The electric vehicle sensor market is poised to reach a valuation of USD 10,725.11 million by 2024. The increasing number of electric vehicles on the road signals a promising future for the EV sensor market. As the demand for sustainability grows, the electric vehicle sensor market is thriving alongside the expanding EV sector.
The industry is expected to grow at a CAGR of 16.5% through 2034. The rising adoption of luxury electric vehicles, driven by consumer demand for automation and comfort, is a significant factor in this growth. Electric vehicle sensors, particularly those integrated with ADAS and AD systems, are enhancing the convenience and usability of EVs, which is projected to fuel market expansion over the forecast period.
By 2034, the electric vehicle sensor market is forecasted to reach a value of USD 49,392.50 million. As consumers become more familiar with the workings of electric vehicles, the advancement of EV sensors is becoming increasingly significant. The safety features provided by battery sensors are expected to add considerable value to the market.
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Position sensors, temperature sensors, and other varieties of sensors are key drivers of the market’s growth. These sensors offer assistance with lane changing, parking, and other driving needs, further contributing to the market’s expansion.
Key Takeaways from the Electric Vehicle Sensor Market
- The Electric Vehicle Sensor market is expected to be USD 10,725.11 million in size in 2024.
- Position sensor is the top product type in the market. Position sensors are expected to account for 42.9% of the market share in 2024.
- OEMs are the predominant sales channel. For 2024, OEM sale is anticipated to account for 93.0% of the market share.
- India is expected to be a promising country in terms of progress for the market. The country is forecasted to have a CAGR of 18.8% from 2024 to 2034 in the market.
- South Korea and Australia are poised to be lucrative countries for the market. For the forecast period, the CAGR for South Korea and Australia is predicted to be 17.9% and 18.2% respectively.
- The market is expected to progress at a CAGR of 17.1% in Spain through 2034.
“With government help in addition to increased private funding, the EV sector is thriving. Components of EVs are no different and thus the Electric Vehicle Sensor market represents significant potential for investors,” – says an analyst at FMI.
Competition Analysis of the Electric Vehicle Sensor Market
Large multinational companies hold a significant share of the market, although the doors are not shut off for new entrants and startups. Partnerships with EV manufacturers are being sought to ease the sale process. Some of the prominent companies in the market include Analog Devices Inc., Denso Corporation, Amphenol Advanced Sensors, and Infineon Technologies AG
Key Players
- Analog Devices Inc.
- Denso Corporation
- Amphenol Advanced Sensors
- Infineon Technologies AG
- Allegro MicroSystems, LLC
- AMS Osram AG
- Kohshin Electric Corporation
- LEM
- Renesas Electronics Corporation
- Sensata Technologies
- STMicroelectronics
- Melexis
- Texas Instruments Incorporated
- Vishay Intertechnology, Inc
- NXP Semiconductors NV
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Recent Developments in the Electric Vehicle Sensor Market
- In January 2024, the Xensiv TLI5590-A6W magnetic position sensor from Infineon was launched.
- In April 2022, it was announced that Denso Corporation’s sensors had found a place in two new electrical vehicles, the Toyota bZ4X and the Subaru Solterra.
Key Segmentations
By Product Type:
- Temperature Sensors
- Current Sensors
- Position Sensors
- Pressure Sensors
- Speed Sensors
By Sales Channel:
- OEM
- Aftermarket
By Propulsion:
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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