Anticipated Surge in On-Board Magnetic Sensor Market Size to Reach $2.02 Billion at a CAGR of 8.6% During The Forecast Period 2023-2032: Honeywell International Inc., Asahi Kasei Microdevices Corporation, Texas Instruments Incorporated
The Business Research Company's On-Board Magnetic Sensor Global Market Report 2023 identifies the increasing demand for consumer electronic devices is the major driver for the on-board magnetic sensor market's growth in the forecast period. A consumer electronic device is any portable electronic or digital device intended to be bought and utilized regularly by end users or consumers. Onboard magnetic sensors are used in consumer electronics to resolve speed, direction, alignment, and rotational positions. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million smartphones in the UK, a 3.8% (or around 2.6 million) increase over 2021.
The global on-board magnetic sensor market is expected to grow from $1.32 billion in 2022 to $1.45 billion in 2023 at a compound annual growth rate (CAGR) of 9.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The on-board magnetic sensor market is expected to reach 2.02 billion in 2027 at a CAGR of 8.6%.
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Major competitors in the on-board magnetic sensor market are Honeywell International Inc., Asahi Kasei Microdevices Corporation, Texas Instruments Incorporated, Infineon Technologies AG, TE Connectivity Ltd., STMicroelectronics NV, TDK Corporation, Murata Manufacturing Co. Ltd., NXP Semiconductors N.V., Analog Devices Inc.
A key trend in the on-board magnetic sensor market includes advancements in technology. Major companies operating in the onboard magnetic sensor market are adopting new technologies to sustain their position in the market. For instance, in January 2022, Allegro MicroSystems Inc., a US-based technology company, launched A33110 and A33115, new magnetic position sensors for advanced driver assistance systems (ADAS) applications.
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The on-board magnetic sensor market is segmented -
1) By Type: Hall Effect Sensors, SQUID (Superconducting Quantum Interference Device) Sensors, Magneto Resistive Sensors, Other Types
2) By Magnetic Density: Low-Field Sensors (10 Gauss)
3) By Vertical: Automotive, Healthcare, Consumer Electronics, Aerospace And Defense, Industrial, Other Verticals
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the on-board magnetic sensors market.
The Business Research Company's "Global On-Board Magnetic Sensor Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The On-Board Magnetic Sensor Market Include:
1. Executive Summary
2. On-Board Magnetic Sensor Market Characteristics
3. On-Board Magnetic Sensor Market Trends And Strategies
4. On-Board Magnetic Sensor Market - Macro Economic Scenario
5. On-Board Magnetic Sensor Market Size And Growth
27. On-Board Magnetic Sensor Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The On-Board Magnetic Sensor Market
29. On-Board Magnetic Sensor Market Future Outlook And Potential Analysis
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