Electric Vehicle Sensor Market

Electric Vehicle Sensor Market Outlook for 2024 to 2034

After a detailed analysis on the EV charging cable market, FMI recently published a new report on the electric vehicle sensor market. As per the analysis, sale of electric vehicle sensor holds a current valuation of USD 10,725.11 million in 2024. Going by this pattern, demand could rise and equate to a market valuation of USD 49,392.50 million, with a CAGR of 16.5% by 2034.

Electrical Vehicle Sensor Global Market Report Analysis

• Demand for electric vehicle sensor is tied up with the capitulation of electric vehicle sale, allowing the market to flourish.
• Consumer concern over thermal runaway i.e. an incidence of battery overheating, resulting in potential fire, is seeing the profile of battery EV sensors rise.
• Electric vehicle drivers pay significant attention to power supply, and thus EV sensors’ power supply monitoring abilities are cherished by consumers.
• Introduction of varied products like aerosol sensors and pressure sensors ensures the market does not remain stagnant and the demand keeps flowing.
• Position sensors are emerging as a popular form of sensors, especially in luxury electric cars, and are contributing to the acceleration of the EV sensor market.

Attributes	Details
Electric Vehicle Sensor Market Value for 2024	USD 10,725.11 million
Market Value for 2034	USD 49,392.50 million
Value-based CAGR of Market for 2024 to 2034	16.5%

Trends in Global Electric Vehicle Sensor Market

• Gradual adoption of Advanced Driver Assistance Systems (ADAS) and Autonomous Driving Systems (AD) are putting greater focus on sensors, establishing a promising avenue for growth.
• As electric vehicles are still new to a notable number of drivers, consumers’ reliance on sensors is increasing and thus there is more demand for EVs to be outfitted with them.
• Consumer desire for EVs is matched by automation needs, and sensors play a prominent role in the increase of automation in EVs.
• Use of sensors is expanding, with new technology allowing consumers assistance with lane-switching and collision avoidance. Thus, the increase in convenience afforded by sensors is endearing the product to consumers.
• Use of technology like AI and IoT in sensors is increasing their effectiveness and improving the product’s image in the minds of consumers.
• Governments making the production of electrical vehicle accessories and parts easier, with the cutting of import duties and taxes, is informing the growth of the market.
• Electric vehicles with sensors are considered a luxury item, limiting the scope of the market.

Category-wise Outlook

Position sensors assume the top position in the product type segment. OEM is the preferred sales channel for electrical vehicle sensors.

Developing Need for Automation in Electric Vehicles Seeing Position Sensors Stay Atop the Pile

In 2024, position sensors are expected to account for 42.9% of the market share by product type. Some of the key drivers for the developing demand for position sensors are:

• Electrical vehicles with automation are riding the wave of automation in vehicles and position sensors are thus thriving.
• Position sensors are easing the process of switching to electrical vehicles from traditional vehicles and thus are seeing greater adoption in EVs.

Attributes	Details
Top Product Type	Position Sensor
Market Share (2024)	42.9%

Electrical Vehicle Manufacturers Incorporating Sensors into EVs Easing Process for Consumers

OEM sales are anticipated to account for 93.0% of the market share in 2024. Some of the key drivers for the progress of OEM sales of EV sensors include:

• Consumers prefer the convenience of obtaining EV sensors from OEMs themselves instead of seeking them out aftermarket and thus the former dominates the sales channel segment.
• With ADAS and AD systems becoming more popular, EV sensors are increasingly coming as part of the package with electrical vehicles.

Attributes	Details
Top Sales Channel	OEM
Market Share (2024)	93.0%

Country-wise Analysis

Rising disposable income in Europe is seeing greater adoption of electrical vehicles, which is conducive to the growth of the market. Concerns over sustainability are also informing market growth in Europe.

The automobile industry racing ahead at full throttle is seeing the market press ahead in the Asia Pacific. Government schemes related to electric vehicle manufacturing are also seeing the market gain speed in the region.

Countries	CAGR from 2024 to 2034
Spain	17.1%
France	16.9%
South Korea	17.9%
Australia	18.2%
India	18.8%

Rising Affluence of the Spanish Working Population Giving Rise to Greater Demand for EV Sensors

The market is set to register a CAGR of 17.1% in Spain for the forecast period. The key drivers for growth are:

• As the income of the Spanish working population rises, electric vehicle adoption is also catapulting. Electrical vehicles with ADAS and AD systems are also becoming popular, thus seeing EV sensors enjoy growing demand.
• Sustainability concerns are at the front of the mind among Spanish consumers and thus electrical vehicles, and their sensors, are being adopted more widely.

Presence of Innovative Local Players Boosting the Market in France

The CAGR for the electric vehicle sensor market in France is tipped to be 16.9% over the forecast period. Some of the key factors driving the growth are:

• Lively presence of local players is aiding the market’s growth in France. For example, Valeo is betting big on ADAS systems and focused on creating technology with real-time visuals for autonomous vehicle systems.
• Tendency of affluent French consumers to buy luxury electric vehicles is marking positivity for the market in France.

