Exploring the Growth of the On-Board Magnetic Sensor Market: 8.4% CAGR by 2023

At a CAGR of 8.4%, the On-Board Magnetic Sensor Market is projected to have increased from its 2017 value of USD 1.16 billion to USD 1.89 billion by 2023.

Pune, 24/07/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

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.

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This robust growth is driven by the increasing adoption of magnetic sensors in various applications such as automotive, consumer electronics, and industrial sectors. Hall effect sensors, magnetoresistive sensors, and squid sensors are pivotal in enhancing the performance and reliability of on-board systems. The rising demand for advanced driver-assistance systems (ADAS) in automotive and the growing need for precise and reliable sensors in consumer electronics are significant factors propelling market expansion. Additionally, advancements in magnetic sensor technologies and increasing investments in research and development are expected to create new opportunities for market players, fostering further growth in the on-board magnetic sensor market.

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 goal of automobile manufacturers to enhance the convenience and safety of drivers and passengers is driving the demand for on-board magnetic sensors in the automotive sector. These sensors are integral to 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 for on-board magnetic sensors. As automotive technology continues to evolve, the integration of these sensors will play a crucial role in improving vehicle performance, safety features, and overall driving experience, thereby cementing their importance in the automotive industry.

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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 

Magnetic densities exceeding 10 gauss are expected to dominate the overall on-board magnetic sensor market during the forecast period. The automotive segment serves as the primary revenue driver for this market, with BIAS magnetic field sensor technology, particularly Hall and Giant Magnetoresistance (GMR) sensors, being extensively used in automotive applications. These sensors are crucial for various functions such as position sensing, current sensing, and speed detection. Beyond automotive, BIAS magnetic field sensor technology is also integral to the industrial and infrastructure sectors, where it enhances the efficiency of automation equipment, conveyors, packaging machinery, and motor latches. The versatility and reliability of high-density magnetic sensors make them indispensable across multiple high-demand applications, driving their market dominance.

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 the Asia-Pacific (APAC) region due to the increasing focus on automotive, consumer electronics, and healthcare verticals. In this study, the on-board magnetic sensor industry in APAC is divided into India, China, Japan, South Korea, and the Rest of APAC. China, as the largest automotive and consumer electronics manufacturing country in the world, is expected to experience the fastest growth in this market. The demand is primarily driven by applications such as antilock braking systems and central locking systems, which extensively use on-board magnetic sensors. Additionally, the rapidly expanding gaming industry in China will further boost the consumption of these sensors in consumer electronics. This combination of industrial growth and technological adoption positions China as a key player in the on-board magnetic sensor market in APAC.

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).