Electric vehicles (EVs) are subject to various types of temperature variations and load changes. With technological advancements, modern EVs are being equipped with various devices, which are also powered by the battery pack present in the vehicle, for different functionalities and features. With the increase in EV battery capacity and developments in the charging technology, various temperature, current, and pressure changes have to be monitored to ensure that any increase or decrease outside their range of functioning is detected and solved while driving the vehicle. These conditions lead to the utilization of electric vehicle sensors for efficient monitoring of temperature, current, and pressure surges in the vehicles.
Read Report Overview: Electric Vehicle Sensors Market
The research study focuses on putting forward a clear picture of the current consumption and future growth potential of different electric vehicle sensors. Numerous leading automotive tier-XX companies have partnered with sensor manufacturers to use their products in their EVs. As governments across the world are starting to implement plans toward increasing EV sales and phasing-out IC engine vehicles in their countries, the market for EV sensors is also bound to expand.
The increasing application areas for new sensors in an electric vehicle is also led by an increase in EV safety regulations, to ensure that internal electrical systems and battery systems are safe from any over-usage. The application of such sensors increases the safety of the vehicles, which in turn, can increase the EV sales. Moreover, huge investments in the form of subsidies and infrastructure development by governments and federal agencies to promote EVs to cut down carbon dioxide emission are further propelling the growth of EV sales.
Passenger Vehicles Demand for EV Sensors to be Dominant Over Commercial Vehicles
On the basis of applications of EVs, the EV sensor market is majorly segmented in two segments: passenger vehicles and commercial vehicles. Commercial vehicles considered for this report consists of light electric vehicles, heavy buses, and heavy trucks. Production and sales of passenger electric vehicles are anticipated to be higher than that of commercial electric vehicles, as more users are rapidly adopting EVs and exchanging their IC engine vehicles for EVs, due to its cost efficiency and various government subsidies, among others. The passenger vehicle segment is expected to lead the market as the sales of passenger electric vehicles is anticipated to increase globally.
Current/Voltage Sensors to Generate Highest Demand
The prominent types of sensors which are being developed for applications in EVs are temperature sensors, current sensors, pressure sensors, and position sensors. The application of these types of sensors is in various components such as e-motors, battery systems, invertors, transmission systems, gears, and the braking system of EVs.
Asia-Pacific & Japan to Witness Fastest Growth in Global Electric Vehicles Sensors Market
The demand for EV sensors varies according to various geographical regions. Asia-Pacific & Japan is currently the largest region in the sensors market for electric vehicles. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major EV manufacturing OEMs and Tier 1 companies are some of the major drivers that are propelling the growth of the market in the region.
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To gain market share, major sensor manufacturers are making various kinds of strategic moves. Some key highlights with respect to major manufacturers of EV sensors are:
- Denso, Infineon Technologies AG, NXP Semiconductors, and Texas Instruments Incorporated are some of the leading players globally.
LEM, Kohshin Electric Corporation, and Vishay Intertechnology, Inc. are some of the emerging companies.
Launch of new product has been the most preferred strategy during the recent years.
Apart from product launches, expanding business, and mergers and acquisitions are the other strategies being implemented.
Most of the players have tie-ups with various EV tier-1 suppliers for e-motors and batteries.