EVs will dictate the growth of sensor market: Report
Sensor market growth will be dictated by an expected increase in demand for electric vehicles, says a recent report by Strategy Analytics.
The US-based research firm in its latest Powertrain Body Chassis and Safety (PBCS) service report forecasts that the global market for current, position/speed and temperature sensors, will grow at a CAAGR of 25.7 percent over the 2019 – 2024.
The subsequent market for xEV automotive sensors will grow to $1.2 billion by 2027, says the report. "Demand for speed/position sensors used to monitor xEV electric motor speeds will represent the largest market, but lowest volume," it added.
According to the Strategy Analytcis, 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 overall demand in 2027.
"Battery monitoring systems will also represent the primary demand for temperature sensor, accounting for 71 percent of total temperature sensor volumes in 2027," the firm highlighted.
According to Asif Anwar, report author and PBCS Service Director the strong growth will be dictated by an expected push towards xEV platforms, driven by continued government regulations. “In addition, the expected pent-up consumer demand post COVID-19 will be coupled with an expected shift in consumer preferences towards electric vehicles,” he added.
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."
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