Passenger Vehicles Demand for EV Sensors

The increasing application areas for new sensors in an electric vehicle is also led by an increase in EV safety regulations, to ensure that internal electrical systems and battery systems are safe from any over-usage. The application of such sensors increases the safety of the vehicles, which in turn, can increase the EV sales. Moreover, huge investments in the form of subsidies and infrastructure development by government sand federal agencies to promote EVs to cut down carbon dioxide emission are further propelling the growth of EV sales.

On the basis of applications of EVs, the EV sensor market is majorly segmented in two segments: passenger vehicle sand commercial vehicles. Commercial vehicles considered for this report consists of light electric vehicles, heavy buses, and heavy trucks. Production and sales of passenger electric vehicles are anticipated to be higher than that of commercial electric vehicles, as more users are rapidly adopting EVs and exchanging their IC engine vehicles for EVs, due to its cost efficiency and various government subsidies, among others. The passenger vehicle segment is expected to lead the market as the sales of passenger electric vehicles is anticipated to increase globally.

View BIS Report on Electric Vehicle Sensors Market

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