Automotive Current Sensors Market: Introduction
- Increasing year-on-year sales and production of automotive vehicles, led by rising vehicle electrification trends, is anticipated to drive the automotive current sensors market during the forecast period
- Current sensors are utilized to measure running current through a wire with the help of the magnetic field and to detect the current and generate a comparative output. Both AC and DC automotive current sensors are used to control the vehicle motor drive, and it is also utilized to detect charged and discharged current of EV and hybrid vehicle batteries. The automotive current sensor also helps measure current passively without disturbing any circuit in the way.
Key Drivers of Automotive Current Sensors Market
- Rising usage of advanced technology in the automotive sector drives the automotive current sensors market. Innovations in the automotive industry such as self-driving technologies, advanced driver assistance systems (ADAS), and anti-lock braking system (ABS), contain complex architecture that requires current sensors, which further drives the current sensor market. Furthermore, current sensors are also extensively employed to control motor drives and the battery management system which in turn also propels the market.
- Utilization of MEMS (micro-electro-mechanical system) current sensor in vehicles, as an accelerometer and pressure sensor, plays an important role to make vehicle movement more safe, efficient, and comfortable. MEMS current sensors are also utilized to detect changes in the vehicle environment and supply precise data to controllers, which further drives the demand for automotive current sensors, and connected electric control units can trigger necessary actions in real-time.
Challenges in Automotive Current Sensors Market
- The dynamic pricing of automotive current sensors has hampered the market. Intense competition among sensor manufacturers across the world has reduced the average selling price, which further reduced supplier’s profit margins. Thus, intense pricing pressure in the highly competitive market restrains revenue growth.
- A majority of global businesses where hampered due to the COVID-19 pandemic, and the resulting lockdown has forced the people to stay at home, which stopped automotive manufacturing and declined automotive sales, which further hindered the market. Moreover, the COVID-19 pandemic has also disrupted the global supply chains, which results in shortage of raw material required for production of current sensors. This supply shortage stopped manufacturing processes and consequently, restrained the automotive current sensors market.
Opportunities in Automotive Current Sensors Market
- Electric vehicles use a different automotive technology, as compared to that used by conventional vehicles. The performance of electric vehicles depends on the electric battery of the vehicle, as current sensors are used to detect current in the batteries, specify overcharging of battery, and also help reduce level of emission. Therefore, technological advancements in the automotive industry are boosting electric vehicle production. Electric vehicles have complex architectural diagram that normally integrates 15–20 current sensors, which in turn is further expected to drive the automotive current sensor market during the forecast period.
- Hybrid electric vehicle (HEV) requires complex power electronics or current sensors to control the course of electric energy inside the vehicle. Moreover, HEV motor act as an internal combustion engine and a drive motor, which requires automotive current sensors for efficient operation. This is anticipated to drive the market in the near future.
Automotive Current Sensors Market in Asia Pacific to Expand Significantly
- Production and sales of automotive vehicles, especially passenger cars, is rising in Asia Pacific countries including China, Japan, India, and South Korea, due to rising population, increase in investment for infrastructural development, and a surge in urbanization in the region. Rise in automotive production in the region further boosts the automotive current sensor market. Moreover, the demand for electric and hybrid electric vehicles is rising in Asia Pacific, which is expected to further drive the automotive current sensor market during the forecast period. Moreover, companies in China and other parts of the region have developed innovative current sensors that are used in automotive electric vehicle charging stations. Additionally, the automotive current sensor market in Europe is estimated to expand at a considerable pace, owing to the presence of prominent market players and an increase production of automotive.
Key Players Operating in Automotive Current Sensors Market
The automotive current sensors market is highly consolidated. A few of the key players operating in the global automotive current sensors market are:
- Continental AG
- Robert Bosch GmbH
- KOHSHIN ELECTRIC CORPORATION
- Allegro MicroSystems, Inc.
- Melexis NV
- Digi-Key Electronics
- TE Connectivity
- Infineon Technologies AG
- CSM GmbH
- TAMURA Corporation
- HARTING Technology Group
Global Automotive Current Sensors Market: Research Scope
Global Automotive Current Sensors Market, by Type
Global Automotive Current Sensors Market, by Sensing Technology
- Hall Effect
- Current Transformer
- Flux Gate
Global Automotive Current Sensors Market, by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Automotive Current Sensors Market, by Sales Channel
Global Automotive Current Sensors Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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