On-Board Magnetic Sensor Industry - Growth Factors, Key Players till 2023

Posted by Savni on February 21st, 2020

On-board magnetic sensors are devices which are capable of measuring the magnitude of magnetic field. They find application in multiple use cases, including metering, security & automation, consumer products, and industrial and automotive application purposes. Market Research Future (MRFR) has recently published an exhaustive report on the global on-board magnetic sensors market covering the key macro and micro-economic factors that are likely to govern the market over the forecast period of 2018-2023. MRFR's analysis has projected that the on-board magnetic sensors market is anticipated to catapult to USD 1.80 Bn in 2023 from USD 1.11 Bn in 2017, at a CAGR of 8.4%.

A combination of factors have driven the growth of the on-board magnetic field sensor market. Magnetic sensors are extensively used in consumer electronics. Expansion of spending capabilities of consumers across the globe, especially in the developing regions of APAC has added fuel to the growth of the on-board magnetic sensors market.

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Among other crucial applications of on-board magnetic sensors is their usage in electric and hybrid vehicles. The automotive sector is focusing on the electrification of vehicles, which is expected to generate massive demand for on-board magnetic sensors over the forecast period. Magnetic sensors are also used in IoT devices, and the market is likely to benefit from the rapid proliferation of IoT devices.

To meet consumer requirements and differentiate their offerings from competitors, market players are rigorously investing in R&D activities, which are presumed to boost the market growth over the forecast period. Expansion of geographic reach, new product launches, expansion of product portfolio, and version updates are among the key strategies adopted by market participants to gain an edge over the market. Magnetic sensors have evolved to incorporate features such as tamper detection, built in tamper threshold, and others. which have further increased their demand from end users.  Other factors contributing to the growth of the market include a reduction in the price of on-board magnetic sensors and increasing trend of smart home, which would fuel the demand for on-board magnetic sensors for automation purposes.

Segmentation

The global on-board magnetic sensor market has been segmented based on type, magnetic density, application, and vertical.

By type, the on-board magnetic sensor market has been segmented into hall effect sensors, magneto resistive sensors, squid sensors, and others.

By magnetic density, the on-board magnetic sensor market has been segmented into >10 gauss (bias magnetic field sensors), 1 microgauss to 10 gauss (earth field sensors), <1 microgauss (low-field sensors), and.

By application,On-Board Magnetic Sensor Industry has been segmented into speed sensing, detection/NDT, position sensing and navigation & electronic compass.

By vertical, the on-board magnetic sensor market has been segmented into automotive, consumer electronics, healthcare, aerospace & defense, industrial and others.

Regional Analysis

Region-wise, the on-board magnetic sensor market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

The APAC is the principal market for on-board magnetic sensors. The market is thriving in the region due to persistent demand from end-use industries such as automotive, healthcare, and consumer electronics in the region. Due to a rise in disposable income in the region, the demand for consumer electronic devices such as laptops, cameras, and smartphones have witnessed a surge which is fueling the growth of the market. The APAC on-board magnetic sensors market is anticipated to be the fastest growing market over the forecast period. Europe is expected to capture the second largest share of the market and is likely to be driven by growing demand from the automotive industry.

Competitive Landscape

Murata Manufacturing (Japan), Infineon Technologies (Germany), Honeywell International (US), TDK Corporation (Japan), TE Connectivity (Switzerland), Asahi Kasei Microdevices (Japan), NXP Semiconductors N.V. (Netherlands) , Sanken Electric (Allegro Subsidiary) (Japan), AMS (Austria), and Melexis NV (Belgium) are the key players in the on-board magnetic sensors market.

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