Increasing Adoption of Magnetic Sensors Globally To Ensure Rapid Growth for Magnetic Sensors Market
Globally, the magnetic sensors market is expected to grow with a CAGR of 7.0% during the forecast period from 2019 to 2027, starting from US$2.2 Bn in 2018.
Magnetic sensors are defined as small-scale system services that are used for the detection of changes in the magnetic field. Increasing adoption of new and advanced technologies in the automotive sector is expected to fuel the market, as magnetic sensors are used for measuring speed detection, proximity switching, positioning, and current sensing applications.
Presently, navigation systems use magnetic sensors for different applications. The increasing utilization of navigation systems in vehicles is also driving the magnetic sensor market. Another factor that is expected to increase the adoption of the magnetic sensor in the near future for autonomous driving. Similarly, these sensors are also having their applications in consumer electronics and other devices due to their property to withstand harsh environments.
Market Synopsis
Magnetic sensors with Automotive Industry in Its Application Segment Continue Dominating the Market.
In 2018, the overall magnetic sensors market was led by the automotive industry in its application segment, contributing to over 48% of the total revenue generated globally. The continuous development in the automobile sector and the electrification of vehicles are some of the major factors for the growth of the segment. Additionally, the growing focus of vendors on automobile safety is also fueling the growth of the market. Moreover, the gradually declining prices of sensors have supported product demand in the market. Further, based on technology, the Hall Effect segment holds the largest market share due to its ability of proximity sensing, positioning, speed detection, and current sensing applications.
North America Dominates the Market by Region
The magnetic sensors market is led by North America due to the presence of various key players present in the region, such as Analog Devices Inc., Crocus Technology, Allegro MicroSystems, LLC, Honeywell International Inc., and others. Additionally, the presence of various automobile manufacturing companies also fuels the growth of the market in the region. The increasing demand for sensing devices and components in electronic devices, healthcare instruments, and industries is another factor that is contributing to driving the market. The U.S. holds the largest market share in the North American region, followed by Canada and Mexico. However, the Asia-Pacific region is expected to be the fastest-growing market due to the increasing demand for consumer electronics in the region.
Some of the prominent players operating in the magnetic sensors market include Infineon Technologies AG, Analog Devices, Honeywell International Inc., Allegro Microsystems, Inc., Magnetic Sensors Corporation, Alps Electric Co., Ltd, AMS AG, Baumer Ltd., Elmos Semiconductor AG, S.T. Microelectronics, Texas Instruments Inc., NVE Corporation, Sensoronix, Inc., Asahi Kasei Microsystems, Micoronas Semiconductors, Bosh Sensortec, NXP Semiconductors.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The magnetic sensors market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global magnetic sensors market based on technology, application, end-user, and geography. Key segments covered in the report are as follows:
Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Rest of the World (Middle East & Africa, Latin America)
Key questions answered in this report
What was the market size of magnetic sensors in 2018, and what is the forecast up to 2027?
Which is the largest regional market for automotive industry applications?
What are the major trends followed in the magnetic sensors market across different regions?
Who are the key magnetic sensor companies leading the market?
What are the key strategies adopted by the leading magnetic sensors companies in the market?
Frequently Asked Question:
The market for Magnetic Sensors Market is expected to reach USD$ 2.2 Bn in 2027.
The Magnetic Sensors Market is expected to see significant CAGR growth over the coming years, at 7.0%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Analog Devices, Honeywell International Inc., Allegro Microsystems, Inc., Magnetic Sensors Corporation, Alps Electric Co., Ltd, AMS AG, Baumer Ltd., Elmos Semiconductor AG, S.T. Microelectronics, Texas Instruments Inc. are some of the major players in the global market.
