Electric Vehicles Position Automotive Sensors for High Growth Through 2024 -- Strategy Analytics

Sensor market growth will be dictated by an expected increase in demand for electric vehicles. The forecasts that the global market for current, position/speed and temperature sensors, will grow at a CAGR of 25.7% over the 2019 – 2024 time frame, according to Strategy Analytics.

The subsequent market for xEV automotive sensors will grow to $1.2 billion by 2027. Demand for speed/position sensors used to monitor xEV electric motor speeds will represent the largest market, but 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% of overall demand in 2027. Battery monitoring systems will also represent the primary demand for temperature sensor, accounting for 71% 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, Director at Strategy Analytics. “In addition, the expected pent-up consumer demand post COVID-19 will be coupled with an expected shift in consumer preferences towards electric vehicles.”

Mr. Anwar continued, “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 (magneto resistance 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.”