Press release
On-Board Magnetic Sensor Market Outlook Report 2024-2033: Trends, Analysis, Insights, Overview
On-Board Magnetic Sensor Market Outlook
As per the report, the on-board magnetic sensor market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The on-board magnetic sensor market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
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Consumer Electronics Surge Driving Growth In Onboard Magnetic Sensors Market
Increasing demand for consumer electronic devices is expected to propel the growth of the onboard magnetic sensors market going forward. 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. Further, by 2025, there will be 68.3 million people living in the UK, of whom 95% (or about 65 million people) will have smartphones. Therefore, the rise in demand for consumer electronic devices is driving the growth of the onboard magnetic sensors market.
Tech Advancements Enhance Onboard Magnetic Sensor Market Growth
Advancements in technology are a key trend gaining popularity in the onboard magnetic sensor market. 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. They are based on vertical Hall Technology (VHT) and cutting-edge tunneling magnetoresistance (TMR) technology in a single sensor package. This novel technology combines industry-leading precision with built-in redundancy for safety-critical systems, and it uses TMR and vertical Hall components.
The on-board magnetic sensor market covered in this report 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
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Major companies operating in the on-board magnetic sensor market report 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., Alps Electric Co Ltd., ams OSRAM AG, Littelfuse Inc., Diodes Incorporated, Sanken Electric Co Ltd., Melexis NV, Mouser Electronics Inc., Allegro Microsystems Inc., Pepperl+Fuchs GmbH, MTS Systems Corporation, Macome Corporation, ABLIC Inc., MEMSIC Semiconductor Co. Ltd., MikroElektronika spol. S r. o, SparkFun Electronics Inc., Senseonics Holdings Inc., Sensitec GmbH
Contents of the report:
1. Executive Summary
2. On-Board Magnetic Sensor Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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