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Electric Vehicle Sensor Market size to value $15 Bn by 2030

  • Published Date: September 7, 2022

Electric Vehicle Sensor Market size is projected to exceed USD 15 billion by 2030, according to the latest research report by Global Market Insights Inc.

The government bodies around the world are implementing favorable initiatives to increase the adoption of EVs, which will boost the industry demand. Major developing nations such as South Korea, India, etc. are offering subsidized programs to promote the espousal of HEVs and electric vehicles. Supportive initiatives pertaining to bringing EVs to the mainstream will propel the electric vehicle sensor market growth.

Rising integration of pressure sensors for automotive liquid monitoring

The pressure sensor segment is expected to record USD 2 billion revenue by 2030. The growth can be credited to the rising acceptance of electric vehicles in the automotive vertical. Pressure sensors are increasingly used for monitoring automotive liquids such as engine oil, hydraulic oil, and others. Furthermore, growing requirement for autonomous vehicles with centralized monitoring features for tire pressure, powertrain systems, and cabin pressure among other features, will drive the pressure sensor market landscape.

Asia Pacific Electric Vehicle Sensor Market Share By vehicle Type

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Growing preference for safety in freight transport to increase the demand for commercial vehicles

The commercial vehicle industry was worth USD 1 billion in 2021. Increased preference for safe freight transportation is a major factor impacting the growth of this segment. Freight transportation demands the deployment of advanced sensors such as LiDAR, RADAR, pressure, current, speed, and temperature among others that are easily programmable and offer varied safety measures for transmission systems and engines.

Benefits offered by Hybrid Electric Vehicles

The electric vehicle sensor market size from the HEV sector is anticipated to reach more than USD 8 billion by 2030. HEVs offer multiple benefits such as high fuel efficiency, long driving range, and low emission levels. Rising technological advancements in electric powertrains such as series and parallel hybrid engines will propel the industry share.

Browse key industry insights spread across 320 pages with 433 market data tables and 31 figures & charts from the report “Electric Vehicle Sensor Market Size 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 {Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Fuel Cell Electric Vehicles (FCEV)}, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents.

Growing presence of component manufacturers in Latin America

The electric vehicle sensor market in Latin America is slated to register nearly USD 1 billion by 2030. The regional expansion can be attributed to the growing presence of several component manufacturers and OEMs. Mexican companies, for example, have a competitive advantage through low labor costs in comparison to U.S.-based companies, which is promoting the production and supply of EV sensors across the LATAM region.

New facility establishments by key players to expand the business landscape

Continental AG, Denso Corporation, Robert Bosch, Sensata, ZF, Valeo, Ampheol, Renesas, NXP Semiconductor, and Melexis are some of the key players operating in the electric vehicle sensor market. Prominent players are establishing facilities to expand their manufacturing abilities. For instance, in June 2021, Bosch announced that it plans to establish a new fabrication plant in Germany. With this plant, the company intends to expedite the production of MEMS sensors and semiconductors to cater to the rising demand in the automotive sector.

Authors: Preeti Wadhwani, Prasenjit Saha