Electric Vehicle Sensor Market Expected to Reach $37.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Vehicle Sensor Market," The electric vehicle sensor market size was valued at $9.6 billion in 2021, and is estimated to reach $37.4 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031.

The concept of driverless cars is based on the data collected by various sensors such as speed sensors, accelerometer, position sensors, and temperature sensors. This data is constantly collected and processed through a centralized control system, which controls the motion of a car, minimizing the need of a driver. Companies such as Google and Tesla are spending heavily on R&D of such cars and the technology is currently in its testing phase.

Positive responses from tests are anticipated to drive electric vehicle sensor industry growth in the future. For instance, in October 2016, Google tested its driverless car in the UK for a 1 km stretch, near a railway station, and a fleet of 40 such cars is anticipated to be available for public use by the next year. Heavy investments in research and development, as well as in production, by these companies are anticipated to increase the demand for sensors and the market is assured to witness Electric Vehicle Sensor Market Growth during the coming years.The demand for autonomous and semi-autonomous vehicle technologies has increased as a result of growing safety and security concerns among consumers. Some potential advantages of autonomous and semi-autonomous vehicles include reduced vehicle accidents, improved fuel efficiency, and increased engine productivity.

Moreover, sensors are increasingly used in ADAS and automated driving to provide more critical information about a vehicle's surroundings as improved sensors for connected and autonomous infrastructure becomes available. Smart automobiles and luxury vehicles will also drive demand for automotive sensors.

Electric vehicle sensor market trends have a great impact on the powertrain segment, which helps in monitoring different types of processes in engine such as air temperature, engine coolant temperature, and manifold absolute pressure (MAP).

Temperature sensors provide appropriate measurement value such as pressure, speed, and air, which is required by electronic control units. In addition, these sensors provide features such as robustness within the automotive environment; high accuracy implies precise control mechanism; and electromagnetic interference. In addition, electric vehicle sensors are ideally used in chassis to detect wheel position to enable closed loop chassis control. These sensors are usually mounted between the chassis and sprung component to measure suspension travel.

The electric vehicle sensor market analysis is segmented on the basis of product type, propulsion and region. By product type, the market is categorized into pressure sensors, temperature sensors, motion sensors, speed sensors, and gas sensors. By propulsion, it is divided into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicle (PHEVs), and battery electric vehicles (BEVs). Region-wise, the fixed switch cabinet market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, the Middle East, and Africa).   

Electric vehicles develop temperature and load differences. A vehicle's battery pack also powers the various components that power today's electric vehicles. Advances in electric vehicle battery capacity and charging technology monitor various factors such as changes in temperature, current and pressure to detect and correct for rises or falls outside the normal operating range while the vehicle is running.

As the world moves to more regulated and safer technology, consumers are drawn to the automation provided by smart sensors. Increasing demand for safety sensors such as crash sensors, seat belt tension, theft, and parking sensors is expected to bring opportunities to manufacturers, thereby boosting the EV sensor market

Region-wise, the electric vehicle sensor market was dominated by Asia-Pacific in 2021 and is expected to retain its position during the forecast period. This is attributed to increase in demand among merchants across the U.S. and Canada to use electric vehicle sensor. However, North America is expected to witness significant Electric Vehicle Sensor Market Share during the forecast period, owing to penetration of battery electric vehicle (BEVs) across developing nations such as U.S. and Canada. 

Key Findings of The Study

• By product type, the automotive segment was the highest revenue contributor to the market, whereas the industrial segment is expected to have the significant growth during the forecast period.
• By propulsion, the battery electric vehicles (BEVs) segment accounted for maximum revenue and is projected to grow at a notable CAGR during the forecast period.
• Region-wise, the Asia-Pacific region was the highest revenue contributor, accounting for $4,731.0 million in 2021, and is projected to reach $20,025.2 million by 2031, registering a CAGR of 16.02% from 2022 to 2031.

The key electric vehicle sensor market leaders 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. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the electric vehicle sensor market share during the forecast period.