Electric vehicles (EVs) utilize a network of sensors to optimize efficiency, enhance safety, and offer unique features. These sensors monitor battery performance in real-time, ensuring optimal range and durability. They also protect critical components like motors and inverters, maintaining long-term performance and value.
The electric vehicle sensors market reached $4.55 billion in 2023 and is projected to achieve a CAGR of 15.14%, reaching $18.64 billion by 2033.
Integration of Advanced Driver Assistance Systems (ADAS), including LiDAR and radar sensors, enhances safety and paves the way for autonomous driving capabilities. Ongoing investment in sensor technology is crucial as the EV market grows, driving advancements in efficiency, reliability, and consumer-driven innovations.
The electric vehicle sensors market is rapidly expanding due to the global adoption of electric vehicles. Sensors are essential for monitoring EV functionality and safety, overseeing battery performance, powertrain components, and supporting advanced driver assistance systems (ADAS). The market growth is driven by increasing demands for extended driving range, enhanced safety features, and advancements toward autonomous driving.
The rise of countries like India and Malaysia in the electric vehicle sensors market is driven by strong government initiatives promoting renewable energy adoption.
Allegro MicroSystems, Inc. expanded its market presence by acquiring Crocus Technology in August 2023, bolstering its leadership in power and sensing semiconductor technologies. In February 2024, Infineon and Honda formed a strategic partnership, positioning Infineon as a crucial semiconductor supplier for Honda's upcoming automotive technologies. In January 2023, NXP partnered with VinFast to develop integrated EV solutions, highlighting their commitment to delivering comprehensive technology suites for future electric vehicles.
Electric Vehicle Sensors Market Demand Driver:
• Government and Consumer Influence
• Innovation by Key Players
• Rising Importance of ADAS
Electric Vehicle Sensors Market Challenge:
• Impact of Rising Raw Material Costs
• Challenges in Supply Chain and Production
• Strategies for Mitigation
Electric Vehicle Sensors Market Opportunity:
• Rising Development Costs
• Demand for High-Quality Sensors
• Revenue Potential and Market Growth
The selection of companies profiled in the electric vehicle sensors market is based on insights from primary experts, assessing factors such as company coverage, product portfolio depth, and market presence.
Prominent names in the electric vehicle sensors market are:
• Allegro MicroSystems, Inc.
• Amphenol Advanced Sensors
• ams Osram AG
• Analog Devices, Inc.
• Denso Corporation
• Infineon Technologies AG
• Kohshin Electric Corporation
• LEM
• Zebra Technologies, Inc.
• NXP Semiconductors
• Renesas Electronics Corporation
• Melexis
• STMicroelectronics
• Vishay Intertechnology, Inc.
• Texas Instruments Incorporated
As Debraj Chakraborty, Principal Analyst at BIS Research, states “The electric vehicle sensor market is poised for growth due to increasing demand for advanced automotive electronics, higher sensor integration per vehicle, and rising adoption of connected electric vehicles.
This surge is driven by growing awareness of electric vehicle advantages and government initiatives promoting their adoption, which has significantly boosted demand for electric vehicle sensors.
Collaborations and partnerships between sensor manufacturers and electric vehicle makers to enhance sensor capabilities are further bolstering the market's expansion”.
