Electric Vehicle Sensor Market Research, 2031
The global electric vehicle sensor market was valued at $9.6 billion in 2021, and is projected to reach $37.4 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031.
Electric vehicle sensors detect, measure, and transmit information, which help in analyzing performance of vehicles. Sensors are devices that detect events or changes in environment and then provide a corresponding output. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmitting the information in electronic form for further processing. These sensors use integrated circuit (IC) fabrication technology made on silicon wafers to monitor and control chemical, physical, and process changes of an automobile.
Sensors are used to minimize fuel consumption and reduce the onboard weight of a vehicle. Electric vehicle sensors are smart sensors, which can be used to control and process temperature, coolant level, and pressure of oil in a vehicle. There are several types of sensors used in the automotive industry. These include speed sensors, coolant sensors, temperature sensors, pressure sensors, magnetic sensors, voltage sensors, and oxygen sensors. Electric vehicle sensors are one of the fastest growing technologies in the original equipment manufacturer (OEM) section, especially in North America.
Presently, there is an increase in demand for intelligent sensors in vehicles, which allows manufacturers to give drivers a higher level of safety & security, reliability, and information & entertainment. Manufacturers of electronic devices are incorporating sensors in their devices to add additional features and compete with other players in the market.
High competition in the electronic market, steady upgrade in electronic devices, and increase in automation in the automotive industry through electronic devices are anticipated to drive the growth of the electric vehicle sensor industry in the future.
However, high development cost of electric vehicle sensors is expected to hinder the market growth. Moreover, technological advancements in the automobile industry and growth in the automotive sector are expected to offer lucrative opportunities for the electric vehicle sensor market globally.
The electric vehicle sensor market outlook is segmented into Product Type and Propulsion.
By product type, it is categorized into pressure sensors, temperature sensors, motion sensors, speed sensors, and gas sensors.Increase in use of pressure sensors in automotive industry, owing to high adoption in various safety concerns of passengers, such as tire pressure monitoring systems (TPMS), advanced driver assistance systems (ADAS), and manifold absolute pressure sensors (MAPS); surge in demand for electric vehicle sensors in hybrid and electric cars, as it is widely used in navigation system (GPS) and advanced driver assistance systems (ADAS); and rise in use of custom designed electronics devices are expected to boost the electric vehicle sensor market opportunity.
By propulsion, it is divided into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs).Smart sensors are used in accelerometers, which are equipped in vehicles to provide benefits such as safety and fuel efficiency. For instance, a smart sensor processes real-time data and notifies engine-related problems. Moreover, these facilitate communication between engine, suspension, braking, and other controls of vehicles. Vehicle safety issues have led vehicle manufacturers to adopt smart sensors at a high rate, such as in airbags, for safety. These air bags are more effective compared to conventional air bags in sensing accidents, thus minimizing them.
Region-wise, the electric vehicle sensor market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific accounted for the highest market share in 2021, owing to expansion of the electronics market and rise in sales of electric vehicles (EVs). Europe was the second largest contributor in 2021, in terms of revenue and is expected to witness significant growth during the forecast period, owing to the rise in demand for passenger vehicles.
Country-wise, the U.S. acquired a prime share in the electric vehicle sensor market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2021-2031. The U.S., holds a dominant position in the electric vehicle sensor market size, owing to the rise in investment by prime vendors to boost the electric vehicle sensor for consumer electronics and IT & telecom applications.
In Europe, the UK, dominated the electric vehicle sensor market share, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period. Germany is expected to emerge as the fastest-growing country in Europe's electric vehicle sensor with a notable CAGR, due to advancement in the automotive industry which drives the usage of sensor in electric vehicles in the country and thus creates lucrative opportunities for the electric vehicle sensor market growth in Germany.
In Asia-Pacific, China is expected to emerge as a significant market for the electric vehicle sensor industry, owing to new product developments and a significant rise in investment by prime players and government institutions. The well-established electronics industry in the Asia-Pacific region and the adoption of innovative technologies have given organizations in the region a competitive edge in the market.
In the LAMEA region, Middle East countries garner significant market share in 2021 due to the adoption of new technologies, digital transformation, and connectivity are reshaping the future of the automotive and consumer electronics industry in the Middle East. Moreover, the Latin America region is expected to grow at a significant CAGR from 2022 to 2031, owing to shifts in artificial intelligence, industry 4.0, and smart technological changes in recent years, which is expected to reshape the growth of the electric vehicle sensor in the Latin America region.
