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On-Board Magnetic Sensor Market Worth $1.89 Billion by 2023
May 15, 2018 | Navigant ResearchEstimated reading time: 2 minutes
According to the new market research report "On-Board Magnetic Sensor Market by Type (Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensors), Magnetic Density (<1 Microgauss, 1 Microgauss-10 Gauss, and >10 Gauss), Vertical, Geography - Global Forecast to 2023", published by MarketsandMarkets, the overall market is estimated to be worth $1.26 Billion in 2018 and expected to reach $1.89 Billion by 2023, growing at a CAGR of 8.4% between 2018 and 2023.
The factors that are driving the growth of this market are the continuous growth in the use of on-board magnetic sensors for consumer electronics applications and role of on-board magnetic sensors in navigation.
Automotive Vertical Expected to Hold Major Share of On-Board Magnetic Sensor Market During Forecast Period
The on-board magnetic sensor market for automotive is expected to hold the largest share by 2023. The aim of the automobile manufacturers to enhance the convenience and safety of drivers and passengers is expected to propel the demand for on-board magnetic sensors in the automotive vertical. In this vertical, on-board magnetic sensors are used in engine positioning, displacement, rotary positioning, linear positioning, timing, and angle sensing application. Moreover, the development of advanced vehicles, such as hybrid vehicles, and the increased production of passenger vehicles are the major factors fueling the demand for on-board magnetic sensors in the automotive vertical.
>10 gauss magnetic density is expected to dominate the overall on-board magnetic sensor market during the forecast period. The automotive segment is the major revenue pocket for the on-board magnetic sensor market. The BIAS magnetic field sensor technology, mainly comprising Hall and GMR sensors, is widely used in automotive applications. The BIAS magnetic field sensor technology also finds applications in the industrial and infrastructure segment in automation equipment, conveyors, packaging equipment, and other applications incorporating motor latches.
On-Board Magnetic Sensor Market in APAC Expected to Grow at Highest CAGR During Forecast Period
On-board magnetic sensors are in high demand in APAC owing to the increasing focus of the region to automotive, consumer electronics, and healthcare verticals. In this study, the on-board magnetic sensor market in APAC has been divided into India, China, Japan, South Korea, and Rest of APAC. China is the largest automotive and consumer electronics manufacturing country in the world. Thus, the fastest growth in APAC will be seen in China mainly due to the applications such as antilock braking systems and central locking systems wherein on-board magnetic sensors are largely used. Moreover, the gaming industry is also booming at a fast rate, which will add to the consumption of on-board magnetic sensors in consumer electronics in the country.
Major companies involved in the development of on-board magnetic sensors include Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands), among others.
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
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