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 USD 1.26 billion in 2018 and is expected to reach USD 1.89 billion by 2023, growing at a CAGR of 8.4% between 2018 and 2023.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=37994383
This growth is driven by the increasing adoption of magnetic sensors in automotive and consumer electronics industries, advancements in sensor technology, and the rising demand for accurate and reliable sensing solutions. The report highlights the diverse applications of magnetic sensors across various sectors, underscoring their importance in modern technology landscapes.
The growth of the on-board magnetic sensor market is primarily driven by the continuous increase in their use for consumer electronics applications and their pivotal role in navigation systems. In consumer electronics, on-board magnetic sensors are integral to devices such as smartphones, tablets, and wearables, enabling functionalities like compass navigation, motion tracking, and gaming interactions. The precision and reliability of these sensors enhance user experience and device performance. Additionally, in navigation systems, on-board magnetic sensors provide critical data for determining direction and orientation, essential for automotive and aerospace industries. This dual application in both consumer electronics and navigation underscores the growing demand and widespread adoption of on-board magnetic sensors, fueling market expansion.
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=37994383
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. Automobile manufacturers are increasingly aiming to enhance the convenience and safety of drivers and passengers, propelling the demand for on-board magnetic sensors within the automotive sector. These sensors are crucial for various applications, including engine positioning, displacement, rotary positioning, linear positioning, timing, and angle sensing. Additionally, the development of advanced vehicles, such as hybrids, and the increased production of passenger vehicles are major factors fueling the demand. The integration of on-board magnetic sensors in these applications ensures precision, reliability, and enhanced vehicle performance, driving significant growth in this market segment.
>10 gauss (BIAS magnetic field sensor) magnetic density expected to hold major share of on-board magnetic sensor market between 2018 and 2023
The >10 gauss magnetic density segment is expected to dominate the overall on-board magnetic sensor industry during the forecast period. This dominance is largely driven by the automotive sector, which remains a significant revenue contributor. BIAS magnetic field sensor technology, primarily including Hall and GMR sensors, is extensively utilized in automotive applications for its precision and reliability. Beyond automotive, this technology is also prevalent in the industrial and infrastructure segments, where it is integrated into automation equipment, conveyors, packaging machinery, and motor latches. The widespread adoption of BIAS magnetic field sensors across these diverse applications underscores their importance in ensuring operational efficiency and enhancing system performance.
Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/on-board-magnetic-sensor-market-37994383.html
On-board magnetic sensor market in APAC expected to grow at highest CAGR during forecast period
On-board magnetic sensors are experiencing high demand in the Asia-Pacific (APAC) region, driven by the region's increasing focus on automotive, consumer electronics, and healthcare verticals. The APAC market for on-board magnetic sensors is segmented into key countries such as India, China, Japan, South Korea, and the Rest of APAC. Among these, China stands out as the largest manufacturing hub for automotive and consumer electronics globally. The country's rapid growth is primarily fueled by applications like antilock braking systems and central locking systems, which heavily utilize on-board magnetic sensors. Additionally, China's booming gaming industry significantly contributes to the increased consumption of these sensors in consumer electronics. This robust growth trajectory underscores China's pivotal role in propelling the APAC on-board magnetic sensor market forward.
On-Board Magnetic Sensor Companies:
Asahi Kasei Microdevices (Japan),
Sanken Electric (Allegro Subsidiary) (Japan),
Infineon Technologies (Germany),
TDK Corporation (Japan),
Melexis NV (Belgium),
Murata Manufacturing (Japan),
Honeywell International (US),
TE Connectivity (Switzerland),
AMS (Austria),
NXP Semiconductors N.V. (Netherlands),
Sensoronix (US),
Macome (Japan),
Sensitec (Germany),
MEMSIC (US),
Kohshin Electric (Japan).
