“Global Vehicles Intelligence Battery Sensor Market to reach a market value of USD 8.7 Billion by 2031 growing at a CAGR of 11.8%”
The Global Vehicles Intelligence Battery Sensor Market size is expected to reach $8.7 billion by 2031, rising at a market growth of 11.8% CAGR during the forecast period.
North America’s market position is the result of a combination of factors, such as the region's high consumer demand for vehicles equipped with the most advanced safety and convenience features, stringent regulatory standards to enhance fuel efficiency and reduce vehicle emissions, and the region's advanced automotive industry. Consequently, the North American region would acquire nearly 27% of the total market share by 2031.
The automotive industry is currently experiencing a substantial transformation as a result of the growing popularity of electric and hybrid vehicles. Furthermore, the performance of electric and hybrid vehicles heavily depends on the state of their batteries. Hence, the increasing vehicle electrification is driving the demand for these sensors.
Additionally, Governments around the world are increasingly focused on environmental sustainability, and as a result, they are implementing stricter emission norms. Similarly, in the United States, the Corporate Average Fuel Economy (CAFE) standards have been progressively tightened to encourage the production of vehicles with higher fuel efficiency and lower emissions. Thus, implementing stringent emission regulations worldwide is a powerful catalyst for adopting technologies like IBS.
However, the initial phase requires substantial funding for research and development to innovate and refine the sensor technology. These high prices might be particularly problematic for smaller vehicle manufacturers because of their high total cost. Hence, the high costs associated with developing, manufacturing, and integrating vehicles intelligent battery sensors.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on vehicle type, the market is bifurcated into passenger cars and commercial vehicles. The commercial vehicles segment procured 38% revenue share in the market in 2023. The adoption of IBS technology in commercial vehicles is fueled by the increasing use of telematics and fleet management systems, which benefit from the predictive maintenance capabilities IBS provides, helping prevent unexpected breakdowns and optimize fleet performance.
On the basis of technology, the market is classified into Hall-Effect sensor, MEMS sensor, and optical sensor. The MEMS sensor segment recorded 32% revenue share in the market in 2023. MEMS sensors are highly regarded for their compact size, low power consumption, and capacity to incorporate multiple sensing functions into a single device.
By application, the market is divided into battery management system, start-stop system, regenerative braking system, and others. The start-stop system segment garnered 31% revenue share in the market in 2023. In contemporary vehicles, start-stop systems are becoming more prevalent.
Free Valuable Insights: Global Vehicles Intelligence Battery Sensor Market size to reach USD 8.7 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured 34% revenue share in the market in 2023. The Asia Pacific region is home to some of the world's largest and most rapidly expanding automotive sectors, including China, Japan, South Korea, and India.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 3.6 Billion |
| Market size forecast in 2031 | USD 8.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 11.8% from 2024 to 2031 |
| Number of Pages | 249 |
| Number of Tables | 350 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Vehicle Type, Technology, Application, Region |
| Country scope |
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| Companies Included | Robert Bosch GmbH, Continental AG, Texas Instruments, Inc., Denso Corporation, HELLA GmbH & Co. KGaA (Forvia SE), Infineon Technologies AG, TE Connectivity Ltd., STMicroelectronics N.V., NXP Semiconductors N.V. and Microchip Technology Incorporated |
By Vehicle Type
By Technology
By Application
By Geography
The Market size is projected to reach USD 8.7 billion by 2031.
Increasing vehicle electrification are driving the Market in coming years, however, Development and integration of IBS restraints the growth of the Market.
Robert Bosch GmbH, Continental AG, Texas Instruments, Inc., Denso Corporation, HELLA GmbH & Co. KGaA (Forvia SE), Infineon Technologies AG, TE Connectivity Ltd., STMicroelectronics N.V., NXP Semiconductors N.V. and Microchip Technology Incorporated
The expected CAGR of this Market is 11.8% from 2024 to 2031.
The Hall-Effect Sensor segment led the Market by Technology in 2023; thereby, achieving a market value of $4.1 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.1 billion by 2031.
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