Top Impacting Factors
Significant factors impacting the growth of the electric vehicle sensor market include a surge in adoption of custom designed electronics devices and propelling demand for pressure sensors in automotive industry in the electric vehicle sensor. However, the high development cost associated with electric vehicle sensors is projected to hamper market growth. Furthermore, the development of self-driving electric vehicle technology provides lucrative opportunities for market growth.
Competitive Analysis
The global electric vehicle sensor market is highly competitive, owing to the strong presence of existing vendors. Vendors of the electric vehicle sensor market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase as product launches, and different strategies adopted by key vendors increase. Competitive analysis and profiles of the major global electric vehicle sensor market players that have been provided in the report include Continental AG, Denso Corporation, Sensata Technologies Inc., Renesas Electronics, NXP Semiconductors, Panasonic Corporation, Melexis, Valeo, Amphenol Advanced Sensors and Robert Bosch.
Key Developments/ Strategies
According to the latest electric vehicle sensor market forecast, the top 5 key players in the electric vehicle sensor market are Continental AG, Denso Corporation, Sensata Technologies Inc., Renesas Electronics, and NXP Semiconductors. Top market players have adopted various strategies, such as product launch, collaboration, innovation, acquisition, and others to expand their foothold in the electric vehicle sensor market.
- In February 2023, Continental unveilled an innovative sensor. The high-speed inductive e-motor Rotor Position Sensor (eRPS) detects the exact position of the rotor in a synchronous electric machine, which helps to increase efficiency and enables smoother operations.
- In May 2022, Continental launched two sensors for electrified vehicles: the Current Sensor Module (CSM) and the Battery Impact Detection (BID) system. Both solutions focus on protecting the battery and/or on battery parameter retention.
- In April 2022, Continental launched exhaust gas temperature sensors (EGT sensors) for the Volkswagen Group brands VW, Audi, Skoda, and Seat. The technology company also expanded its EGT sensor program for the Opel brand and now includes large-volume delivery models.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the electric vehicle sensor market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall electric vehicle sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The electric vehicle sensor market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
Electric Vehicle Sensor Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 37.4 billion |
 Growth Rate | CAGR of 15.1% |
 Forecast period | 2021 - 2031 |
 Report Pages | 348 |
 By Product Type |
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 By Propulsion |
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 By Region |
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 Key Market Players | Panasonic, Denso Corporation, NXP Semiconductors, Renesas Electronics, Sensata Technologies, Inc., Continental AG, Melexis, Amphenol Advanced Sensors, Robert Bosch Venture Capital GmbH, Valeo |
Analyst Review
The electric vehicle sensor market holds a substantial scope for growth globally. Currently, it is in its growing stage. There is an increase in demand for sensors due to their wide usage in electronics devices. Manufacturers of electronic devices are incorporating more sensors in their devices to add additional features and keep ahead of other players in the highly competitive market.
These sensors have penetrated almost every industry vertical but have the highest usage in consumer electronic products, followed by automotive, and IT & telecom. Automotive industry incorporates sensors such as accelerometer, pressure sensor, speed sensor, gas sensor, oxygen sensor, magnetic sensor, and temperature detector to keep a track on parameters and provide a centralized system for automatic control in vehicles.
The incorporation of sensors into any device increases its functionality, accuracy, and efficiency, which leads to an increase in its automation. This contributes to the high growth of the electric vehicle sensor market. Automobile companies have started to increase the number of sensors in their devices to enhance overall user interface experience and to keep ahead of their competitors in the market. These sensors are used to keep track of various parameters such as temperature, pressure, flow, level, and other vehicle parameters. These sensors measure and feed values to a centralized unit, which controls the parameters automatically.
The major companies profiled in the report include Continental AG, Denso Corporation, Sensata Technologies Inc., Renesas Electronics, NXP Semiconductors, Panasonic Corporation, Melexis, Valeo, Amphenol Advanced Sensors and Robert Bosch.
Battery electric vehicles (BEVs) is one of the leading propulsion in electric vehicle sensor market.
The key trends include a surge in adoption of custom designed electronics devices and propelling demand for pressure sensors in automotive industry in the electric vehicle sensor.
Asia-pacific is the largest regional market for electric vehcile sensor market.
The electric vehicle sensor market is valued at $9,551.70 million in 2021.
Continental AG, Denso Corporation, Sensata Technologies Inc., Renesas Electronics, and NXP Semiconductors are some of the top companies in electric vehicle sensor market.
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