Sensor Market Growth to be Dictated by Increase in EV Demand: Report

Sensor market growth will be dictated by an expected increase in demand for electric vehicles (EV), according to a new report by Strategy Analytics.

Sensor market growth will be dictated by an expected increase in demand for electric vehicles (EV). The new Powertrain Body Chassis and Safety (PBCS) service report by Strategy Analytics, forecasts that the global market for current, position/speed and temperature sensors, will grow at a CAGR of 25.7 percent over the 2019 – 2024 timeframe.

As per the “Global xEV Sensor Market 2018-2027,” the subsequent market for xEV automotive sensors will grow to USD 1.2 billion by 2027. Demand for speed/position sensors used to monitor xEV electric motor speeds will represent the largest market, but the lowest volume. Current sensors used across the broad array of xEV systems, from battery monitoring through to inverters and converters will account for the second-largest market, representing almost 40 percent of the overall demand in 2027. Battery monitoring systems will also represent the primary demand for the temperature sensors, accounting for 71 percent of total temperature sensor volumes in 2027.

“The strong growth will be dictated by an expected push towards xEV platforms, driven by continued government regulations,” noted Asif Anwar, report author and PBCS Service Director. “In addition, the expected pent-up consumer demand post-COVID-19 will be coupled with an expected shift in consumer preferences towards electric vehicles.”

“There are some notable market trends including a move towards the elimination of magnets in motors, a push towards higher voltages, e.g. 800V, and the increasing use of wide bandgap power electronic technologies that will also influence sensor demand. There are also several sensor technology trends. For example, the increasing use of sensors built with a ferroelectric core, based on XMR (magnetoresistance including anisotropic, giant and tunnel-based) technology offers fertile ground for companies such as ams, Allegro and Melexis to offer competing solutions for resolver-based speed/position sensors,” he added.