The electric vehicle sensor market is slated to have a valuation of USD 10,725.11 million in 2024. The greater number of electrical vehicles on the road is signaling positive things for the EV sensor market. As demand for sustainability grows, the electric vehicle sensor market is thriving alongside the EV sector.
The Electric Vehicle Sensor industry is slated to progress at a CAGR of 16.5% through 2034. By the time 2034 rolls around, the Electric Vehicle Sensor market’s value is forecasted to hit USD 49,392.50 million. The adoption of luxury electric vehicles is rising as a result of greater demand for automation and comfort among consumers. With the help of the ADAS and AD systems, Electric Vehicle Sensors are playing their part in making EVs more convenient to use, which is marked to fuel the market over the projected period.
As consumers get more aware of electrical vehicle working, the improvement of EV sensors is imprinting on their minds more often. The safety qualities provided by battery sensors are slated to add considerable value to the market.
Position sensors, temperature sensors, and more varieties of sensors are highlighted as drivers for the market’s growth. Sensors allowing consumers assistance with lane changing and parking, among other driving needs, are also informing the growth of the market.
“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.
Key Takeaways from the Electric Vehicle Sensor Market:
- The Electric Vehicle Sensor market is expected to be US$ 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.
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.
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 Segments Covered:
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)
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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