Electric Vehicle Sensor Market Projected to Reach $37.4 Billion, Globally, By 2031 at 15.1% CAGR: Allied Market Research

High competition in the electronic market, steady upgrade in electronic devices, and increase in automation in the automotive industry through electronic devices drive the growth of the global electric vehicle sensor market.

PORTLAND, Ore., April 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle Sensor Market By Product Type (Temperature Sensor, Motion Sensor, Pressure Sensor, Gas Sensor, and Speed Sensor), and Propulsion (Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), and Battery Electric Vehicles (BEVs)): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global electric vehicle sensor industry generated $9.6 billion in 2021, and is anticipated to generate $37.4 billion by 2031, witnessing a CAGR of 15.1% from 2022 to 2031.

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Prime Determinants of Growth

High competition in the electronic market, steady upgrade in electronic devices, and increase in automation in the automotive industry through electronic devices drive the growth of the global electric vehicle sensor market. However, the high development cost of electric vehicle sensors is expected restrict the market growth. Moreover, technological advancements in the automobile industry and growth in the automotive sector are expected to offer lucrative opportunities for the electric vehicle sensor market in the coming years.

Report Coverage and Details:

COVID-19 Scenario:

• The outbreak of the Covid-19 pandemic had a negative impact on the global electric vehicle sensor market, owing to disruptions in the global supply chain, which resulted in shortages of raw materials and components needed to manufacture electric vehicle sensor. This, in turn, led to delays in product launches and increased prices for existing products.
• On the one hand, there had been a significant increase in demand for certain types of electric vehicle sensors, such as those used for remote monitoring and control of industrial processes. This is due to the need for increased automation and remote working capabilities in response to the pandemic. Overall, the pandemic had a mixed impact on the electric vehicle sensor market.

The Temperature Sensor segment to maintain its leadership status throughout the forecast period

Based on product type, the temperature sensor segment held the highest market share in 2021, accounting for nearly half of the global electric vehicle sensor market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 15.8% from 2022 to 2031. Temperature sensors deliver highly accurate temperature monitoring with low power consumption for numerous applications. Companies have been conducting R&D for advancements in these sensors as temperature is a critical indicator of condition of a process, product, or piece of machinery.

The Battery Electric Vehicles (BEVs) segment to maintain its leadership status throughout the forecast period

Based on propulsion, the Battery Electric Vehicles (BEVs) segment held the highest market share in 2021, accounting for nearly three-fifths of the global electric vehicle sensor market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 15.5% from 2022 to 2031, owing to its advantages such as changing perception toward adoption of electric vehicles. In addition, simple technology usage and low maintenance of battery electric vehicles as compared to other electric vehicles supplements growth of battery electric vehicles (BEVs).

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global electric vehicle sensor market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 16.0% from 2022 to 2031. Rapid growth of industrialization, low operating cost, and increase in population are some key factors responsible for the market growth in Asia Pacific. Asia-Pacific is the largest contributor to the automotive industry with growing economy and advancements in regular framework of electric vehicle sensor.

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Leading Market Players:

• Continental AG
• Denso Corporation
• Sensata Technologies, Inc.
• Renesas Electronics
• NXP Semiconductors
• Melexis
• Valeo
• Panasonic
• Amphenol Advanced Sensors
• Robert Bosch Venture Capital GmbH

The report provides a detailed analysis of these key players of the global electric vehicle sensor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Key Benefits For Stakeholders:

• This study comprises analytical depiction of the electric vehicle sensor market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall electric vehicle sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The electric vehicle sensor market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.

Electric Vehicle Sensor Market Key Segments:

By Product Type:

• Temperature Sensor
• Motion Sensor
• Pressure Sensor
• Gas Sensor
• Speed Sensor

By Propulsion:

• Hybrid Electric Vehicles (HEVs)
• Plug-In Hybrid Electric Vehicles (PHEVs)
• Battery Electric Vehicles (BEVs)

By Region:

• North America (U.S., Canada, and Mexico)
• Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East and Africa)

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