LONDON, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Electric Vehicle (EV) Sensor Global Market Report 2023, the global electric vehicle (EV) sensor market is in high gear, with expectations of surging from $7.34 billion in 2022 to a robust $8.35 billion in 2023, reflecting a formidable compound annual growth rate (CAGR) of 13.6%. Looking further ahead, the industry envisions reaching an impressive $13.38 billion by 2027, maintaining a substantial CAGR of 12.5%. This surge is powered by the escalating demand for electric vehicles, reshaping the automotive landscape.
Driving Force: The Rise of Electric Vehicles
The growth of the EV sensor market is intricately tied to the burgeoning demand for electric vehicles. EVs, whether partially or fully powered by electric energy, rely on sensors to monitor real-time signals and manage crucial in-vehicle functions like ignition timing and speed control. The shift towards electric vehicles contributes to reduced gasoline consumption, lowered carbon emissions, and fortified energy security. For instance, the Global EV Outlook 2022 report published in May 2022 revealed a doubling of EV sales in 2021, reaching a record high of 6.6 million units. Electric car sales worldwide also soared to 6,600,000 units in 2021 from 2,980,000 units. This surge in demand for electric vehicles is a pivotal driver of the EV sensor market's growth.
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Innovation Fuels Market Players
Key players in the EV sensor market are vigorously pursuing product innovations through extensive research and development. These innovations strengthen their competitive positions and drive industry growth. For example, in May 2022, Continental, a prominent German automobile company, introduced the Current Sensor Module (CSM) and the battery impact detection (BID) system for electrified vehicles. These sensors emphasize battery characteristics and safety, expanding Continental's extensive sensor range. Additionally, in June 2022, Microchip Technology Inc., a US-based semiconductor manufacturer, introduced the LX34070 IC, an inductive position sensor designed for the electric vehicle motor control industry. This sensor boasts differential outputs, quick sample rates, and compliance with ISO 26262 at Automotive Safety Integrity Level-C (ASIL-C).
Regional Dynamics: North America Takes the Lead
North America emerged as the dominant region in the electric vehicle (EV) sensor market in 2022, showcasing the region's commitment to EV adoption and innovation. The global market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
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Market Segmentation: A Spectrum of Possibilities
The global electric vehicle (EV) sensor market is divided into key segments:
- By Product Type:
- Temperature Sensors
- Current Sensors
- Position Sensors
- Pressure Sensors
- Speed Sensors
- By Propulsion:
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- By Sales Channel:
- OEM (Original Equipment Manufacturer)
- Aftermarket
Electric Vehicle (EV) Sensor Global Market Report 2023 by The Business Research Company provides insights on the electric vehicle (EV) sensor market size, electric vehicle (EV) sensor market segments, electric vehicle (EV) sensor market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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