Automotive Closed Loop Current Transducer Market
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The global automotive closed loop current transducer market was estimated at USD 74.5 million in 2024. The market is expected to grow from USD 77.8 million in 2025 to USD 121 million in 2034, at a CAGR of 5%.
The surging popularity towards electric and hybrid vehicles is increasing the necessity of closed-loop current transducers. These devices do everything from managing batteries and motors to powering other systems in electric vehicles. Their role in ensuring efficient operating conditions and safety limits within high voltage systems makes them necessary for electric vehicle technology. High focus on performance and safety of the rechargeable batteries on electric vehicles has driven the increase of need for these high-performance current measurement devices.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Automotive Closed Loop Current Transducer Market size in 2024: | USD 74.5 Million |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2023 - 2032 CAGR: | 5 |
| 2023 Value Projection: | USD 121 Million |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 131 |
| Tables, Charts & Figures: | 25 |
| Segments Covered: | Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Moreover, owing to rising objective of reduction in carbon elimination the rise in investment potential in renewable energy sector by different countries is expected to increase the demand for automotive closed loop current transducers. For instance, EV sales owing to the price reduction in emerging economies such as China and India. For instance, global sales of EV in 2024 crossed 17 million units a 25% growth from 2023 EV sales. Transducers in EV are used for various purpose including monitor and manage electricity flow while charging EVs.
As the disposable income is rising the buying behavior towards high-end products including EV. The growing sales of EV is spontaneously rising demand for battery production. For reference, in 2023, the demand for EV batteries increased by 40% from 2022 and reaching more than 700 gigawatt-hours (GWh) globally. Furthermore, favorable government policies to motivate adoption of EV furthermore ease the exploration and production of EV battery components including automotive closed loop current transducer. Closed loop current transducers help in monitoring charge and discharge cycles, thus increasing the life period of EV batteries. Thus rising battery production will boost the demand for closed loop current transducers in automotive industry during the future.
Automotive closed loop current transducer industry reached USD 68.5 million, USD 71.4 million and USD 74.5 million in 2022, 2023 and 2024 respectively. The market has been registering a noteworthy positive trend owing to growing demand for effective energy management in EV batteries. This promotes numerous innovative initiations in the industry. Artificial intelligence (AI) and machine learning (ML) being some of these innovations in the field. The technology helps to automate and improve energy consumption. The technology provides real time data of usage of energy.
Furthermore, AI and ML uses historical data to direct the transducers detect any probabilities of faults. Owing to such benefits and rising demand for advanced automotive closed loop current transducer solution, companies dealing in hi-tech solution are motivated to introduce efficient products.
The rising demand for automated energy flow and rising electrification of transportation closed loop technology in current transducers is rising from automotive sector. In addition owing to its flexibility and adaptability towards voltage fluctuations the automotive closed loop current transducers are more prominently used in EV sector.
Moreover, owing to fast battery degradation many automakers had to recall the EVs to improve the battery function. For instance, in November 2020, General Motors recalled more than 50,000 Chevrolet Bolt EVs. This recall was then extended by August 2021 to recall all Bolt models from 2017 to 2022 to counting more than 140,000 EVs. The defect was tracked back to batteries developed by LG that lead to short circuit and fire. Closed loop currebt transducers analyze battery health and status of charge and discharge thus eliminating risk of shortening of battery lifespan. Such instances increases demand for closed loop current transducers for automotive to optimize the energy flow will rise the growth of automotive closed loop current transducer market in focus.
Further innovations to align itself with the goal of environmental preservation across globe and reduce the carbon footprint many companies are using sustainable materials to design current transducers for automotive industry. For example, use of recyclable materials in the production of current transducers. This initiative is cost-effective due to decrease in cost of EV battery in response to newly exploring for materials.
As the adoption of EV is rising the deployment of charging stations for EV is increasing spontaneously. For instance, in 2022, nearly 900,000 new public charging points for EV were installed globally, thus recording the number of public EV charging stations more than 2.5 million. Closed loop current transducers in EV charging station monitor current flow and safely charge the EV and reduces risk of downtime.
