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Global EV Electric Vehicle Market Size, Share, Forecast 2030

The Electric Vehicle (EV) Sensor Global Market Report 2023 by The Business Research Company, provides electric vehicle (EV) sensor market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Electric Vehicle (EV) Sensor Global Market Report 2023, the market size is expected to grow from $7.34 billion in 2022 to $8.35 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global electric vehicle (EV) sensor market size is expected to reach $13.38 billion in 2027 at a CAGR of 12.5%.

The increase in demand for electric vehicles is expected to propel the growth of the electronic vehicle (EV) sensors market. Electronic vehicles refer to vehicles that are either partially or fully powered by electric power. EV sensors are used in electric vehicles to read real-time signals and take necessary actions to manage in-vehicle functions such as ignition time, and speed control, assist in lowering gasoline prices, reduce carbon emissions, and enhance energy security.

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The electric vehicle (EV) sensor market is segmented:

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

Product innovations are a key trend gaining popularity in the EV sensors market. Major market players are developing innovative technologies through extensive research and development activities to strengthen their business position. For instance, in May 2022, Continental, a Germany-based automobile company, introduced the current Sensor Module (CSM) and the battery impact detection (BID) system for electrified vehicles, expanding its already extensive sensor range. The two new sensors will significantly emphasize battery characteristics or battery safety. Furthermore, in June 2022, Microchip Technology Inc, a US-based semiconductor manufacturer, introduced The LX34070 IC, a new inductive position sensor for the electric vehicle motor control industry. The sensor has differential outputs, quick sample rates, and other features that enable it to comply with ISO 26262 at Automotive Safety Integrity Level-C (ASIL-C) level.

The electric vehicle (EV) sensor market report table of contents includes: