Press release
On-Board Magnetic Sensor Market on Track for Strong Growth, Estimated to Grow at 7.8% CAGR Through 2029
On-Board Magnetic Sensor
What Is the Expected CAGR for the On-Board Magnetic Sensor Market Through 2025?
The market size of the on-board magnetic sensor has seen significant growth in the past years. It is projected to expand from $1.57 billion in 2024 to $1.67 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. The surge in the historic period can be credited to factors such as demand in consumer electronics, industrial automation, downsizing and cost reduction, investments in research and development, and renewable energy.
What's the Projected Size of the Global On-Board Magnetic Sensor Market by 2029?
The market size of the on-board magnetic sensor is predicted to witness robust expansion in the coming years, escalating to a worth of $2.25 billion in 2029 with a 7.8% Compound Annual Growth Rate (CAGR). The expected surge in the forecast timeline can be linked to the rising adoption of 5G and connectivity, intelligent infrastructure, AI and machine learning, augmented reality (AR), and virtual reality (VR). Noteworthy trends for the forecast timespan encompass technological breakthroughs, MEMS-based magnetic sensors, advancements in automotive safety systems, fusion with other sensors and energy-saving sensors.
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Top Growth Drivers in the On-Board Magnetic Sensor Industry: What's Accelerating the Market?
The onboard magnetic sensors market is anticipated to experience growth due to the escalating demand for consumer electronic devices. Such devices are defined as any regularly purchased digital or portable electronic product intended for end user or consumer usage. Onboard magnetic sensors are employed in these electronic devices to determine speed, direction, alignment, and rotational positions. For instance, Uswitch Limited, a UK authority on financial conduct, stated in February 2023 that there was a 3.8% increase in smartphones in the UK, equating to around 2.6 million, totaling 71.8 million beginning from 2022. Projections for 2025 indicate that out of the estimated 68.3 million UK population, 95% or approximately 65 million people will possess smartphones. Consequently, the swelling demand for consumer electronic devices is propelling the expansion of the onboard magnetic sensors market.
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Which Emerging Trends Are Transforming the On-Board Magnetic Sensor Market in 2025?
Innovations in technology are becoming a prominent trend in the onboard magnetic sensor market. To maintain their market share, leading companies in this industry are integrating new technologies. For example, in January 2022, Allegro MicroSystems Inc., a technology firm based in the US, introduced A33110 and A33115, their new magnetic position sensors designed for advanced driver assistance systems (ADAS) applications. These sensors incorporate Vertical Hall Technology (VHT) and state-of-the-art tunneling magnetoresistance (TMR) technology into a single sensor package. This groundbreaking technology combines unparalleled precision with inbuilt redundancy, making it ideal for safety-critical systems. It employs both TMR and vertical Hall components.
What Are the Main 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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Which Top Companies are Driving Growth in the On-Board Magnetic Sensor Market?
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
Which Regions Will Dominate the On-Board Magnetic Sensor Market Through 2029?
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.
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