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Consumer Electronics Surge Driving Growth In Onboard Magnetic Sensors Market: Key Factor Driving The Growth In The On-Board Magnetic Sensor Market
On-Board Magnetic Sensor
What Is the Expected On-Board Magnetic Sensor Market Size During the Forecast Period?
In recent times, the on-board magnetic sensor market has witnessed substantial growth. It is predicted to increase from $1.57 billion in 2024 to $1.7 billion in 2025, with a compound annual growth rate (CAGR) of 8.5%. The growth experienced in the past has been due to factors such as the demand for consumer electronics, industrial automation, miniaturization and cost reduction, investments in research and development, and the growing renewable energy sector.
The market for on-board magnetic sensors is predicted to witness robust expansion in the coming years, with its size expected to reach $2.35 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 8.4%. The strong growth projected during the forecast period is mainly due to an increased uptake of 5G and connectivity, AI and machine learning, advanced reality (AR), virtual reality (VR), and intelligent infrastructure. Key trending developments predicted for the forecast period are, technology innovations, mems-based magnetic sensors, enhanced safety systems for automobiles, integration with different sensors, and energy-saving sensors.
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What Are the High-Growth Segments in the On-Board Magnetic Sensor Market?
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
Subsegments:
1) By Hall Effect Sensors: Linear Hall Effect Sensors, Rotary Hall Effect Sensors, Digital Hall Effect Sensors
2) By SQUID (Superconducting Quantum Interference Device) Sensors: DC SQUID Sensors, RF SQUID Sensors
3) By Magneto Resistive Sensors: Anisotropic Magneto Resistive (AMR) Sensors, Giant Magneto Resistive (GMR) Sensors, Tunnel Magneto Resistive (TMR) Sensors
4) By Other Types: Fluxgate Sensors, Inductive Sensors, Magnetoelastic Sensors
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What Key Drivers Are Expected to Influence Future On-Board Magnetic Sensor Market Growth?
The expansion of the onboard magnetic sensors market is anticipated to be driven by an escalating requirement for consumer electronic devices. A consumer electronic device refers to any digital or portable electronic gadget that is meant to be purchased and frequently used by consumers. These onboard magnetic sensors find their application in consumer electronics for determining speed, direction, alignment, and rotational positions. For example, Uswitch Limited, a financial conduct authority based in the UK, affirmed in February 2023 that starting from 2022, the UK had 71.8 million smartphones, reflecting a growth of 3.8% (or nearly 2.6 million) from 2021. Moreover, by 2025, the UK's population is projected to be around 68.3 million, out of which 95% (or approximately 65 million) are expected to own smartphones. Hence, the augmenting demand for consumer electronic devices is fueling the expansion of the onboard magnetic sensors market.
Which Companies Hold the Largest Share Across Different On-Board Magnetic Sensor Market Segments?
Major companies operating in the on-board magnetic sensor market include 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, Allegro Microsystems Inc., Pepperl+Fuchs GmbH, Macome Corporation, ABLIC Inc., MEMSIC Semiconductor Co. Ltd., MikroElektronika spol. S r. o, SparkFun Electronics Inc., Senseonics Holdings Inc., Sensitec GmbH
What Trends Are Driving Growth in The On-Board Magnetic Sensor Market?
One significant trend emerging in the onboard magnetic sensor market is the progression of technology. To maintain their market position, leading companies are embracing technological advancements. For example, Allegro MicroSystems Inc., a technology firm based in the US, introduced A33110 and A33115 - new magnetic position sensors for advanced driver assistance systems (ADAS) applications, in January 2022. These sensors are developed using Vertical Hall Technology (VHT) and advanced tunneling magnetoresistance (TMR) technology in one sensor package. This innovative technology brings together industry-leading accuracy and in-built redundancy for safety-critical systems, utilizing TMR and vertical Hall components.
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What Are the Emerging Geographies for The On-Board Magnetic Sensor Market Growth?
Asia-Pacific was the largest region in the on-board magnetic sensors market in 2024. The regions covered in the onboard magnetic sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the On-Board Magnetic Sensor Market?
2. What is the CAGR expected in the On-Board Magnetic Sensor Market?
3. What Are the Key Innovations Transforming the On-Board Magnetic Sensor Industry?
4. Which Region Is Leading the On-Board Magnetic Sensor Market?
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