Similarly, usage of sustainable material for production of sensors in current transducers further strengthens its sustainability. Many companies dealing in sensor manufacturing are producing coreless sensors or designing lightweight sensors to reduce energy consumption thus reducing cost of sensors. Such initiatives increases demand for automotive closed loop current transducers. Furthermore, several governments across the globe offering favorable incentives to motivate the adoption of EVs. For instance, European Union’s Horizon 2020 vision funded various research and innovation for improving EV infrastructure. Such initiatives will further rise demand for advanced closed loop current transducers in automotive sector.
Moreover, the closed loop transducers can adjust according to the real time data as per the change in climatic conditions, making them ideal for EVs. Rising shift towards environment friendly commute also increasing demand for closed loop current transducers in automotive industry. For instance, European sales of EVs for month of December in 2024 registered 0.7% growth when compare to the sales of EVs for month of December in 2023. Thus reaching 310,000 units sales. This rises demand for automotive closed loop current transducers in EV.
The automotive closed loop current transducer industry by application is segmented into motor drive, converter & inverter, battery management, UPS & SMPS and others. The motor drive segment is predicted to account 35.7% market share in 2024.
Top 4 companies including ABB, LEM, Siemens and Infineon Technologies held a market share of over 30% in 2024. Many market players are operating in automotive closed loop current transducer industry and players are working to develop cost-effective and wide volt range portable LFP batteries.
Among these companies ABB is one of the largest share holding company in the automotive closed loop current transducer industry. Owing to its vast product offerings, widespread of geological clientele and strategic partnership with clients to offer customized current transducers along the side of standard solutions. The demand for automotive closed loop current transducer is expected to boost as the renewable energy and electric vehicle industry constantly grow, especially in emerging countries such as China, and India.
Furthermore, supportive government regulations in the developing and developed countries and affordable labor cost further decreases prices of automotive closed loop current transducer and aids strong uphold of market in the cost-sensitive group of consumers. Other major companies including LEM, Siemens and Johnson Controls are also poised to target significant share of the market in focus, particularly in cost-sensitive electric vehicles target group and energy storage systems sectors.
ABB is a Swedish multinational electrical engineering company. The company holds significant market share in automotive closed loop current transducer market. The company registered around 9% to 9.5% revenue growth in 2023 from 2022 crossing USD 32 billion.
Infineon Technologies is a Germany located multinational company that operates in Semiconductor industry. The company deals in power system and the IoT including current sensors. The company witnessed nearly 20%-22% in revenue growth in 2023 from 2022 crossing over USD 16 billion. The company offers current sensors for battery management and motor drive in automotive industry.
LEM a Switzerland based electrical component manufacturer offering various current and voltage measuring solutions including current transducers. The company recorded more than USD 445 million in 2023. The company offer cost-effective current transducers to achieve cost-sensitive users target thus, witnessing rise in sales for the same.
Siemens a Germany headquartered multinational company with global footprint in energy, automation, and digitalization business segments. The company registered a revenue of USD 83 billion in 2023. In addition, the company is developing effective software solution to improvise the current transducers operation. The company is developing solutions for offshore and floating substations facility to capture untapped opportunities.
Some of the key market players operating across the automotive closed loop current transducer industry are:
Market, By Application
The above information has been provided for the following regions and countries:
The motor drive segment generated over 35.7% market share in 2024.
The U.S. market was worth over 10.6 million in 2024.
Some of the major players in the industry include ABB, Howard Butler, Infineon Technologies, Johnson Controls, LEM, NK Technologies, Phoenix Contact, Siemens, Texas Instruments, Topstek.
The market for automotive closed loop current transducer was valued at USD 74.5 million in 2024 and is expected to reach around USD 121 million by 2034, growing at 5% CAGR through 2034.