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
- Open loop
- Closed loop
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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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