Market Overview
Sensors are an integral part of an electric vehicle, which ensures their safety and reliability. It helps in monitoring the load, displacement, and temperature of batteries. Also, it is designed to detect, transmit, analyze, record, and display overall vehicle performance.
According to the MarkNtel Advisors’ research report, "Global Electric Vehicle Sensors Market Analysis, 2021," the market is likely to grow at a CAGR of around 12% during 2021-26, primarily due to the rising demand for integrating advanced technologies into electric vehicles for monitoring temperature, current, pressure changes, etc.
Further, surging demand for premium vehicles also fuels the usage of sensors in electric vehicles. Mounting government initiatives toward promoting the development of various safety features and the rising number of electronic components in electric vehicles are crucial factors fueling the growth of the Global Electric Vehicle Sensors market across the world.
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has adversely affected the global market for Electric Vehicle Sensors due to the lockdown imposed and trading restrictions that have disrupted the supply chain and affected the export of Chinese parts.
Further, the temporary shutdown of large-scale manufacturing units and the closure of assembly plants throughout the world has negatively affected the production of electric vehicle sensors. The imposition of lockdown and stringent rules laid by the government is not beneficial for the overall growth of the automotive industry.
However, as the government has started relaxing norms for resuming business activities, the Electric Vehicle Sensors market is reviving and shall grow substantially in the coming future.
Market Segmentation
Temperature Sensors Accounted for the Largest Market Share
Based on the Type, the market bifurcates into Temperature, Current/Voltage, Engine-Based, Proximity, Pressure, Position, Inertial, and Speed Sensors. Among these segments, Temperature Sensors acquired the largest share in the Global Electric Vehicle Sensors Market in the previous few years due to the rising need for thermal-management solutions to ensure the continuous operation of critical parts and safety of a vehicle.
Each part of an electric vehicle requires temperature monitoring. Continuous temperature monitoring and accurate information regarding variation in temperature recorded at different times & locations are beneficial for the vehicle processor to temperature-compensate the system. It leads the vehicle to optimize its performance and maximize reliability. Therefore, the demand for the temperature sensor segment is substantially high cites, MarkNtel Advisors in their research report, "Global Electric Vehicle Sensors Market Analysis, 2021."
Passenger Car Attained the Highest Market Share
Based on the Vehicle Type, the market segments into Two-Wheeler Vehicles, Passenger Cars, and Commercial Vehicles. Among these segments, Passenger cars captured a significant market share in the Global Electric Vehicle Sensors Market in the previous few years. Sensors enhance the safety of the vehicle and improve its overall performance.
Further, the surging demand for safe vehicles has directly propelled the demand for sensors in electric vehicles. Besides, the mounting purchasing power of consumers has also fueled the requirement for electric vehicles with advanced features and enhanced safety, thereby propelling the growth of passenger cars in the market.
Regional Landscape
North America Region Dominated the Market
Geographically, North America held the largest share in the Global Electric Vehicle Sensors Market in the past few years owing to the rapidly growing electronics market and surge in sales of electric vehicles in the region. The United States is one of the largest hubs for automotive manufacturing in the world. Moreover, regional economic growth also positively influences the sales of electric vehicles. Further, to meet the different needs of next-generation consumers, the demand for electric vehicles is tremendously increasing in the region, which, in turn, fuels the overall market growth.
Market Driver
Burgeoning Demand for Electric Vehicle
The demand for an electric vehicle is significantly increasing as it helps reduce fuel costs, mitigates carbon emissions, and escalates energy security. With the rising use of alternative fuel cars, the demand for electric vehicle sensors also increases to ensure the safety and reliability of the vehicle. Further, the introduction of advanced technologies & systems and the rising adoption of these technologies in the automotive industry have expanded the vehicle’s electrification levels, thereby fueling the growth of the Global Electric Vehicle Sensors Market.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the global Electric Vehicle Sensors market are Denso, Infineon Technologies AG, NXP Semiconductors, Texas Instruments Incorporated, LEM, Kohshin Electric Corporation, Vishay Intertechnology, Inc, Allegro MicroSystems, Amphenol Advanced Sensors, Ams AG, Analog Devices, Melexis, Sensata Technologies, and STMicroelectronics.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Global Next-Generation Ultrasound System Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Next-Generation Ultrasound System Market?
4. Who are the key competitors, their key strengths & weaknesses, and how they perform in the Global Next-Generation Ultrasound System Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Next-Generation Ultrasound System Market study?
Market Outlook, Segmentation and Statistics
1) Impact of COVID-19 on Global Electric Vehicle Sensors Market
2) Market Size & Analysis
a) By Value
b) By Volume
3) Market Share & Analysis
a) By Type
i) Temperature Sensors
ii) Current/Voltage Sensors
iii) Engine-Based Sensors
iv) Proximity Sensors
v) Pressure Sensors
vi) Position Sensors
vii) Inertial Sensors
viii) Speed Sensors
ix) Others (Cabin Sensors, etc.)
b) By Application
i) Battery Electric Vehicle (BEV)
ii) Hybrid-Electric Vehicle (HEV)
iii) Plug-In Hybrid Electric Vehicle (PHEV)
c) By Vehicle Type
i) Two-Wheeler Vehicles
ii) Passenger Cars
iii) Commercial Vehicles
d) By Region
i) North America
ii) South America
iii) Europe
iv) Middle East & Africa
v) Asia-Pacific
e) By Competitors
i) Competition Characteristics
ii) Market Share & Analysis
iii) Competitive Matrix
4) Global Electric Vehicle Sensors Market Hotspots & Opportunities
5) Global Electric Vehicle Sensors Market Regulations & Policy
6) Key Strategic Imperatives for Success and Growth
7) Global Competition Outlook
a) Competition Matrix
b) Company Profile