The global battery sensor market was valued at US$497.048 million in 2020 and is expected to grow at a CAGR of 14.94% over the forecast period to reach a total market size of US$1,317.336 million by 2027.
An important part of the energy management system of the vehicle is the battery sensor. By measuring the temperature and charging voltage, the sensor informs the car of the exact battery condition. Various factors that can impact the battery life including current, voltage, and temperature are monitored by a battery sensor without getting in the way of data processing. Other factors driving the demand for these sensors include the growing market for electric vehicles and the burgeoning need for industrial energy storage solutions. As emission norms worldwide become more stringent, electrical & electronic components are increasingly adopted by vehicle manufacturers. The growing sales of luxury vehicles are also boosting the battery sensor market growth. Over 200 million electric passenger cars are predicted to be on the road by 2030, a rapid increase from just over 2 million vehicles in 2016. As electric vehicles become more prevalent, there is a corresponding rise in the demand for battery sensors. (Source: irena.org)
Battery sensors have the capability to measure current, voltage, and temperature accurately and on-demand. Using this information, the electrical system can be precisely rated in terms of its health and charge, ensuring the best possible performance. Apart from monitoring the battery, it is also capable of detecting defective electronic components in the automobile. Growing demand for battery sensors is expected to stem from the growing adoption of advanced technologies in modern vehicles.
Growth Factors:
As advanced technologies are increasingly being adopted in modern vehicles, the battery sensor demand also expanding. Vehicles powered by electricity were designed primarily to replace conventional ways of transportation that are environmentally detrimental. Due to technological advances, electric vehicles have become increasingly popular. By comparison, an electric vehicle is more efficient, has lower emissions and maintenance costs, is easier to charge at home, smoother to drive, and reduces noise from the engine. Additionally, electric vehicles do not require oil changes, although they cost slightly more than their equivalents powered by gasoline. By 2030, there could be 900 million electric two-, three-, and four-wheeled vehicles on the roads, more than four-wheeled cars. (Source: irena.org). By 2025, the Ministry of Industry and Information Technology (MIIT) of China predicts new energy vehicles, mostly electric vehicles (EVs), will represent 25% of all vehicle sales. Additionally, by 2030, the Indian government plans to have 30% of its vehicles electric.
(Source: macropolo.org; investindia.gov)
As part of an investment program involving electric cars and battery factories, Tesla (TSLA) said it will invest up to $12 billion. Also, Mercedes-Benz maker Daimler plans to invest more than 40 billion euros ($47 billion) so it can compete with Tesla in the all-electric vehicle market by 2030. Such huge investments in electronic vehicles will continue boosting the demand for battery sensors.
Restraint:
Typically, battery sensors get damaged or shorted when dirt, moisture, or battery acid make their way into the sensor. BMW vehicles, for instance, have the battery located in the side compartment in the trunk, allowing water to leak onto the battery and damage the sensor. BMW refers to it as the Intelligent Battery Sensor or IBS. Failure of an IBS can result in many electrical problems, including no-start situations. In addition to being fragile, battery sensors can also be damaged during servicing or removal. The Stop/Start system may not function correctly due to a bad battery sensor in many vehicles. Therefore, such instances of malfunctioning can affect the vehicle sales and in turn the demand for battery sensors.
Several nations had imposed a complete lockdown due to the COVID-19 pandemic, which resulted in lower vehicle production. The closure of factories around the world greatly impacted the vehicle sales. In spite of this, most automakers have resumed vehicle production with some measures and limited production. EV manufacturers didn't suffer much from the deteriorating economic conditions in the last few months of 2020 as demand for zero-emission vehicles rose. Due to the overall increase in demand for electric vehicles, the demand for battery sensors remained resilient during the initial phases of the pandemic.
| Report Metric | Details |
| Market size value in 2020 | US$497.048 million |
| Market size value in 2027 | US$1,317.336 million |
| Growth Rate | CAGR of 14.94% from 2020 to 2027 |
| Base year | 2020 |
| Forecast period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments covered | Communication Protocol, Voltage Type, Industry Vertical, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | FURUKAWA ELECTRIC CO., LTD, NXP Semiconductors, Robert Bosch GmbH, Hella GmbH & Co. KGaA, Continental AG, Vishay Intertechnology |
| Customization scope | Free report customization with purchase |
Segmentation
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the battery sensor market?
A1. The global battery sensor market is expected to grow at a CAGR of 14.94% during the forecast period.
Q2. What will be the battery sensor market size by 2027?
A2. The battery sensor market is expected to reach a market size of US$1,317.336 million by 2027.
Q3. What is the size of the global battery sensor market?
A3. Battery Sensor Market was valued at US$497.048 million in 2020.
Q4. How is the battery sensor market segmented?
A4. The battery sensor market has been segmented by communication protocol, voltage type, industry vertical, and geography.
Q5. What factors are anticipated to drive the battery sensor market growth?
A5. As advanced technologies are increasingly adopted in modern vehicles, the battery sensor market is expected to grow.
FURUKAWA ELECTRIC CO., LTD
NXP Semiconductors
Robert Bosch GmbH
Hella GmbH & Co. KGaA
Continental AG
Vishay Intertechnology
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