In the ever-changing technological landscape, the worldwide on-board magnetic sensors market is poised for significant development, with a predicted value of US$1.2 billion in 2023, according to current research from Future Market Insights. According to FMI’s detailed study and estimates, the market for on-board magnetic sensors is expected to grow at a 7.0% CAGR, eventually exceeding US$2.4 billion by 2033.
Increased automotive sector activity and technology breakthroughs are also driving demand for Internet of Things (IoT) innovations, which will help the market grow. Magnetic sensors are gaining popularity in the navigation sector due to their proximity switching, location detection, and other capabilities.
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The market is now gaining from the rise in autonomous vehicle sales. To recognize obstacles and navigate safely, these automobiles require several on-board magnetic sensors. The market is expected to upsurge given the rising demand for EVs and hybrid cars. For location detection, these vehicles necessitate magnetic sensors.
There is a growing need for these sensors in navigation systems. There have also been developments in the ecosystem of onboard magnetic sensors. In the aerospace and military industries, magnetic sensors are being utilized with increasing frequency. These sensors offer input to control systems by detecting the position and orientation of objects. These are contributing to the market growth.
The demand for on-board magnetic sensors in the power distribution unit (PDU) has surged given the development of the service sector. The quick expansion of data centers and cloud providers has also contributed to this increased demand.
Governmental regulations requiring the installation of safety equipment and detecting components in cars are expected to create sizable opportunities for the market to expand. Different parts of EVs contain magnetic sensors. Electric car demand is expected to increase, providing industry participants with enormous revenue possibilities.
Key Takeaways
- The on-board magnetic sensors market in the United States is expected to upsurge at 5.9% CAGR during the forecast period.
- The market in the United Kingdom is anticipated to rise profitably, exhibiting a CAGR of 6.2% through 2033.
- The market in China is expected to proliferate significantly, registering a CAGR of 7.9% from 2023 to 2033.
- With a CAGR of 6.5% over the forecast period, the market in Japan is predicted to develop rapidly.
- The market in South Korea is predicted to expand significantly between 2023 and 2033, reaching a CAGR of 7.4%.
Competitive Landscape
High-performance magnetic sensors are being developed and produced by market participants in the on-board magnetic sensors market. These sensors are made to fit into a variety of applications. They are also spending on research and development to improve the features of these sensors. Additionally, they are aiming to broaden their global footprint. They accomplish this through strategic alliances, collaborations, and acquisitions.
Recent Developments
- Infineon Technologies AG added a unique AMR-based angle sensor to its sensor lineup in June 2019. This sensor was created to offer outstanding accuracy. The sensor is also designed to operate in weak magnetic fields.
- Murata Manufacturing Co. Ltd. introduced the MRMS AMR sensor in May 2020. The sensor can detect a horizontal magnetic field. It supports several sensing positions with a single magnet. These AMR sensors use magnetic resistance change rates to detect magnetic fields.
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On-board Magnetic Sensors Market Segmentation
By Type:
- Squid Sensors
- Magnetoresistive Sensors
- Hall Effect Sensors
- Others
By Magnetic Density:
- >10 Gauss (Bias Magnetic Field Sensors)
- 1 Microgauss to 10 Gauss (Earth Field Sensors)
- <1 Microgauss (Low-Field Sensors)
By Vertical:
- Automotive
- Consumer Electronics
- Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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