Austin, July 22, 2024 (GLOBE NEWSWIRE) -- The Battery Sensor Market Size was valued at USD 3.67 Billion in 2023 and is expected to reach USD 8.97 Billion by 2032 and grow at a CAGR of 10.50% over the forecast period 2024-2032.
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The battery sensor market is one of the fastest-growing markets spurred by the increasing demand for electric vehicles and the continuous advancements of battery management systems. Battery sensors play a vital role in monitoring and managing the battery’s health, performance, and safety in various settings, including the automotive and industrial sectors. In electric vehicles, for instance, battery sensors monitor and manage the health of the battery, thereby enhancing the performance and safety of the vehicle. Sales of electric cars made 3.5 million in 2023, which grew by 35% per year. In 2023, the EV market share of the U.S. was at 7.6% by Kelly Blue Book, marking an increase from the reading of 5.9% in 2022.
The transition to solar and wind energy brought about a need for energy storage of such types of power. Battery sensors are crucial elements here, providing the data about the battery status regularly. With the continued tendency towards renewable energies, there is likely to be a greater need for highly effective battery sensors in the future. At present, there are numerous examples of countries and corporations investing heavily in renewable energy sources. For Example, the UAE-based, International Renewable Energy Agency (IRENA) reported that the last decade witnessed a USD 600 billion investment in the solar and wind sectors around the world. A significant part of these investments goes to the development of large-scale battery storage projects, which boosts the demand for advanced sensors.
Battery Sensor Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.67 billion |
| Market Size by 2032 | USD 8.97 billion |
| CAGR | 10.50% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
By Communication
Controller Area Network (CAN): The CAN segment held the largest market share, accounting for 55% in 2023. CAN battery sensors are crucial in EVs, constantly monitoring battery conditions and sending data to battery management systems. This enhances the battery life of the EVs, ensuring the safety of the products and preventing overheating & over-discharging.
Local Interconnect Network (LIN): The LIN segment is expected to witness significant growth from 2024 to 2032 due to its cost-effectiveness. LIN technology is suitable for less demanding communication tasks, making it ideal for secondary battery monitoring in EVs, particularly in vehicles targeting lower-income segments.
By Voltage
12V: Dominating the market with a 46.18% share in 2023, 12V battery sensors are essential for regenerative and start/stop systems in vehicles. These sensors are low-cost and crucial for ensuring efficient vehicle operation.
24V: The 24V segment is projected to grow significantly, driven by the demand for high-power applications in commercial and military vehicles. For example, 24V battery sensors in UPS systems ensure backup battery health, preventing critical power outages and data loss.
Regional Development
The APAC region held the largest share of the Battery Sensor Market, accounting for 44.17% in 2023. The growth is driven by the high production of electric vehicles and the region's focus on sustainable mobility solutions. Governments in APAC countries are implementing strict regulations to reduce CO2 emissions, increasing the demand for advanced battery sensors.
In North America, the market is poised for significant growth, driven by investments in EV infrastructure and stringent emission regulations. The U.S. and Canada are leading the adoption of advanced battery sensors to support the growing EV market. Europe is also experiencing substantial growth, with countries like Germany, France, and Norway driving demand through ambitious CO2 reduction targets and increased EV adoption.
Recent Developments
- In March 2024, Ride1Up updated its LMT’D V2 commuter e-bike and integrated modern battery sensors, which ensure better and safer commuting with an unlimited riding potential.
- In May 2024, Xiaomi launched the new version of the Xiaomi Human Body Sensor, and the battery was added to the HomeKit accessories group offering the better home monitoring comfort with improved battery duration.
- In December 2023, IKEA announced the availability of two products, specifically: the PARASOLL Door/Window sensor and the VALLHORN Wireless motion detector with the direct replacement of batteries.
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Key Takeaways
- The report provides insights into advanced battery sensor technologies, ensuring safety and reliability in various applications, including automotive and industrial sectors.
- Detailed analysis of market drivers and opportunities helps clients identify potential growth areas and strategic investments.
- Comprehensive information on recent product launches and mergers offers a competitive edge to clients, aiding in informed decision-making.
- In-depth segment analysis allows clients to understand market dynamics and target high-growth areas effectively.
- The report highlights key regional developments, enabling clients to focus on regions with significant market potential and growth opportunities.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Battery Sensor Market Segmentation, By Communication
8. Battery Sensor Market Segmentation, By Voltage
9. Battery Sensor Market Segmentation, By Category
10. Battery Sensor Market Segmentation, By Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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