Automotive Current Sensors Market: Introduction
Increasing year-on-year sales and production of automotive vehicles, led by rising vehicle electrification trends, is anticipated to drive the automotive current sensors market during the forecast period
Current sensors are utilized to measure running current through a wire with the help of the magnetic field and to detect the current and generate a comparative output. Both AC and DC automotive current sensors are used to control the vehicle motor drive, and it is also utilized to detect charged and discharged current of EV and hybrid vehicle batteries. The automotive current sensor also helps measure current passively without disturbing any circuit in the way.
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Rising usage of advanced technology in the automotive sector drives the automotive current sensors market. Innovations in the automotive industry such as self-driving technologies, advanced driver assistance systems (ADAS), and anti-lock braking system (ABS), contain complex architecture that requires current sensors, which further drives the current sensor market. Furthermore, current sensors are also extensively employed to control motor drives and the battery management system which in turn also propels the market.
Utilization of MEMS (micro-electro-mechanical system) current sensor in vehicles, as an accelerometer and pressure sensor, plays an important role to make vehicle movement more safe, efficient, and comfortable. MEMS current sensors are also utilized to detect changes in the vehicle environment and supply precise data to controllers, which further drives the demand for automotive current sensors, and connected electric control units can trigger necessary actions in real-time.
Challenges in Automotive Current Sensors Market
The dynamic pricing of automotive current sensors has hampered the market. Intense competition among sensor manufacturers across the world has reduced the average selling price, which further reduced supplier’s profit margins. Thus, intense pricing pressure in the highly competitive market restrains revenue growth.
A majority of global businesses where hampered due to the COVID-19 pandemic, and the resulting lockdown has forced the people to stay at home, which stopped automotive manufacturing and declined automotive sales, which further hindered the market. Moreover, the COVID-19 pandemic has also disrupted the global supply chains, which results in shortage of raw material required for production of current sensors. This supply shortage stopped manufacturing processes and consequently, restrained the automotive current sensors market.
Opportunities in Automotive Current Sensors Market
Electric vehicles use a different automotive technology, as compared to that used by conventional vehicles. The performance of electric vehicles depends on the electric battery of the vehicle, as current sensors are used to detect current in the batteries, specify overcharging of battery, and also help reduce level of emission. Therefore, technological