Allied Market Research published a report on the Electric Vehicle Sensor Market by Product Type, and Propulsion: Global Opportunity Analysis and Industry Forecast, 2021-2031.
The global electric vehicle sensor market was valued at $9.6 billion in 2021, and is projected to reach $37.4 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031.
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Electric vehicle sensors detect, measure, and transmit information, which help in analyzing performance of vehicles. Sensors are devices that detect events or changes in environment and then provide a corresponding output. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmitting the information in electronic form for further processing. These sensors use integrated circuit (IC) fabrication technology made on silicon wafers to monitor and control chemical, physical, and process changes of an automobile.
Sensors are used to minimize fuel consumption and reduce the onboard weight of a vehicle. Electric vehicle sensors are smart sensors, which can be used to control and process temperature, coolant level, and pressure of oil in a vehicle. There are several types of sensors used in the automotive industry. These include speed sensors, coolant sensors, temperature sensors, pressure sensors, magnetic sensors, voltage sensors, and oxygen sensors.
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Competitive Analysis:
The competitive environment of the electric vehicle sensor market is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, electric vehicle sensor market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Some of the major key players of the electric vehicle sensor industry include:
- Continental AG
- Valeo
- Denso Corporation
- Robert Bosch Venture Capital GmbH
- Renesas Electronics
- Panasonic
- Melexis
- NXP Semiconductors
- Sensata Technologies Inc.
- Amphenol Advanced Sensors
The concept of driverless cars is based on the data collected by various sensors such as speed sensors, accelerometer, position sensors, and temperature sensors. This data is constantly collected and processed through a centralized control system, which controls the motion of a car, minimizing the need of a driver. Companies such as Google and Tesla are spending heavily on R&D of such cars and the technology is currently in its testing phase.
Positive responses from tests are anticipated to drive electric vehicle sensor industry growth in the future. For instance, in October 2016, Google tested its driverless car in the UK for a 1 km stretch, near a railway station, and a fleet of 40 such cars is anticipated to be available for public use by the next year. Heavy investments in research and development, as well as in production, by these companies are anticipated to increase the demand for sensors and the market is assured to witness electric vehicle sensor industry growth during the coming years.
Electric vehicles develop temperature and load differences. A vehicle’s battery pack also powers the various components that power today’s electric vehicles. Advances in electric vehicle battery capacity and charging technology monitor various factors such as changes in temperature, current and pressure to detect and correct for rises or falls outside the normal operating range while the vehicle is running.
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Key Benefits for Stakeholders:
- This study comprises analytical depiction of the electric vehicle sensor market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall electric vehicle sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The electric vehicle sensor market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
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