Electric Vehicle Sensor Market Is Expected To Reach A Revenue Of USD 59.4 Bn By 2033, At 15.7% CAGR: Dimension Market Research

(MENAFN- GlobeNewsWire - Nasdaq) In the coming years, the electric vehicle sensor market is expected to grow significantly, due to the increasing EV adoption, development in autonomous driving, and the integration of AI and IoT. Sensors will become important for better safety, efficiency, and performance, supporting the wide shift toward sustainable mobility and the development of smarter, more connected vehicles.

New York, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Overview

The Electric Vehicle Sensor Market size is expected to reach USD 16.0 billion by 2024 and is further anticipated to reach USD 59.4 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 15.7% from 2024 to 2033.

Sensors are technologically advanced electronic devices that are used in modern cars, as they are one of the vital parts of the electric vehicle, and can used to monitor the many parameters in the vehicles like coolant system, temperature, obstacles, faults, and alerting the driver and signaling to the ECU (electronic control unit) to make informed decisions.

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The US Overview

The Electric Vehicle Sensor Market in the US is projected to reach USD 4.4 billion in 2024 at a compound annual growth rate of 14.7 % over its forecast period.

Further, the market is fueled by growing EV adoption, technological advancements, and supportive government policies. Also, rising demand for specialized sensors in safety and autonomous driving drives innovation and market growth. However, high sensor costs, supply chain challenges, and the need for ongoing innovation to meet standards can hinder growth and adoption.

Important Insights

• The Electric Vehicle Sensor Market is expected to grow by USD 41.1 billion by 2033 from 2024 with a CAGR of 14.7% .
• The pressure sensors are anticipated to dominate in 2024 with a major & is anticipated to lead throughout the forecasted period.
• The BEVs segment is set to lead the Electric Vehicle Sensor market in 2024.
• The OEM segment is expected to get the biggest revenue share in 2024 in the Electric Vehicle Sensor market.
• Asia Pacific is anticipated to hold a 39.6% share of revenue in the Global Electric Vehicle Sensor Market in 2024.

Global Electric Vehicle Sensor Market: Trends

• Integration of AI : Higher use of artificial intelligence to improve sensor functionality and data analysis in EVs.
• Wireless Sensors : Rising adoption of wireless sensor technologies for better flexibility and reduced installation complexity.
• Advanced Driver Assistance Systems (ADAS) : Growth of ADAS features in EVs driving the need for specialized sensors.
• Miniaturization : Development of smaller, more compact sensors that provide high performance while saving space and weight.

Electric Vehicle Sensor Market: Competitive Landscape

The electric vehicle sensor market is highly competitive, driven by fast technological development and intense rivalry among manufacturers. Key companies focus on innovation, incorporating AI and IoT to develop high-performance sensors that meet growing market demands.

They are also pursuing strategic partnerships and expanding product lines to capture more market share, with a strong focus on safety, efficiency, and sustainability driving competition and innovation.

Some of the major players in the market include Continental AG, NXP Semiconductors NV, Valeo Group, Robert Bosch GmbH, Denso Corporation, and more.

Some of the prominent market players:

• Continental AG
• NXP Semiconductors NV
• Valeo Group
• Robert Bosch GmbH
• Denso Corporation
• Renesas Electronic Corporation
• Panasonic
• Melexis
• Amphenol Advanced Sensors
• Venture Capital GmbH c
• Other Key Players

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Electric Vehicle Sensor Market Scope

Report Highlights	Details
Market Size (2024)	USD 16.0 Bn
Forecast Value (2033)	USD 59.4 Bn
CAGR (2024-2033)	15.7%
The US Market Size (2024)	USD 4.4 Bn
Leading Region in terms of Revenue Share	Asia Pacific
Percentage of Revenue Share by Leading Region	39.6%
Historical Data	2018 - 2023
Forecast Data	2025 - 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Product, By Propulsion, By Sales Channel
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Segment Analysis:

The battery electric vehicles (BEVs) segment is anticipated to lead the electric vehicle sensor market in 2024. BEVs, powered entirely by rechargeable batteries, are highly favored for their sustainable, eco-friendly mobility.

As BEV adoption grows, so does the need for sensors that ensure vehicle safety and manage vital functions like pressure and temperature. The growth of BEV manufacturing further fuels this demand, with the higher prevalence of BEVs driving the expansion of the electric vehicle sensor market.

Electric Vehicle Sensor Market Segmentation

By Product

• Temperature Sensors
• Motion Sensors
• Pressure Sensors
• Gas Sensors
• Speed Sensors

By Propulsion

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

By Sales Channel

• OEM
• Aftermarket

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Global Electric Vehicle Sensor Market: Driver

• Rising EV Adoption : Rising demand for electric vehicles boosts the demand for advanced sensors to improve performance and safety.
• Technological Advancements : Development in sensor technology enhances vehicle functionality, driving the market growth.
• Government Policies : Supportive regulations and incentives for EVs promote sensor integration in electric vehicles.
• Environmental Concerns : Rising awareness of environmental issues expands the shift towards electric vehicles, growing the demand for associated technologies.

Global Electric Vehicle Sensor Market: Restraints

• High Costs : Expensive sensor technology can enhance the overall cost of electric vehicles.
• Technological Complexity : Incorporating advanced sensors demands complex technology, which can slow down adoption.
• Limited Charging Infrastructure : Inadequate charging infrastructure can limit the growth of the EV market, impacting the sensor demand.
• Data Privacy Concerns : Growing data collection and usage by sensors raise privacy and security concerns.

Global Electric Vehicle Sensor Market: Opportunities

• Emerging Markets : Growth in EV adoption in developing countries provides new opportunities for sensor integration.
• Smart Infrastructure : Development in smart city infrastructure creates demand for sensors that integrate with a variety of systems.
• Autonomous Vehicles : The growth of autonomous driving technology drives the demand for advanced sensors to ensure safety and performance.
• Innovation and R&D : Current research and development can lead to the development of more efficient and cost-effective sensors.

Regional Analysis

Asia Pacific is anticipated to lead the electric vehicle sensor market in 2024, holding a 39.6% share, driven by strong demand for electric vehicles in India, China, and Japan. Also, environmental concerns, strict emission regulations, and population growth are boosting the region's automotive industry.

In addition, the presence of major automakers and foreign investments supports market growth. Moreover, Europe is also expected to see major growth, driven by consumer shifts, investments in automotive technology, and a focus on incorporating AI, sensors, and IoT into electric vehicles, enhancing market prospects.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Electric Vehicle Sensor Market

• August 2024: BYD unveiled a new version of its Seal EV, the company's first model equipped with lidar sensors, and will be selling for prices starting at about USD 24,515.41.
• July 2024: Infineon Technologies AG and Swoboda announced a partnership to create and promote advanced current sensor modules mainly created for automotive applications.
• April 2024: Xiaomi took a major step into the electric vehicle market by launching its first mass-produced electric vehicle, the Xiaomi SU7, in Beijing, which comes along with Hesai's cutting-edge lidar technology, setting a new standard in smart driving capabilities.
• January 2024: Hyundai Mobis launched the "MOBION" electric vehicle (EV), equipped with the next-generation 'e-Corner System' motion technology, for the first time at CES 2024, where the public got the opportunity to experience MOBION moving in ways like lateral and diagonal motion, along with stationary pivot turns.
• January 2023: Sony along with Honda's joint mobility venture released a new EV prototype called Afeela during Sony's presentation at CES in Las Vegas, as the brand will appear on the joint venture's first production electric car, set to go on sale in North America in 2026.

About Dimension Market Research (DMR)

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world.

We also believe that our clients don't always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

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