On-board magnetic sensors are devices which are capable of measuring the magnitude of magnetic field. They find application in multiple use cases, including metering, security & automation, consumer products, and industrial and automotive application purposes. Market Research Future (MRFR) has recently published an exhaustive report on the global on-board magnetic sensors market covering the key macro and micro-economic factors that are likely to govern the market over the forecast period of 2018-2023. MRFR’s analysis has projected that the on-board magnetic sensors market is anticipated to catapult to USD 1.80 Bn in 2023 from USD 1.11 Bn in 2017, at a CAGR of 8.4%.
A combination of factors have driven the growth of the on-board magnetic field sensor market. Magnetic sensors are extensively used in consumer electronics. Expansion of spending capabilities of consumers across the globe, especially in the developing regions of APAC has added fuel to the growth of the on-board magnetic sensors market.
Global On-Board Magnetic Sensor Market has been segmented based on type, magnetic density, application, and vertical.
By type, the on-board magnetic sensor market has been segmented into hall effect sensors, magneto resistive sensors, squid sensors, and others.
By magnetic density, the on-board magnetic sensor market has been segmented into >10 gauss (bias magnetic field sensors), 1 microgauss to 10 gauss (earth field sensors), <1 microgauss (low-field sensors), and.
By application, the on-board magnetic sensor market has been segmented into speed sensing, detection/NDT, position sensing and navigation & electronic compass.
By vertical, the on-board magnetic sensor market has been segmented into automotive, consumer electronics, healthcare, aerospace & defense, industrial and others.
Region-wise, the on-board magnetic sensor market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC is the principal market for on-board magnetic sensors. The market is thriving in the region due to persistent demand from end-use industries such as automotive, healthcare, and consumer electronics in the region. Due to a rise in disposable income in the region, the demand for consumer electronic devices such as laptops, cameras, and smartphones have witnessed a surge which is fueling the growth of the market. The APAC on-board magnetic sensors market is anticipated to be the fastest growing market over the forecast period. Europe is expected to capture the second largest share of the market and is likely to be driven by growing demand from the automotive industry.
Murata Manufacturing (Japan), Infineon Technologies (Germany), Honeywell International (US), TDK Corporation (Japan), TE Connectivity (Switzerland), Asahi Kasei Microdevices (Japan), NXP Semiconductors N.V. (Netherlands) , Sanken Electric (Allegro Subsidiary) (Japan), AMS (Austria), and Melexis NV (Belgium) are the key players in the on-board magnetic sensors market.
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