Top Insights of the Electric Vehicle Battery Current Sensor Market | Technavio
The global electric vehicle battery current sensor market is expected to grow at a CAGR of close to 42% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global electric vehicle battery current sensor market from 2017-2021. (Graphic: Business Wire)
Global electric vehicle battery current sensor market segmentation by application and geography
Technavio’s report on the global electric vehicle battery current sensor market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, including full electric vehicles and hybrid electric vehicles. As projected in 2016, around 65% of the market share originated from hybrid electric vehicles.
Based on geography, the global electric vehicle battery current sensor market has been segmented into APAC, the Americas, and EMEA. As of 2016, close to 63% of the market share came from APAC.
“Increase in the growth of electric vehicles is primarily because of their low operating and maintenance costs, increased awareness about carbon dioxide emissions, and initiatives by governments across the world to promote the use of electric vehicles. In APAC, China and Japan are the prime contributors of electric vehicles. Adoption of electric vehicle batteries has witnessed a significant growth throughout China. The focus on reducing fuel consumption and the increase in environmental concerns have resulted in increased adoption of electric vehicles,” says Ganesh Subramanian, a lead analyst at Technavio for automotive electronics research.
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Global electric vehicle battery current sensor market: competitive vendor landscape
The global electric vehicle battery current sensor market is fragmented because none of the players have a significant market share. Delphi Automotive, Denso, TE Connectivity, Continental are some of the major players in the market. TE Connectivity has developed the coreless current sensor that has increased the performance of EVs. Vendors are trying to manufacture battery sensors that increase the performance of the vehicle and reduce the cost of EVs. Integration of vendors with automakers of HEVs and EVs will help in expanding the global EV battery current sensor market.
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Other topics covered in the report:
Market drivers:
- Improved cell performance in EV batteries will improve the performance of EVs and reduce their price
- Current and voltage sensors are required for real-time monitoring of the battery's cell
Market challenges:
- Current sensor failure leads to failure of BMS
- Increasing power crisis
Market trends:
- TE Connectivity's new coreless current sensor
- Optical fiber sensors that reduce size and cost of EV batteries
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