According to the MarkNtel Advisors’ research report, “Global Electric Vehicle Sensors Market Analysis, 2021,” the market shall grow at a CAGR of 12% during 2021-26. The growth of the market attributes to the increasing demand for electric vehicles with advanced features. Besides, with the surge in electric vehicle battery capacity and development in the EV charging infrastructure & technology, there's an increasing demand for EV vehicles equipped with features like temperature, current, and pressure sensors. These sensors can monitor any changes outside their range of functioning and solve the issue while driving. Such sensitive conditions result in increasing the utilization of electric vehicle sensors, thereby fueling the market growth.
Key questions answered in the study
Hybrid-Electric Vehicle (HEV) Accounts for the Largest Market Share
Based on the Type of Vehicle, the market bifurcates into Battery Electric vehicles (BEV), Hybrid-Electric vehicles (HEV), and Plug-In Hybrid Electric vehicles (PHEV). Among these segments, Hybrid-Electric Vehicles (HEVs) captured a significant share in the Global Electric Vehicle Sensors Market in the previous few years.
The segment growth is due to the surging demand for Hybrid-Electric vehicles as they offer better fuel efficiency and lower emissions than the usual ones, thereby satisfying environmental laws. It also reduces the pressure on fuel prices on consumers. Further, HEVs combine the powers of an electrical machine and an internal combustion engine. Thus, the segment is likely to grow substantially during the forecast period.
“Global Electric Vehicle Sensors Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Electric Vehicle Sensors providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-Pacific region is likely to register the fastest growth in the Global Electric Vehicle Sensors market during 2021-26 due to the surging purchasing power of the middle-class populace, resulting in increasing the sales of electric vehicles in the region.
Further, the rapidly growing electric vehicle sensors market in the region has substantial growth potential due to the low production costs, lenient emissions, safety norms, and availability of economical labor. Thereby, the Asia Pacific region contributes to the growth of the Global Electric Vehicle Sensors Market in the forecast period, reveals MarkNtel Advisors in their research report, “Global Electric Vehicle Sensors Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the Global Electric Vehicle Sensors Market are Denso, Infineon Technologies AG, NXP Semiconductors, Texas Instruments Incorporated, LEM, Kohshin Electric Corporation, Vishay Intertechnology, Inc, Allegro MicroSystems, Amphenol Advanced Sensors, Ams AG, Analog Devices, Melexis, Sensata Technologies, and STMicroelectronics.