Battery Electric Vehicles will be the catalyst for growth
BOSTON, October 06, 2022--(BUSINESS WIRE)--The push to electric vehicles is being dictated by consumer awareness and government regulations and mandates related to climate change and the need to reduce emissions and reverse the impacts of global warming. The latest Strategy Analytics Electric Vehicles Service (EVS) report, "xEV Sensor Demand Outlook 2021-2029" forecasts that electric vehicle (EV) production will grow at a CAAGR (compound annual average growth rate) of 26% over 2021 to 2026, with volumes approaching 54.1 million units by 2029. This in turn will drive demand for corresponding xEV powertrain sensor requirements growing at a CAAGR of 30% to reach $1.7 billion by 2029.
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Global xEV Powertrain Sensor Units; Source: Strategy Analytics
Battery electric vehicles will comprise the largest market for sensors enabling battery management systems, DC/DC converters, main traction inverter, electric motor, onboard charger, and other systems. Sensor demand from battery electric vehicles will grow at a CAAGR of 44% and account for 68% of the total sensor market opportunity in 2029.
"Segmenting sensor demand across the various powertrain systems shows the electric motor accounting for over 51% of total sensor demand in 2029. The main inverter is the second largest market followed by requirements from the DC/DC converter and the battery monitoring system" noted Asif Anwar, Executive Director at Strategy Analytics. "From a volume perspective, position sensors are used in the electric motor only, while use across battery management systems, the onboard charger, DC-DC converter, main inverter etc., will reflect the higher volume demand for current and temperature sensors."
Source: Strategy Analytics, Inc.
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