Global Magnetic Sensors Market - Segmented by Type, Application, End-user Industry, and Region - Growth, Trends, and Forecast (2022 - 2030)
The Magnetic Sensor Market is expected to register a CAGR of over 7.2%, during the forecast period (2018 - 2023).
The scope of the report includes the study of magnetic sensors with respect to type, technology, application, and end users. The regions considered under the scope of the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Various players offering magnetic sensors in the market are Infineon Technologies AG, Honeywell International Inc., NXP Semiconductors, and TE Connectivity, among others.
The increase in demand for IIoT and production of consumer electronics, electric and hybrid vehicles, and high-quality sensing devices, globally, is influencing the adoption of magnetic sensors across several end-user industries. This is expected to drive the growth of the magnetic sensors, during the forecast period.
Automotive Sector to Drive the Magnetic Sensors Market
Demand for magnetic sensors is anticipated to increase in the automotive industry. Sensing devices are been used increasingly in this industry to improve vehicles convenience and fuel efficiency. Also, mandatory regulations by the government bodies, such as the installation of safety equipment and sensing elements in automobiles, are estimated to create significant opportunities for the growth of this market. Magnetic sensor vendors are focusing on providing efficient devices, which can serve an extensive range of automotive applications. The increase in demand and penetration of electric vehicles and hybrid electric vehicles and use of GPS in automobiles may also fuel the demand for magnetic sensors from the automotive industry.
North America to Hold the Largest Share in Magnetic Sensors Market
North America held the largest share of this market in 2017, and is expected to continue its dominance, over the forecast period. The growth in a number of vehicles and production of automotive parts are significant factors fueling the growth of the market. Also, the commercialization and development of connected cars have been a developing trend in the region. The region is also witnessing an increase in demand for sensing components in numerous industrial uses. Automotive manufacturers in the region are increasingly integrating miniature magnetic sensing devices into the vehicles to offer improved communication capabilities, which will further boost the magnetic sensors market, over the forecast period.
Key Developments in the Market
• June 2018: Infineon Technologies AG announced that the company is launching its first magnetic sensors based on TMR technology. This makes the company the world’s first sensor manufacturer to provide magnetic sensors, based on all the four magnetic technologies: HALL, GMR, AMR, and TMR.
• June 2018: TDK Corporation expanded its portfolio of TMR angle magnetic sensors with the TAD2140 type in a TO-6 package for automotive and industrial applications. This new sensor provides an innovative system-in-package solution for PCB-less applications.
Market Major Players: INFINEON TECHNOLOGIES AG., HONEYWELL INTERNATIONAL INC., NXP SEMICONDUCTORS., ALPS ELECTRIC CO. LTD., ASAHI KASEI MICRODEVICES CORPORATION., ANALOG DEVICES INC., TE CONNECTIVITY., DIODES INCORPORATED., STMICROELECTRONICS., MAGNETIC SENSORS CORPORATION., ALLEGRO MICROSYSTEMS., ELMOS SEMICONDUCTOR AG., BAUMER., NVE CORPORATION., TDK CORPORATION., CROCUS TECHNOLOGY and MELEXIS CORPORATION., among others
Reasons to Purchase The Report
• Current and future magnetic sensor market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth, during the forecast period
• Identify the latest developments, market shares, and strategies employed by major market players.
• 3 months analyst support, along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
The scope of the report includes the study of magnetic sensors with respect to type, technology, application, and end users. The regions considered under the scope of the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Various players offering magnetic sensors in the market are Infineon Technologies AG, Honeywell International Inc., NXP Semiconductors, and TE Connectivity, among others.
The increase in demand for IIoT and production of consumer electronics, electric and hybrid vehicles, and high-quality sensing devices, globally, is influencing the adoption of magnetic sensors across several end-user industries. This is expected to drive the growth of the magnetic sensors, during the forecast period.
Automotive Sector to Drive the Magnetic Sensors Market
Demand for magnetic sensors is anticipated to increase in the automotive industry. Sensing devices are been used increasingly in this industry to improve vehicles convenience and fuel efficiency. Also, mandatory regulations by the government bodies, such as the installation of safety equipment and sensing elements in automobiles, are estimated to create significant opportunities for the growth of this market. Magnetic sensor vendors are focusing on providing efficient devices, which can serve an extensive range of automotive applications. The increase in demand and penetration of electric vehicles and hybrid electric vehicles and use of GPS in automobiles may also fuel the demand for magnetic sensors from the automotive industry.
North America to Hold the Largest Share in Magnetic Sensors Market
North America held the largest share of this market in 2017, and is expected to continue its dominance, over the forecast period. The growth in a number of vehicles and production of automotive parts are significant factors fueling the growth of the market. Also, the commercialization and development of connected cars have been a developing trend in the region. The region is also witnessing an increase in demand for sensing components in numerous industrial uses. Automotive manufacturers in the region are increasingly integrating miniature magnetic sensing devices into the vehicles to offer improved communication capabilities, which will further boost the magnetic sensors market, over the forecast period.
Key Developments in the Market
• June 2018: Infineon Technologies AG announced that the company is launching its first magnetic sensors based on TMR technology. This makes the company the world’s first sensor manufacturer to provide magnetic sensors, based on all the four magnetic technologies: HALL, GMR, AMR, and TMR.
• June 2018: TDK Corporation expanded its portfolio of TMR angle magnetic sensors with the TAD2140 type in a TO-6 package for automotive and industrial applications. This new sensor provides an innovative system-in-package solution for PCB-less applications.
Market Major Players: INFINEON TECHNOLOGIES AG., HONEYWELL INTERNATIONAL INC., NXP SEMICONDUCTORS., ALPS ELECTRIC CO. LTD., ASAHI KASEI MICRODEVICES CORPORATION., ANALOG DEVICES INC., TE CONNECTIVITY., DIODES INCORPORATED., STMICROELECTRONICS., MAGNETIC SENSORS CORPORATION., ALLEGRO MICROSYSTEMS., ELMOS SEMICONDUCTOR AG., BAUMER., NVE CORPORATION., TDK CORPORATION., CROCUS TECHNOLOGY and MELEXIS CORPORATION., among others
Reasons to Purchase The Report
• Current and future magnetic sensor market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth, during the forecast period
• Identify the latest developments, market shares, and strategies employed by major market players.
• 3 months analyst support, along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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