Skip to main content

Electric Vehicle Sensor Market Revenue Growth Predicted by 2032

 Electric Vehicle Sensors Market to Surpass US$ 37.1 Bn by 2032 Amid High Adoption of ADAS in Passenger Vehicles

The global electric vehicle sensor market is anticipated to expand at a CAGR of 16.6%, reaching a valuation of more than US$ 37.1 Bn by 2032.

Key factors driving demand for EV sensors include rising global electric vehicle production, the establishment of stringent regulatory rules, growing demand for vehicle electrification, and increasing preference for comfort and safety in vehicles.

Electric vehicles have developed throughout time as a result of technological advancements. These vehicles now include upgraded electronics that are powered by the vehicle's battery pack for a variety of purposes. Technical advancements include changes in temperature, current, and pressure. Changes in temperature and load have been proved to be a concern for electric vehicles.

As a result, they are constantly examined to guarantee that any change outside of their usual operating range is noticed and modified while the vehicle is being driven. The need for EV sensors is expected to increase over the forecast period, driven by the aforementioned factors.  

Rising demand for luxury automobiles has increased the use of sensors in EVs. Besides this, as growing preference for improved vehicle safety features in passenger as well as light commercial vehicles will augment the growth in the market.

“Increased electric vehicle production, technological improvements, and growing popularity of ADAS in passenger vehicles will continue pushing sales of electric vehicle sensors over the forecast period,” says an FMI analyst.

Key Takeaways:

  • Based on product type, sales of positions sensors are estimated to increase at a 17.5% CAGR through 2032.
  • In terms of sales channel, the OEM segment will hold 93% of the total market share in 2022.
  • By propulsion, BEVs are projected to account for more than 70% of the total market share in 2022.
  • By 2032, East Asia is anticipated to dominate the market, holding a share of 43%.
  • China is estimated to create an absolute dollar opportunity of more than US$ 11.4 Bn.

Competition Landscape

Key electric vehicle sensor manufacturers are introducing the most cutting-edge technologies. In addition to this, collaborations, acquisitions, and mergers are expected to remain prominent growth strategies adopted by leading players.

Some of the key electric vehicle sensor manufacturers are Analog Devices Inc., Denso Corporation, Amphenol Advanced Sensors, Infineon Technologies AG, Allegro MicroSystems, LLC, ams AG, Kohshin Electric Corporation LEM, Renesas Electronics Corporation, Sensata Technologies, STMicroelectronics, Melexis, Texas Instruments Incorporated, Vishay Intertechnology Inc, NXP Semiconductors and others.

Key Segments Covered in Electric Vehicle Sensor Industry Analysis

Product Type:

  • Temperature Sensors
  • Current Sensors
  • Position Sensors
  • Pressure Sensors
  • Speed Sensors

Sales Channel:

  • OEM
  • Aftermarket

Propulsion:

  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)

Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

Electric Vehicle Sensor Market Projection

Increased use of position sensors in the electric vehicle industry, increase in demand for automotive sensors in hybrid and electric cars and rise in use of custom made electronic devices are the most notable factors driving the electric vehicle sensor market growth. Technological advances and expansion in the automotive industry are projected to provide profitable prospects for the market internationally. During the forecast period, each of these factors is expected to have a significant impact on the automotive sensor market.

About FMI – Automotive and Transportation

The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.

For More Info@ https://www.futuremarketinsights.com/reports/ev-sensors-market

Comments

Post a Comment

Popular posts from this blog

Frozen Fruits Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2032

 The Frozen Fruits Market has witnessed remarkable growth in recent years, driven by consumers' increasing preference for convenient and nutritious food options. Frozen fruits have become a popular choice among health-conscious individuals and busy households, offering a quick and easy way to incorporate the goodness of fruits into daily meals, smoothies, and desserts. These fruits are picked at the peak of ripeness and flash-frozen to lock in their natural flavors and nutritional value, making them a tasty and nutritious choice year-round. One of the key factors propelling the growth of the Frozen Fruits Market is the rising awareness of the health benefits associated with frozen fruits. They are often nutritionally comparable to fresh fruits, as freezing preserves vitamins and minerals. Additionally, frozen fruits are free from artificial preservatives or additives, making them an attractive option for those seeking a natural and wholesome diet. Their long shelf li...
Post a Comment
Read more

Kelp Market Future Trends, Industry Size and Forecast to 2032

 The kelp market is experiencing significant growth and is poised to become a prominent player in the global food and agriculture industry. Kelp, a type of large brown seaweed, offers a wide range of benefits and applications, driving its increasing demand across various sectors. First and foremost, the nutritional value of kelp makes it highly sought after. Packed with essential vitamins, minerals, and antioxidants, kelp offers a nutrient-rich addition to diets around the world. It is particularly valued for its high iodine content, which is vital for thyroid function and overall health. Additionally, kelp is a good source of fiber, calcium, iron, and other essential nutrients, making it a valuable ingredient for health-conscious consumers and dietary supplement manufacturers. The culinary world has also embraced the versatility of kelp. With its umami flavor and unique texture, kelp has become a popular ingredient in various cuisines. It is used in the preparation...
Post a Comment
Read more

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, ...
Post a Comment
Read more