The On-Board Magnetic Sensor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s On-Board Magnetic Sensor Global Market Report 2024, The on-board magnetic sensor market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to consumer electronics demand, industrial automation, miniaturization and cost reduction, r&d investments, renewable energy.
The on-board magnetic sensor market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increasing adoption of 5g and connectivity, smart infrastructure, ai and machine learning, augmented reality (ar) and virtual reality (vr). Major trends in the forecast period include technological advancements, mems-based magnetic sensors, automotive safety systems enhancement, integration with other sensors, energy-efficient sensors.
Increasing demand for consumer electronic devices is expected to propel the growth of the onboard magnetic sensors market going forward. A consumer electronic device is any portable electronic or digital device intended to be bought and utilized regularly by end users or consumers. Onboard magnetic sensors are used in consumer electronics to resolve speed, direction, alignment, and rotational positions. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million smartphones in the UK, a 3.8% (or around 2.6 million) increase over 2021. Further, by 2025, there will be 68.3 million people living in the UK, of whom 95% (or about 65 million people) will have smartphones. Therefore, the rise in demand for consumer electronic devices is driving the growth of the onboard magnetic sensors market.
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The on-board magnetic sensor market covered in this report is segmented –
1) By Type: Hall Effect Sensors, SQUID (Superconducting Quantum Interference Device) Sensors, Magneto Resistive Sensors, Other Types
2) By Magnetic Density: Low-Field Sensors (<1 Microgauss), Earth Field Sensors (1 Microgauss to 10 Gauss), Bias Magnetic Field Sensors (>10 Gauss)
3) By Vertical: Automotive, Healthcare, Consumer Electronics, Aerospace And Defense, Industrial, Other Verticals
Advancements in technology are a key trend gaining popularity in the onboard magnetic sensor market. Major companies operating in the onboard magnetic sensor market are adopting new technologies to sustain their position in the market. For instance, in January 2022, Allegro MicroSystems Inc., a US-based technology company, launched A33110 and A33115, new magnetic position sensors for advanced driver assistance systems (ADAS) applications. They are based on vertical Hall Technology (VHT) and cutting-edge tunneling magnetoresistance (TMR) technology in a single sensor package. This novel technology combines industry-leading precision with built-in redundancy for safety-critical systems, and it uses TMR and vertical Hall components.
The on-board magnetic sensor market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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