Electric Vehicle (EV) Sensor Market - By Product (Current Sensor, Temperature Sensor, Positions Sensor, Pressure Sensor, Speed Sensor, Lidar Sensor, Radar Sensor, Image Sensor), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Application & Forecast, 2022-2030

Electric Vehicle Sensor Market Size

Electric Vehicle Sensor Market size surpassed USD 8 billion in 2021 and is anticipated to register over 5% CAGR from 2022 to 2030. The industry growth is driven by growing concerns associated with the environment.
 

Growing environmental awareness to propel product demand

There is a significant rise in the adoption of electric vehicles on account of rising awareness about the environment. According to the International Energy Agency (IEA), the sales of electric cars doubled in 2021 to a record 6.6 million, with 2 million electric cars sold across the world in the first quarter of 2022. Electric vehicles have many benefits over conventional vehicles such as eco-friendliness, low maintenance, and usage of renewable resources coupled with advanced electronic and automated systems, thereby boosting the EV sensor market demand.
 

Electric Vehicle Sensor Market Analysis

The position sensor market is expected to attain around 10% gains through 2030. Rising awareness correlated with the monitoring and safety systems in electric vehicles has escalated product sales. These sensors are used in applications with motion detection involved as they can monitor precise speed and movement. In the case of BEVs, position sensors are used for identifying the position of the pedals, steering wheel, and seats, along with valves, actuators, and knobs.
 

The passenger cars segment dominated with around 80% of the electric vehicle sensor market share in 2021. Growing demand for automotive electrification together with the integration of advanced safety and infotainment systems in vehicles will fuel the segmental growth. These systems use different powertrain sensors such as temperature, speed, position, current, and ultrasonic, among other sensors to ensure maximum power utilization from EV batteries.
 

Electric vehicle sensor market application in BEV sector is projected to foresee growth of above 10% during 2022-2030. A supportive regulatory framework in addition to growing awareness levels has increased the adoption of Battery Electric Vehicle (BEV) with consumers seeking environment-friendly vehicles. EVs have several advantages such as low maintenance cost, high efficiency, and low carbon emissions which influence the business stance.
 

The Europe EV sensor market is set to record around 8% growth rate between 2022 and 2030. This is achievable due to the increasing requirement of advanced technologies such as IoT and AI in the automotive industry for electric mobility. Systems such as ADAS (Advanced Driver Assistance Systems) and EBD (Electronic Brake force Distribution) are increasingly integrated into electric vehicles to ensure passenger safety which further supports product acceptance.
 

Electric Vehicle Sensor Market Share

• Continental AG
• Denso Corporation
• Robert Bosch
• Sensata
• ZF
• Valeo
• Ampheol
• Renesas
• NXP Semiconductor
• Melexis

are some of the prominent players operating in the market for electric vehicle sensors. Companies are actively devising acquisition strategies to expand their business presence.
 

COVID-19 Impact

The COVID-19 pandemic had a significant impact on the automotive industry. Global passenger car sales fell to 60.5 million units in 2020. This problem was augmented by the escalating shortage of semiconductors that are primarily required to manufacture electronic components. Even after the resumption of regular business practices, strict social distancing norms did not enable the predictable industry statistics. To that end, the automotive industry needs to implement new forms of working. With the help of Industry 4.0 initiatives, manufacturers will create resilient manufacturing operations and supply chains in the future.
 

This market research report on electric vehicle sensor includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2030 for the following segments:

Click here to Buy Section of this Report

Market, By Product

• Current
• Temperature
• Position
• Pressure
• Speed
• LiDAR
• RADAR
• Image
• Others

Market, By Vehicle Type

• Passenger Cars
• Commercial Vehicles

Market, By Application

• BEV
• HEV
• PHEV
• FCEV

Market, By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa