Battery Sensor Market

Battery Sensor Market Size, Trends & Growth (2022 - 2027)

The battery sensor is a device connected to the terminal and used to measure the temperature, current and voltage of the battery. It also provides information on battery power capacity, aging, and state of charge. Unit measurements are taken simultaneously to provide accurate results. Typically, the Local Interconnection Network (LIN) bus is used for communication in automotive and non-automotive applications. The Battery Sensor helps to improve the efficiency and fuel economy standards of automobiles.

The global battery sensor market is supposed to develop at a CAGR of 14.04% to reach $ 744.76 billion by 2023, from $ 338.582 million in 2017. The battery sensor screens a few factors that could influence battery life, including voltage, current and temperature, without influencing its information preparing capacities. The main factors driving the demand for these sensors are the growing demand for electric vehicles in the world, the rising need for energy storage solutions in the industrial sector and others. Geographically, North America and Europe had significant market share due to high adoption of electric vehicles and increased manufacturing activity.

Recent Developments:

• Bosch battery innovation forestalls electric shock in case of a mishap. The German segment maker's electric vehicle innovation accompanies various security highlights, including exceptionally planned computer chips that shut down power circuits in a small amount of a second.
• Vishay Intertechnology, Inc. presented a completely incorporated proximity sensor that consolidates a powerful vertical cavity surface emitting laser (VCSEL), photodiode, signal preparing coordinated circuit and 12-piece ADC in a solitary bundle.

IMPACT OF COVID-19 ON BATTERY SENSOR MARKET:

The auto industry forecasts a loss of 7.5 lakh of production units and $ 2 billion in revenue in March alone due to closings to combat the coronavirus pandemic. Production is almost stagnant as governments have imposed closures and companies themselves have closed their factories to help break the chain of the coronavirus epidemic. Since these measures will remain in place until sometime in the coming months, companies will certainly lose a third of production during the year. Also, more than half a dozen industry leaders believe that even an improvement in the COVID-19 situation would not bring much relief to the industry in future, as consumer confidence would take a while to return to normal level.

It has been discovered that the monetary and market effects of coronavirus might be a lot bigger than those of the 2003 SARS infection. The continuous spread of the new coronavirus has gotten perhaps the greatest danger to the worldwide battery sensors business.

Drivers and Restraints of Battery sensor Market:

Drivers:

The expanding selection of cutting edge innovations in current vehicles is relied upon to make development opportunities for the global battery sensor market. These innovations straightforwardly sway the quantity of batteries in the vehicle and the sensors present in the batteries. Battery sensors give data about the battery, for example, temperature, voltage, and current. The quantity of sensors utilized in a vehicle relies upon cutting edge innovations introduced in the vehicle, for example, the start- stop framework. The market development can be ascribed to the developing interest for IBS in developing nations like Mexico, India, China and others. Also, expanded vehicle creation internationally, government guidelines, and expanding interest for eco-friendly vehicles are in general driving the market development.

Restraints:

In any case, the significant expense related with this sensor is a key factor that can hamper the development of the global battery sensor market. In any case, the presentation of reasonable battery sensors and the expanding reception of new innovations to improve vehicle execution can make noteworthy opportunities for significant players working in the worldwide market.

Market Segmentation:

By Voltage type

• 12V
• 24V
• 48V

Based on the voltage type, the 12V segment is expected to record the highest growth rate in terms of revenue during the foreseen period. Also, 12V batteries are used in regenerative braking technology, start/stop system, etc. Furthermore, the continued increase in vehicle production and stringent emission standards to reduce CO2 would promote overall growth. Also, 12V automotive batteries are preferred due to the ease of recycling.

By Communication Technology type

• LIN
• CAN

The LIN market is the most important segment due to its low cost advantages. Generally inexpensive silicon is used in this system during manufacturing, resulting in a low cost of the system. The LIN installed battery management system offers various functionalities such as fast data transmission, data checksum and error detection, configuration flexibility, no arbitration required for optimal operation, temperature situation monitoring, automatic synchronization, etc., which is another important factor for speedy growth of this segment.

By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Based on vehicle type, the passenger car segment is foreseen to generate a significant revenue share in the global market and is determined to maintain its dominance in the near future. Exacting emanation laws in different nations are a key factor supporting the development of this fragment in the worldwide car battery sensor market.

By Hybrid Vehicle Type

• HEV
• PHEV

The growing sales of hybrid vehicles in Japan, China, India and other countries are driving the market for automotive battery sensors. Automakers are focusing on producing hybrid vehicles to meet strict emissions standards. Additionally, policies such as exemption from road taxes, exemption from overcrowding charges, and free parking at various locations have encouraged consumers to purchase hybrid vehicles.

Battery sensor Market Region wise analysis:

Marked Segmentation based on the region:

1. North America
   1. U.S
   2. Canada
2. Europe
   1. Norway
   2. Germany
   3. Sweden
3. Asia Pacific
   1. China
   2. India
   3. Japan
4. Latin America
   1. Brazil
   2. Mexico
   3. Argentina
5. Middle East and Africa

a. Middle East

b. Africa

The European market is expected to represent the second highest share in terms of revenue, followed by markets from other regions. The Asia-Pacific market is estimated to account for a significant portion of revenue in the global market. The increasing production of vehicles coupled with the rising adoption of luxury automobiles driving the growth of the target market in this region is an important expected driver for the growth of the market in the region. Additionally, increased government initiatives for the adoption of energy efficient vehicles and electric vehicles is another growth driver of the automotive battery sensor market in Asia-Pacific.

Key Players of Market:

The significant players profiled in the automotive battery sensor market include Bosch Limited., Continental AG, Hella GmbH & Co. KGaA, Vishay Intertechnology, NXP Semiconductors., Furukawa Electric Co., Ltd., Denso Corporation, Texas Instruments Incorporated, TE Connectivity., AMS AG, inomatic GmbH, Insplorion AB, Autotec Components, Renesas Electronics Corporation., among other domestic and global players.