Press release
Increasing Demand for Electric Vehicles to Create Potential Opportunity for Magnetic Field Sensor Manufacturers
Leading companies are increasingly focusing on product innovation as well as advancements in current offerings to withstand this competitive environment. TMR recommends these companies to shift their focus to the markets in Asia Pacific. The presence of a large pool of consumer electronics and automobile manufacturers in Japan, China, Taiwan, and India is expected to provide significant opportunities to magnetic field sensors producers.
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Growing Application in Electric Vehicles Fuels Demand for Magnetic Field Sensors
“Magnetic field sensors have witnessed a considerable rise in adoption over the past few years, beating the competition from micro switches, reed switches, and potentiometers,” says an analyst at TMR. The integration of electronics on-chip into these sensors for more intelligence per unit area on the basis of size, cost, and robustness has fueled their demand across the world. Apart from this, the increase in embedded measurement functions for automated intelligent control is also boosting the application of these sensors significantly.
The growing application of these sensors in electric vehicles is the key driving force behind their escalating demand. To cater to the soaring demand for features that enhance the stability, safety, performance, handling, comfort, and convenience of a vehicle, these sensors are widely utilized in electronic stability control systems, anti-lock braking systems, and electric power steering. These sensors also find application as rotating speed sensors in automotive speedometers, bicycle wheels, electronic ignition systems, and gear teeth. Brushless DC motors and hybrid electric vehicles are the key users of magnetic field sensors in the automotive industry.
Price Erosion and Declining Shipments may Hamper Market’s Growth
Overall, the prospects in magnetic field sensors look strong and moving upward; however, the price erosion and the decline in the unit shipments are likely to impact negatively on the sales of these sensors. The neck-to-neck competition between manufacturers, coupled with heightened demand for high-volume applications at minimal prices, is shrinking their profit margins and resulting in a considerable decrease in the average selling prices of these sensors.
This factor is anticipated to hamper the market’s growth further over the coming years. However, the growing application of these sensors in consumer electronics and appliances is anticipated to present potential growth opportunities to manufacturers in the near future.
Magnetic Field Sensors to Continue to Find Extensive Application in Automotive Industry
The global opportunity in the magnetic field sensors market is rising significantly, analysts at TMR observe. As per their estimates, the market will rise from US$2.0 bn in 2014 to US$3.5 bn by 2021, expanding at a CAGR of 8.30% between 2015 and 2021. North America will maintain its position as the key contributor to the overall market, with its revenue amounting to nearly US$1.4 bn by 2021.
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Over the forthcoming years, the automotive industry will remain the key consumer of magnetic field sensors, whereas hall-effect sensors will continue to witness the highest demand among different types of sensors. TMR also forecasts that bias technology will emerge as the most utilized magnetic field sensor technology across the world.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business Contact.
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