Electric Vehicle (EV) Sensor Market is projected to experience steady growth in the coming years as reflected by key market indicators.
What Is The Projected Market Size Of The Global Electric Vehicle (EV) Sensor Market And Its Growth Rate?
Key market figures outline the growth trajectory for the Electric Vehicle (EV) Sensor Market:
• The market size climbed from $9.31 billion in 2024 to $10.49 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.7%.
• Looking forward, the market size is forecasted to reach $16.79 billion in 2029 at a CAGR of 12.5%.
• Key contributing factors for both historic and future growth include government incentives, environmental regulations, battery innovation, consumer demand, supply chain improvements, infrastructure development, EV market expansion, autonomous driving development, battery technology evolution, and partnerships and collaborations.
What Is Driving The Growth In The Electric Vehicle (EV) Sensor Market?
The escalating demand for electric vehicles is a significant factor propelling the growth of the Electric Vehicle (EV) Sensor Market. Vehicles that are partially or fully powered by electric power require EV sensors to manage in-vehicle functions such as ignition time, speed control, and to assist in reducing gasoline prices, carbon emissions, and enhancing energy security. A report published by the US Department of Energy in January 2023 noted that the monthly sales of new plug-in electric vehicles (PEVs), inclusive of all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), exceeded 7% for the first time in September 2022, reaching 7.4%. Therefore, the sizeable demand for electric vehicles is a key driver for the Electronic Vehicle (EV) Sensors market.
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Who Are the Key Players Driving Electric Vehicle (EV) Sensor Market Growth?
Key players operating in the Electric Vehicle (EV) Sensor Market include:
• Denso Corporation
• Infineon Technologies AG
• NXP Semiconductors N.V.
• Texas Instruments Incorporated
• LEM Holding SA
• Kohshin Electric Corporation
• Vishay Intertechnology Inc.
• Allegro MicroSystems Inc.
• Amphenol Corporation
• ams-OSRAM AG
• Analog Devices Inc.
• Melexis NV
• Sensata Technologies Inc.
• STMicroelectronics N.V.
• Renesas Electronics Corporation
• TE Connectivity
• Continental AG
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Valeo SA
• CTS Corporation
• Honeywell International Inc.
• Kistler Group
• Methode Electronics Inc.
• Panasonic Corporation
• TDK Corporation
• Aptiv plc
• AVX Corporation
• Bourns Inc.
• Hella Inc.
What Are The Key Trends In The Electric Vehicle (EV) Sensor Market?
Major trends observed in the Electric Vehicle (EV) Sensor Market include:
• Increased EV adoption rates
• Rising autonomous driving features
• Battery management systems
• Stringent emission standards
• Focus on vehicle safety
What Are The Segments Of The Global Electric Vehicle (EV) Sensor Market?
The Electric Vehicle (EV) Sensor Market is dissected into several segments:
1) By Product Type: Temperature Sensors, Current Sensors, Position Sensors, Pressure Sensors, Speed Sensors
2) By Propulsion: Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs)
3) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket
Which Region Leads The Electric Vehicle (EV) Sensor Market?
North America emerged as the largest region in the Electric Vehicle (EV) Sensor Market in 2024. The report encompasses insights on other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa as well.
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What Is Covered In The Electric Vehicle (EV) Sensor Market Global Market Report?
– Market Size Analysis: Analyze the Electric Vehicle (EV) Sensor Market size by key regions, countries, product types, and applications.
– Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle (EV) Sensor Market for effective categorization.
– Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
– Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
– Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle (EV) Sensor Market growth.
– Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
– Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle (EV) Sensor Market.
– Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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