Cleveland OH, March 7, 2023 – According to a new study by The Freedonia Group, Global HEV Sensors,
global demand for HEV sensors is forecast to rise 27% per year to $9.0 billion in 2026, fueled by strong growth in HEV manufacturing as these vehicles achieve increased market penetration worldwide:
• Safety and security systems represent the largest outlet for sales and are expected to grow at an above average rate through 2026. Although safety and security sensors encompass many mature products such as airbag deployment sensors and antilock brake wheel speed sensors, government regulations are increasingly supporting the use of advanced active safety systems.
• Entertainment and communications systems are also expected to see rapid growth, as integration with smartphones will continue to be an increasingly ubiquitous feature.
• Engine and drivetrain sensor sales will be supported by the increasing prevalence of EVs, which will require higher levels of temperature and current sensor support.
• Emissions control sensors are expected to underperform going forward, as these products are not used in EVs and production growth for hybrid vehicles is projected to be less rapid.
• Demand for sensors in other systems, including comfort and convenience systems, is more dependent on consumer preferences and the desire of HEV manufacturers to differentiate their products from those of the competition.
About The Freedonia Group
The Freedonia Group, a division of MarketResearch.com, is a premier international business research company, providing clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. The Freedonia Group’s brands also include Packaged Facts, a trusted provider of consumer market research on food & beverage, pet products and services, demographics, and financial services, and Simba Information, the leading authority for market intelligence and forecasts on the education and professional publishing industries. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.