The electric vehicle sensor market is slated to have a valuation of US$ 10,725.11 million in 2024. The greater number of electrical vehicles on the road is signaling positive things for the EV sensor market. As demand for sustainability grows, the electric vehicle sensor market is thriving alongside the EV sector.
The electrical vehicle sensor industry is slated to progress at a CAGR of 16.5% through 2034. The adoption of luxury electric vehicles is rising as a result of greater demand for automation and comfort among consumers. With the help of the ADAS and AD systems, electrical vehicle sensors are playing their part in making EVs more convenient to use, which is marked to fuel the market over the projected period.
By the time 2034 rolls around, the electric vehicle sensor market’s value is forecasted to hit US$ 49,392.50 million. As consumers get more aware of electrical vehicle working, the improvement of EV sensors is imprinting on their minds more often. The safety qualities provided by battery sensors are slated to add considerable value to the market.
Position sensors, temperature sensors, and more varieties of sensors are highlighted as drivers for the market’s growth. Sensors allowing consumers assistance with lane changing and parking, among other driving needs, are also informing the growth of the market.
Read more info @ https://www.futuremarketinsights.com/reports/ev-sensors-market
Key Takeaways from the Electric vehicle sensor market
The electric 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. Position sensors are expected to account for 42.9% of the market share in 2024.
OEMs are the predominant sales channel. For 2024, OEM sale is anticipated to account for 93.0% of the market share.
India is expected to be a promising country in terms of progress for the market. The country is forecasted to have a CAGR of 18.8% from 2024 to 2034 in the market.
South Korea and Australia are poised to be lucrative countries for the market. For the forecast period, the CAGR for South Korea and Australia is predicted to be 17.9% and 18.2% respectively.
The market is expected to progress at a CAGR of 17.1% in Spain through 2034.
Competition Analysis of the Electric vehicle sensor market
Large multinational companies hold a significant share of the market, although the doors are not shut off for new entrants and startups. Partnerships with EV manufacturers are being sought to ease the sale process. Some of the prominent companies in the market include Analog Devices Inc., Denso Corporation, Amphenol Advanced Sensors, and Infineon Technologies AG
Recent Developments in the Electric vehicle sensor market
In January 2024, the Xensiv TLI5590-A6W magnetic position sensor from Infineon was launched.
In April 2022, it was announced that Denso Corporation’s sensors had found a place in two new electrical vehicles, the Toyota bZ4X and the Subaru Solterra.