Magnetic Advancements: The Path to a $1.89 Billion On-Board Magnetic Sensor Market

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The On-Board Magnetic Sensor Market was estimated to be worth USD 1.16 billion in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 8.4% to reach USD 1.89 billion by 2023.

With an anticipated value of USD 1.26 billion in 2018 and a projected value of USD 1.89 billion by 2023, the On-Board Magnetic Sensor Market is expected to grow significantly. This represents a strong Compound Annual Growth Rate (CAGR) of 8.4% for the forecast period from 2018 to 2023.

The steady rise in the use of on-board magnetic sensors in consumer electronics applications and their vital function in navigation systems are major factors driving this market expansion. The market is seeing a notable spike in demand for these sensors as they become essential parts of a broad range of consumer gadgets and are crucial in improving navigation functionalities. This growth trajectory highlights the growing significance of on-board magnetic sensors in contemporary technology and their role in improving consumer electronics applications and navigation capabilities.

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On-Board Magnetic Sensor Market

Key Players:

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.

Automotive vertical expected to hold major share of On-Board Magnetic Sensor Market during forecast period

By 2023, the automotive sector is expected to occupy a sizable part of the on-board magnetic sensor market. This dominance is a result of the automotive industry's efforts to improve the safety and convenience of drivers and passengers, which has raised demand for on-board magnetic sensors. These sensors are used in critical automotive vertical tasks such timing, engine positioning, displacement, rotary positioning, linear positioning, and angle sensing. The continued development of cutting-edge automobiles, such as hybrid vehicles, and the expanding output of passenger cars are further factors driving the demand increase. On-board magnetic sensors are becoming more and more important in the automobile market segment as the industry continues to place a high priority on innovation and safety.

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>10 gauss (BIAS magnetic field sensor) magnetic density expected to hold major share of On-Board Magnetic Sensor Market between 2018 and 2023

Between 2018 and 2023, the >10 gauss (BIAS magnetic field sensor) magnetic density is expected to dominate the on-board magnetic sensor market. Over the course of the forecast period, this magnetic density range is expected to hold a sizable portion of the market overall, with the automotive industry acting as a major revenue generator. Automotive applications heavily rely on the Hall and GMR sensor-based BIAS magnetic field sensor technologies. Furthermore, this technology finds use in the industrial and infrastructural sectors, expanding its applicability beyond the automotive industry. This industry uses BIAS magnetic field sensor technology in conveyors, packaging machines, automation equipment, and other applications using motor locks. This wide range of applications highlights the value and adaptability of >10 gauss magnetic density, securing its dominant position in the on-board magnetic sensor market.

On-Board Magnetic Sensor Market in APAC expected to grow at highest CAGR during forecast period

Over the course of the forecast period, the Asia-Pacific (APAC) On-Board Magnetic Sensor Market is expected to grow at the highest Compound Annual Growth Rate (CAGR). The increasing emphasis on the automotive, consumer electronics, and healthcare verticals in APAC is the reason for the rising need for on-board magnetic sensors in the area. The market has been divided into important APAC nations, such as South Korea, Japan, China, India, and the rest of the region. The fastest increase is anticipated in China, which is acknowledged as the global centre for automotive and consumer electronics manufacture. The widespread usage of on-board magnetic sensors in systems like central locking and antilock braking is responsible for this growth. Furthermore, the growing Chinese gaming market adds to the rise in the use of on-board magnetic sensors in the consumer electronics industry. The APAC region's important role in propelling the growth of the On-Board Magnetic Sensor Market is shown by the overall spike in demand within the area.

News Covered:

https://www.prnewswire.com/in/news-releases/on-board-magnetic-sensor-market-worth-189-billion-usd-by-2023-682550241.html 

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