EV Cars Rising in Popularity is Ensuring Market Growth in Australia

The CAGR for the electric vehicle sensor market in Australia is tipped to be 18.2% over the forecast period. Some of the key factors driving the growth are:

• Electric cars are becoming more commonplace in Australia. For example, the Tesla Model Y was claimed to be the sixth-most popular car in the country for 2023. Thus, the conditions are right in the country for the growth of the EV sensor market.
• More foreign players coming to Australia on the back of the success of established brands like Tesla and Kia is seeing the market’s status rise in the country.

Developing Automotive Industry in South Korea Aids the Market

The market is expected to register a CAGR of 17.9% in South Korea for the forecast period. Some of the key trends include:

• Acceleration of the South Korean automotive industry is paying dividends for the electrical vehicle sector too, including electrical vehicle sensors.
• South Korean electrical vehicle manufacturers collaborating with Western EV sector players is helping the growth of the market in the country.

Tax Breaks for Electrical Vehicle and EV Component Manufacturers Leading to the Market Thriving in India

The market is expected to register a CAGR of 18.8% in India over the forecast period. Some of the key trends include:

• Foreign companies are seeing the lucrative market prospects in India and investing more in the country. For example, Honeywell’s lithium-ion (li-ion) battery safety sensors are gaining popularity in India.
• Initiatives by the Indian government to cut import duties for electric vehicle manufacture are boding well for the electrical vehicle sensor industry.

Competitive Landscape in the Electric Vehicle Sensor Market

The electrical vehicle sensor market is dominated by a few leading players, although there is room to grow for smaller players and startups. Analog Devices Inc. is using its superior software and data handling capabilities to bring innovations to sensors that go beyond just normal automotive improvements.

Denso Corporation is thriving on the back of its established relationships with reputed car makers like Toyota and Subaru. Startups in the market are relying on product differentiation to carve out a piece of the pie for themselves.

Recent Developments in the Electric Vehicle Sensor Market

• In January 2024, Infineon launched the Xensiv TLI5590-A6W magnetic position sensor. The sensor boasts of being compact in size as compared to traditional position sensors.
• In February 2023, Continental launched the eRPS sensor. The sensor boasts of providing high accuracy to operations.
• In April 2022, Denso Corporation announced that it had supplied components, including sensors, to two vehicles, the bZ4X and Solterra from Toyota and Subaru respectively.

Key Companies in the Electric Vehicle Sensor Market

• Analog Devices Inc.
• Denso Corporation
• Amphenol Advanced Sensors
• Infineon Technologies AG
• Allegro MicroSystems, LLC
• AMS Osram AG
• Kohshin Electric Corporation
• LEM
• Renesas Electronics Corporation
• Sensata Technologies
• STMicroelectronics
• Melexis
• Texas Instruments Incorporated
• Vishay Intertechnology, Inc
• NXP Semiconductors NV

Key Coverage in the Electric Vehicle Sensor Industry Report

• Electric vehicle sensor market size and share analysis
• sales of electrical vehicle sensors worldwide assessment
• coverage of growth opportunities for electric vehicle sensor manufacturers
• Electric vehicle position sensor industry report
• Electrical vehicle battery sensor market report
• Analysis of electric vehicle sensor industry

Key Segments

By Product Type:

• Temperature Sensors
• Current Sensors
• Position Sensors
• Pressure Sensors
• Speed Sensors

By Sales Channel:

• OEM
• Aftermarket

By Propulsion:

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

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Electric Vehicle Sensor Market?

The electric vehicle sensor market size is expected to be worth USD 10,725.11 million in 2024.

How Big Will the Electric Vehicle Sensor Market Be in 2034?

The electric vehicle sensor market is estimated to get as big as USD 49,392.50 million in 2034.

How will the Electric Vehicle Sensor Market Progress in India?

The CAGR of the electric vehicle sensor market during the 2024 to 2034 period in India is estimated to be 18.8%.

What are the Segments of the Electric Vehicle Sensor Market?

The electric vehicle sensor market can be divided into the following segments: product type, sales channel, and propulsion.

What is the Scope of the Electric Vehicle Sensor Market?

The electric vehicle sensor market is expected to grow at a CAGR of 16.5% over the period from 2024 to 2034.

Who are the Top Electric Vehicle Sensor Manufacturers?

Analog Devices Inc., Denso Corporation, Amphenol Advanced Sensors, and Infineon Technologies AG are some of the key manufacturers in the electric vehicle sensor industry.

How will the Electric Vehicle Sensor Market Progress in Australia?

The CAGR of the electric vehicle sensor market during the 2024 to 2034 period in Australia is estimated to be 18.2%.

Which is the Top Product Type in the Electric Vehicle Sensor Industry?

Position sensors are the top product type in the electric vehicle sensor industry, with a market share of 42.9% in 2024.