NEWARK, Del., March 26, 2024 /PRNewswire/ — FMI published a new report on the electric vehicle sensor market. As per the analysis, sale of electric vehicle sensor holds a current valuation of US$ 10,725.11 million in 2024. Going by this pattern, demand could rise and equate to a market valuation of US$ 49,392.50 million, with a CAGR of 16.5% by 2034.
The adoption of luxury electric vehicles is rising as a result of greater demand for automation and comfort among consumers. The ADAS and AD systems are aiding in enhancing the convenience of using electrical vehicle sensors, thus expected to fuel market growth over the projected period. As consumers get more aware of electrical vehicle working, the improvement of EV sensors is imprinting on their minds more often. Battery sensors are expected to add considerable value to the market by providing enhanced safety qualities.
Position sensors, temperature sensors, and various other sensor types drive the growth of the market. Sensors allowing consumers assistance with lane changing and parking, among other driving needs, are also informing the growth of the market.
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
- Demand-side and Supply-side Trends Analysis of electric vehicle sensor industry
- Investment Feasibility Matrix
- PESTLE and Porter’s Analysis
Key Takeaways from the Electrical Vehicle Sensor Market
- The electrical vehicle sensor market is expected to be US$ 10,725.11 million in size in 2024.
- Position sensor is the top product type in the market. In 2024, market analysts anticipate position sensors to hold 42.9% of the market share.
- OEMs are the predominant sales channel. In 2024, analysts anticipate that OEM sales will account for 93.0% of the market share.
- India is expected to be a promising country in terms of progress for the market. The market forecasts a CAGR of 18.8% for the country from 2024 to 2034.
- South Korea and Australia appear to offer lucrative opportunities for the market. During the forecast period, analysts predict a Compound Annual Growth Rate (CAGR) of 17.9% for South Korea and 18.2% for Australia, respectively.
- They expect the market in Spain to progress at a CAGR of 17.1% through 2034.
Competition Analysis of the Electrical Vehicle Sensor Market
Large multinational companies significantly dominate the market share. However, new entrants and startups still have opportunities to enter the market. They are seeking partnerships with EV manufacturers to facilitate the sale process. Some of the prominent companies in the market include Analog Devices Inc., Denso Corporation, Amphenol Advanced Sensors, and Infineon Technologies AG
