, and Opportunity
Market Demand Driver: Increasing Push from Government and Consumers to Develop Safety Features for Vehicles
Innovative sensor technologies are rapidly transforming vehicle design, driven by safety demands. Automakers are strategically integrating sensors to improve safety systems and reduce road accidents. Key players such as Allegro MicroSystems, Elmos Semiconductor SE, Infineon Technologies AG, and NXP Semiconductors are leading this innovation, developing sensors that optimize EV safety by accurately monitoring steering and braking. The growing popularity of advanced driver-assistance systems (ADAS) further fuels the need for sophisticated sensors to ensure safety and comfort. Sensor technology is constantly evolving, leading to improved vehicle performance and reliability. ADAS systems are at the forefront of tackling safety concerns, using advanced technologies such as embedded vision, connectivity, and intuitive human-machine interfaces. The concerning rate of vehicle accidents highlights the urgency for the widespread adoption of these safety-focused advancements.Market Challenge: Spiraling Raw Material Prices
The electric vehicle sensors market faces increasing pressure due to the rising costs of essential raw materials. Manufacturers grapple with skyrocketing prices for metals, rare earths, and semiconductors, directly impacting production costs. Semiconductor shortages, supply chain issues, and global instability further worsen this price volatility. This could slow down innovation in EV sensor technology and hinder adoption. As input costs soar, manufacturers struggle to maintain profit margins, potentially leading to higher consumer prices. The unpredictable raw materials market adds risk to production planning, potentially stalling the growth of the EV sensor sector. To stay competitive, manufacturers must find alternative supply sources or invest in research on new materials.Market Opportunity: Lucrative Promise of Autonomous Electric Vehicles
The rise of safety features and advanced vehicle control in electric vehicles (EVs) is pushing development costs higher. This is especially true for autonomous and semi-autonomous vehicles, which need many different sensors. As EVs with self-driving features become the norm, this sensor-heavy approach will boost demand for these components. Manufacturers must navigate this complex market carefully, investing in top-notch sensors and advanced control systems to succeed. These upgrades improve safety and user experience, plus they add innovative features that will appeal to customers. The need to monitor and test these systems throughout a vehicle's life brings more revenue potential for sensor makers and service providers. Ultimately, increased sensor use points to strong growth in the electric vehicle sensor market. Manufacturers ready with reliable, affordable, and cutting-edge sensor solutions will be best positioned to capitalize on this expanding opportunity where safety, automation, and electrification reshape the future of transportation.How can this Report add value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different point of sales and sensor types. Moreover, the study provides the reader with a detailed understanding of the electric vehicle sensors market.Growth/Marketing Strategy: The electric vehicle sensors market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures. The company's favored strategy has been product developments, business expansions, and acquisitions to strengthen its position in the electric vehicle sensors market.
Competitive Strategy: Key players in the electric vehicle sensors market analyzed and profiled in the study involve electric vehicle sensor manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the electric vehicle sensors market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Research Methodology
Factors for Data Prediction and Modeling
- The scope of the electric vehicle sensors market report has been focused on sensors such as temperature sensors, current/voltage sensors, pressure sensors, and position sensors.
- In the point-of-sale segment, OEM and aftermarket are considered in the scope.
- The base currency considered for the market analysis is US$. Currencies other than the US$ have been converted to the US$ for all statistical calculations, considering the average conversion rate for that particular year.
- The currency conversion rate has been taken from the historical exchange rate of the Oanda website.
- Nearly all the recent developments from January 2020 to December 2023 have been considered in this research study.
- The information rendered in the report is a result of in-depth primary interviews, surveys, and secondary analysis.
- Where relevant information was not available, proxy indicators and extrapolation were employed.
- Any economic downturn in the future has not been taken into consideration for the market estimation and forecast.
- Technologies currently used are expected to persist through the forecast with no major technological breakthroughs.
Market Estimation and Forecast
This research study involves the usage of extensive secondary sources, such as certified publications, articles from recognized authors, white papers, annual reports of companies, directories, and major databases to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global electric vehicle sensors market.The process of market engineering involves the calculation of the market statistics, market size estimation, market forecast, market crackdown, and data triangulation (the methodology for such quantitative data processes is explained in further sections). The primary research study has been undertaken to gather information and validate the market numbers for segmentation types and industry trends of the key players in the market.
Primary Research
The primary sources involve industry experts from the electric vehicle sensors market and various stakeholders in the ecosystem. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.The key data points taken from primary sources include:
- validation and triangulation of all the numbers and graphs
- validation of reports segmentation and key qualitative findings
- understanding the competitive landscape
- validation of the numbers of various markets for market type
- percentage split of individual markets for geographical analysis
Secondary Research
This research study of the electric vehicle sensors market involves extensive secondary research, directories, company websites, and annual reports. It also makes use of databases, such as Hoovers, Bloomberg, Businessweek, and Factiva, to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global market. In addition to the aforementioned data sources, the study has been undertaken with the help of other data sources and websites, such as the International Energy Agency (IEA) and Organisation Internationale des Constructeurs d'Automobiles (OICA).Secondary research was done in order to obtain crucial information about the industry’s value chain, revenue models, the market’s monetary chain, the total pool of key players, and the current and potential use cases and applications.
The key data points taken from secondary research include:
- segmentations and percentage shares
- data for market value
- key industry trends of the top players of the market
- qualitative insights into various aspects of the market, key trends, and emerging areas of innovation
- quantitative data for mathematical and statistical calculations
Key Market Players and Competition Synopsis
The companies that are profiled in the electric vehicle sensors market have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.Some of the prominent names in the electric vehicle sensors market are:
- Allegro MicroSystems, Inc.
- Amphenol Advanced Sensors
- ams Osram AG
- Analog Devices, Inc.
- Denso Corporation
- Infineon Technologies AG
- Kohshin Electric Corporation
- LEM
- Zebra Technologies, Inc.
- NXP Semiconductors
- Renesas Electronics Corporation
- Melexis
- STMicroelectronics
- Vishay Intertechnology, Inc.
- Texas Instruments Incorporated
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Table of Contents
Executive SummaryScope and Definition
1. Markets
2. Application
3. Products
4. Regions
5. Markets - Competitive Benchmarking & Company Profiles
6. Research Methodology
List of Tables
Companies Mentioned
- Allegro MicroSystems, Inc.
- Amphenol Advanced Sensors
- ams Osram AG
- Analog Devices, Inc.
- Denso Corporation
- Infineon Technologies AG
- Kohshin Electric Corporation
- LEM
- Zebra Technologies, Inc.
- NXP Semiconductors
- Renesas Electronics Corporation
- Melexis
- STMicroelectronics
- Vishay Intertechnology, Inc.
- Texas Instruments Incorporated
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 268 |
| Published | May 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 4.55 Billion |
| Forecasted Market Value ( USD | $ 18.64 Billion |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
