Credence Research, Inc published the latest market report, “Global EV Sensors Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global EV Sensors Market generated revenue of around USD 8.2 billion in 2022 and is anticipated to grow a CAGR of over 16.8% during the forecast period from 2023 to 2030 to reach around USD 24.2 billion in 2030.
Autonomous driving is one of the main causes of the need for car sensors. The majority of the automotive sensor industry is expanding along with the total automotive market. The main driver of the increased demand for automotive sensors is the wide deployment of ADAS and AD systems. Most of the market growth for automotive sensors is driven by the sensors used in ADAS/AD systems, including image, temperature, position, speed, and others. In addition, other sensors, including body, chassis, and powertrain sensors, are also very important in promoting the expansion of the automotive sensor industry.
The global EV sensor market is bifurcated into Vehicle Type, Product, Application and Geography. Based on product, the market is categorized as current, temperature, position, pressure, speed, LiDAR, RADAR, image and others. The global market is segmented into passenger and commercial vehicles based on vehicle type. The global market is segmented into BEV, HEV, PHEV and FCEV based on application. The market is segmented based on geography: Europe, the Middle East, North America, Asia Pacific, and Africa.
The largest market share for automotive sensors was in Asia Pacific in 2022, and this trend is projected to continue during the forecast period. The rise in popularity of electric and hybrid vehicles, as well as the widespread use of ADAS and autonomous vehicles, are all contributing factors to this increase in demand. Strict government regulations requiring cutting-edge technologies to improve vehicle safety and reduce pollution are also to blame. Rising consumer spending power, increasing expenditures in the construction of the automotive industry’s infrastructure, and growing demand for safer and more efficient cars are some major factors propelling the growth of the automotive sensors market in the Asia Pacific.
One of the most pressing challenges is the need for better battery management systems (BMS). With electric vehicles relying on batteries as their primary source of power, it’s imperative that BMS accurately monitor and regulate the state-of-charge, temperature, and other critical parameters to ensure safe and efficient operation. Another key challenge facing manufacturers in this market is reducing sensor costs without sacrificing quality or performance. As competition heats up and consumers demand more affordable electric vehicles, companies must find ways to balance these competing factors while maintaining profitability. Additionally, integrating multiple sensors into a single system presents engineering challenges related to data processing, communication protocols, and power consumption optimization.
The growth factors influencing the EV sensors market worldwide include:
- Government initiatives and regulations: Government support in the form of subsidies, tax incentives, and stricter emission norms promotes the adoption of electric vehicles (EVs). This drives the demand for EV sensors, such as temperature sensors, pressure sensors, and position sensors, which are critical for efficient and safe operation of EVs.
- Increasing adoption of electric vehicles: The growing awareness about environmental sustainability and the need to reduce greenhouse gas emissions are driving the adoption of EVs. As EV production and sales increase, the demand for sensors to monitor and control various vehicle parameters also rises.
- Technological advancements: Continuous advancements in sensor technology, including miniaturization, improved accuracy, and reliability, contribute to the growth of the EV sensors market. These advancements enable better performance, safety, and efficiency in EVs.
- Battery management systems: EV sensors play a crucial role in battery management systems by monitoring temperature, voltage, and current levels. With the increasing focus on extending battery life, optimizing charging processes, and ensuring safety, the demand for sensors in battery management systems is growing.
- Autonomous driving and advanced driver assistance systems (ADAS): The development and deployment of autonomous vehicles and ADAS rely heavily on sensor technologies. Sensors such as LiDAR, radar, and cameras are essential for perception and situational awareness in EVs. The growth of autonomous driving and ADAS technologies boosts the demand for EV sensors.
- Vehicle safety and regulatory compliance: Safety is a paramount concern in the automotive industry. EV sensors play a crucial role in ensuring vehicle safety by monitoring parameters such as tire pressure, airbag deployment, anti-lock braking systems, and stability control systems. Increasing safety regulations and the focus on reducing accidents drive the demand for EV sensors.
- Enhanced user experience: EV sensors contribute to enhancing the overall user experience by providing information related to vehicle performance, battery status, charging station availability, and navigation. These sensors enable features like range estimation, energy efficiency, and seamless connectivity, making EVs more convenient and user-friendly.
Why Buy This Report-
- The report provides a qualitative and quantitative analysis of the global EV sensors market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global EV sensors market segmentation based on vehicle type, product and application.
- Major countries in each region with their import/export statistics
- The global EV sensors market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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